BPNG’s Governor shares PNG’s Green Finance journey at GGG Week 2024
October 14, 2024
Bank of Papua New Guinea (BPNG) Governor Elizabeth Genia provided an insight in Papua New Guinea’s (PNG) Green Finance Journey at the Global Green Growth Week (GGGW) 2024. GGGW was held in Seoul, South Korea from 14-18th October. GGGW is a global flagship event of the Global Green Growth Institute (GGGI) and provides a platform for GGGI’s members and partners to share their successes and challenges regarding the green growth agenda.
Governor Genia emphasized the crucial role of Green Finance in the Pacific region, highlighting the strides Papua New Guinea is making in sustainable finance. She spoke at the Greening the Pacific Financial System (GPFS) session, which focuses on strengthening regional cooperation to address financial vulnerabilities caused by climate shocks and to mobilize capital markets for climate financing. Funded by Agence Française de Développement (AFD) with the Global Green Growth Institute (GGGI) as the implementing partner, the GPFS program aims to support the transition to sustainable financial systems in six Pacific Island nations: Fiji, Papua New Guinea, Solomon Islands, Vanuatu, Samoa, and Tonga. AFD has committed 6 million euros to this initiative over five years.
Governor Genia highlighted Papua New Guinea’s financial landscape, its vulnerability to escalating climate impacts, and the urgent need for climate resilience. She discussed the Inclusive Green Finance Policy as a transformative step in harnessing natural resources sustainably, that was initiated in 2021 in partnership between the New Zealand Government via NZ’s Ministry of Foreign Affairs and Trade (NZ-MFAT) and GGGI. She expressed, “The disasters of the past are now recurring more frequently, creating a climate change time bomb that compels us to leverage our natural assets, build resilience, and integrate green finance into our economic framework. As climate change increasingly threatens global economies, the urgency of green finance grows. For the Pacific region, the heightened exposure to climate shocks makes investments in climate resilience essential”.
GGGW 2024 proved a crucial forum for addressing pressing environmental challenges and highlighting sustainable financial pathways. Governor Genia’s address reinforced the pivotal role of green finance in building a resilient Pacific economy. Through regional cooperation and collaboration with the likes of AFD, NZ-MFAT and GGGI, the Pacific can transform its natural strengths into sustainable growth, she added.
Global Green Growth Week 2024 proved a crucial forum for addressing pressing environmental challenges and highlighting sustainable financial pathways
About GGGW 2024 and the GPFS Session:
Global Green Growth Week (GGGW) 2024 centered around the theme “Green Growth in Times of Uncertainty,” exploring how emerging technologies, particularly low-carbon Artificial Intelligence (AI), can enhance climate resilience and support the Sustainable Development Goals (SDGs). The conference united key stakeholders, including policymakers, investors, and civil society, to exchange innovative solutions and best practices for advancing low-carbon, resilient growth.
The GPFS session was moderated by Mr. Sakiusa Tuisolia, GGGI Country Representative for Papua New Guinea and the Solomon Islands. Mr. Tuisolia highlighted that close collaboration, first with NZ-MFAT and now with AFD, has positioned PNG as a leader in sustainable initiatives within the Pacific region. Other prominent speakers, alongside the BPNG Governor, included:
- Ms. Elodie Vitalis, AFD Fiji Representative, who provided an overview of AFD’s initiatives in greening the Pacific’s financial systems,
- Ms. Jennifer Henry, Chief Executive Officer of the Bank of the Cook Islands, who shared insights into BCI’s green initiatives,
- Mr. Epeli Waqavonovono, GGGI Senior Economist for the Pacific and Project Manager for the GPFS initiative, who discussed the program’s scope and GGGI’s work across five Pacific Island countries,
- Mr. Mohinesh Prasad, Head of the Green Finance Centre, who outlined GFC’s sustainable finance roadmap and shared insights on financial instruments aimed at scaling green lending in Papua New Guinea.
These speakers showcased actionable solutions and best practices, underscoring the role of green finance in advancing the Paris Agreement and net-zero targets.
Watch the full video of the GPFS Session at the link below:
- Link to the GPFS Session: Greening the Pacific Financial Systems
