Xac Bank of Mongolia Wins the Global Climate Partnership Award 2024
Zurich/Ulaanbaatar, 4 November 2024 – A flagship climate fund managed by responsAbility has awarded this year’s Global Climate Partnership Award to Xac Bank of Mongolia. This award honors institutions that contribute to sustainable development through innovative financial solutions with measurable environmental and social impact. Mongolia, a country with approximately 3.4 million inhabitants, has seen a significant population increase in its capital, Ulaanbaatar, as many people migrate from rural areas to the city and its peri-urban zones. In this region, extreme winter temperatures, often as low as -20 °C, drive demand for adequate housing and efficient heating solutions. Additionally, about 90% of Mongolia’s electricity is generated from coal, contributing substantially to CO₂ emissions1. Xac Bank’s award-winning project addresses precisely this challenge.
Innovative project for energy-efficient housing
Through its “Expanding the Market for Energy-Efficient Housing in Mongolia” project, Xac Bank creates affordable and energy-efficient housing in Ulaanbaatar’s growth areas. With specially tailored financing solutions, the bank makes it possible for households to purchase energy-efficient homes that reduce both energy consumption and CO₂ emissions — a crucial step considering Mongolia’s severe winters and air pollution challenges.
About Xac Bank
Xac Bank is a leading bank in Mongolia, actively committed to sustainable financial solutions. Through specialized financial products, the bank promotes social and environmental development, with a particular focus on energy-efficient housing and sustainable agriculture. Xac Bank’s initiatives aim to provide broad access to eco-friendly housing and economic advancement for a wide segment of Mongolia’s population.
A model for climate financing
Judith Brandsma, chair of the award jury and an expert in sustainable investment, praised Xac Bank’s commitment to combining environmental and social goals with economic viability: “Xac Bank sets a forward-looking example of the Triple Bottom Line approach, balancing social benefit, environmental impact, and economic stability,” said Brandsma.
“This award confirms our commitment to sustainable development in Mongolia,” stated Ganbold Davaadorj, CEO of Xac Bank. “We see this as a commitment to continue investing in solutions that generate tangible positive impacts for our customers and society.”
Sustainability champions among the finalists
Alongside Xac Bank, the following finalists were also recognized for their climate finance projects:
Khan Bank, Mongolia: The “Sustainable Cashmere Supply” initiative promotes sustainable land use and biodiversity, strengthening the local economy.
Banco ProCredit, Ecuador: Supports SMEs in transitioning to renewable energy, helping to reduce their carbon footprint.
Electronica Finance Limited, India: Provides financing for solar systems, enabling over 1,000 small businesses to cut costs and reduce emissions.
Finance sector as a catalyst for climate action
This year’s submissions highlight the finance sector’s expanding role in advancing renewable energy, sustainable agriculture, and social responsibility. The award showcases how financial institutions act as key catalysts for economically viable climate protection measures across diverse markets, demonstrating that financial support can drive impactful and scalable environmental progress.
About responsAbility Investments AG responsAbility is a leading Swiss impact asset manager with deep expertise in private market investing across emerging markets. The company provides debt and equity financing to financial institutions, enterprises and mid-market funds, designed to generate measurable positive outcomes for people and planet alongside competitive financial returns. Impact and ESG are embedded throughout the investment process and supported by active engagement. As of 31 March 2026, responsAbility manages USD 5.9 billion in assets invested in around 70 countries and works with institutional, private and public sector investors to invest capital at scale.
Founded in 2003, responsAbility has deployed more than USD 17.8 billion in impact investments. Since 2022, responsAbility has been part of M&G Investments, a business of M&G plc, a global savings and investments group with asset management and insurance capabilities and a long-term institutional ownership base.
Please note that while we support the UN SDGs, we are not associated with the UN and our funds are not endorsed by them.
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