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.

Mongolia's Law on Climate Change (МОНГОЛ УЛСЫН ХУУЛЬ  УУР АМЬСГАЛЫН ӨӨРЧЛӨЛТИЙН ТУХАЙ)

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Mongolia's Law on Climate Change

Passed/Approved

Mongolia

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

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Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives