Golomt Bank has been driving one of its strategic directions – sustainability agenda – to ensure sustainable development and green economic growth in line with the Sustainable Development Goals (SDGs), the Paris Agreement, as well as Mongolia’s Sustainable Development Vision, Nationally Determined Contributions (NDC), and Green Development Policy. Within the scope of this agenda, Golomt Bank has officially joined the Joint Impact Model Foundation (JIM Foundation) on the 15th of March, 2024, as their first commercial bank member and the first bank to join from Mongolia.
By joining the Joint Impact Foundation, Golomt Bank will be able to measure its contribution to GHG emission reduction, employment generation, and economic growth by utilizing internationally recognized and accepted methodology. The Bank is pleased to strengthen our commitment towards sustainable future of Mongolia and the ability to report the real impact we are making towards the environment, society, and the economy.
About the Joint Impact Model Fund:
Joint Impact Model Foundation was launched in 2021 to enable financial institutions from emerging economies to estimate financial flows through the economy and its resulting economic (value added), social (employment) and environmental (greenhouse gas emission) impact. These impacts are used to measure and report on the contribution of a Bank to the Paris Agreement and the UN Sustainable Development Goals, while decarbonizing portfolios. Specifically, the Joint Impact Model Foundation aims to help financial institutions to:
- Measure impact and gain credibility from investors as the JIM will continue to align to globally accepted standards and best practices including actors in emerging and developing markets.
- Reduce build and maintenance costs of impact reporting as indicators begin to align across institutions.
- Build strategic capacity on making impactful investments. With the tool, clients can benchmark their performance by comparing their impact outputs across geographies and sectors, and by leveraging the tool insights to shape and make impact investing actionable.
Investing for a Brighter Future.