This climate law establishes a legal framework for Mongolia to implement climate change mitigation, adaptation, and resilience measures in line with the country’s goals to (i) achieve net-zero emissions, (ii) implement environmentally, economically, and socially sustainable development measures (iii) create green finance mechanisms and carbon markets and (iv) establish a greenhouse gas inventory with measurement, reporting, and transparency measures. The Law encompasses efforts across national and local governance, development, finance, and oversight functions.
It sets out that the government will develop, approve, and oversee the short-, medium-, and long-term policies of Mongolia’s climate change mitigation, adaptation, and resilience programs; including the funding required to implement the Law. The government will establish and operate a National Committee on Climate Change to coordinate intersectoral coordination of climate change planning and implementation. The central state administrative bodies and the governors of the country’s provinces will work together to set local targets in line with the Nationally Determined Contribution target, as well as conduct climate change risk and vulnerability assessments.
The Law also, importantly, establishes national regulations on green finance instruments and carbon markets. It dictates that there will be five types of carbon markets: multilateral, bilateral, national, offsetting, and voluntary. This will be overseen by a National Coordinating Body. The Body will be responsible for environmental monitoring, organising a national greenhouse gas inventory and reporting mechanism, and administering the registry system for carbon credits. This Body will also document the carbon-market project programs, oversee transparency, and report information on the operation of the country’s climate change platform and results of the green finance programs.
The Law stipulates that it will be regulated by ten specific principles, including using traditional knowledge, ensuring gender equality, supporting a just and inclusive transition, and giving priority consideration to sectors and people most vulnerable to the impacts of climate change.
