Khan Bank
Khan Bank, the largest commercial bank in Mongolia, has been named best bank for environmental, social and governance in the country this year in recognition of its work to develop green financial products and services and to support sustainability.
The lender issued the country’s first green bond during the awards period, a $60 million deal in March 2023 designed to spur green and renewable energy projects in Mongolia in cooperation with the IFC. Its green loan business has grown, with the loan portfolio reaching Tug116.2 billion ($34 million) by the first quarter of 2023, representing around a 33% market share in Mongolia.
Mongolia faces challenging environmental issues, including sandstorms and heavy air pollution, and programmes have been launched to combat desertification in Mongolia. The Khan Bank Foundation has been implementing the Khan Bank Forest Program since 2007 to maintain environmental balance and tackle the impact of climate change. It has planted 29,000 trees and bushes to date.
In terms of reducing its own carbon footprint, the bank has cut back on 12,825 kilogrammes of greenhouse gas emissions by saving 104 tonnes of paper and 59,276 litres of water.