Mongolia Signs Historic $198 Million Nature Conservation Agreement

The Government of Mongolia, in partnership with The Nature Conservancy (TNC) and other organizations, has announced the launch of 'Eternal Mongolia,' a groundbreaking Project Finance for Permanence (PFP) initiative that will deliver $198 million in new investment over the next 15 years to support Mongolia's conservation and sustainable community development goals.

The agreement, signed on April 22, 2024, will significantly expand and strengthen the country's National Protected Area network, support sustainable herding practices, and invest in sustainable tourism. The PFP will support local community-driven proposals to safeguard an additional 14.4 million hectares of Mongolia's lands and waters, including grasslands, forests, deserts, wetlands, and rivers.

Why this matters: Mongolia has seen a 2.25 Celsius temperature rise over the last 80 years, the highest globally, leading to more frequent and severe climate-induced disasters. The Eternal Mongolia program will facilitate conservation at a national scale and provide a blueprint for other countries facing similar challenges.

The initiative includes a $71 million global donor-supported transition fund and a $127 million government commitment for conservation over 15 years. The Mongolian Nature's Legacy Foundation, an independent conservation trust fund, will manage the donor funding to deliver lasting conservation and sustainable community development.

Eternal Mongolia is part of Enduring Earth, an ambitious collaboration between TNC, The Pew Charitable Trusts, World Wildlife Fund (WWF), and ZOMALAB. The initiative is expected to be one of the largest climate finance agreements in Asia, protecting the world's last great tract of temperate grassland.

"Eternal Mongolia will significantly expand and strengthen the effectiveness of Mongolia's National Protected Area network, support sustainable herding practices, invest in sustainable tourism, and set an example for the value of land and freshwater conservation," said a representative from The Nature Conservancy.

The agreement will strengthen the management of all of Mongolia's National Protected Areas covering 47 million hectares and extend sustainable and climate-resilient community-managed practices to 34 million hectares outside protected areas. It is expected to help Mongolia fulfill its commitment under the Kunming-Montreal Global Biodiversity Framework to protect 30% of its land and water by 2030.

The Eternal Mongolia initiative marks a significant milestone in global conservation efforts, delivering lasting protection for one of the planet's most imperiled landscapes. The $198 million investment, combining donor support and government funding, will accelerate Mongolia's conservation goals while supporting sustainable community development for years to come. Similar initiatives are planned in up to 20 other countries, setting the stage for unprecedented land and water conservation on a global scale.

Key Takeaways

• Mongolia, TNC, and others launch $198M 'Eternal Mongolia' conservation initiative.
• Initiative will expand Mongolia's protected areas, support sustainable herding, and tourism.
• Mongolia has seen 2.25°C temperature rise, driving climate disasters, this aims to help.
• Includes $71M donor fund and $127M government commitment over 15 years.
• Largest climate finance deal in Asia, protecting temperate grasslands globally.