XacBank, an Accredited Entity of the Green Climate Fund (GCF), seeks to finance the development of scalable mini-grid/off-grid systems that generate and manage energy flows between clusters of adjacent households in Mongolia, Ulaanbaatar’s ger areas. The systems will be capable of serving multiple end uses (heating, waste processing and/or removal) under an affordable business model to alleviate utility inadequacies and pollution challenges.

XacBank is a commercial bank founded in 2001 and headquartered in Ulaanbaatar, Mongolia. XacBank is an accredited entity of the Green Climate Fund (GCF). In one of their approved GCF funding proposals in 2017, the bank expanded Business Loan for GHG Emissions Reduction program, an on-lending program to lessen capital burdens for Mongolian micro, small, and medium-sized enterprises who are investing in energy efficiency or renewable energy technology. As part of the GCF approval, XacBank has prioritized improving internal monitoring and evaluation capacities.

Following the Paris Agreement, the Climate Technology Centre & Network (CTCN) and the Technology Executive Committee (TEC) emphasized a focus on enhancement of endogenous capacities and technologies, RD&D, and climate technology financing. Both arms of the UNFCCC Technology Mechanism were represented at an event on climate technologies on 19 May at the UN climate change conference in Bonn to provide an overview of technology transfer in both the policy and implementation arenas.