This policy note synthesizes the results of collaboration between the Government of Mongolia (GoM) and the World Bank that produced a body of analytic and advisory work that can be used to generate policy-relevant knowledge to manage and finance Nature-based Solutions (NbS) to address development and climate change challenges. The Note highlights key policy messages to harness the potential of NbS in Mongolia. Its key audience is the new Ministry of Environment and Climate Change (MECC), the National Forestry Agency (NFA), the Ministry of Economy and Development (MED), and the Ministry of Finance, in addition to development partners, local governments, relevant nongovernmental organizations, and private sector players. To generate policy-relevant knowledge, the Note identifies the development and climate co-benefits of NbS, demonstrates that this potential is possible but will involve a combination of public and private sector initiatives and efforts, identifies institutional and regulatory gaps, and suggests ways forward. The note also suggests a process that starts with policy but supports implementation and scale-up through institution, capacity building, and investment at the landscape level using various funding mechanisms.