Mongolian Sustainable Finance Association

Nomindari has worked in the finance sector specialising in sustainable finance since 2013, starting off leading a project for the Mongolian Bankers Association. Nomindari identified the vast potential for social impact if she were able to mobilise the finance sector in a sustainable direction. Shen convened all 12 local banks to explore their potential role to drive sustainable development in the country in the absence of any public sector regulation. In 2015, the collection of banks committed to the Mongolian Sustainable Finance Principles a guiding framework on sustainable lending and internal operations. To eliminate explicitly unsustainable behaviour, they developed ESG risk models to establish self-imposed rules on all business loans over $25,000.

In 2017, Nomindari led the establishment of the Mongolian Sustainable Finance Association (MSFA) as an independent organisation. To continue to improve green finance flows in the banking sector of Mongolia, the organisation developed the National Green Taxonomy to fill the gap left without a national labelling standard for green projects. This has been approved by the national legislature, and member banks now regularly report on their green loan statistics to the Central Bank. Expanding beyond the banking sector, MSFA is seeking to establish a green capital market. Thanks to these successes, MSFA is setting a global example, and sharing knowledge and best practices with countries such as Kyrgyzstan and Cambodia.