November 22, 2024

The Green Finance Centre (GFC) took centre stage at the Centre for Excellence in Financial Inclusion’s (CEFI) Inaugural Financial Inclusion Policy Forum and Excellence Awards 2024, held at the iconic APEC Haus in Port Moresby. This event marked a pivotal moment in Papua New Guinea’s financial landscape, showcasing the critical role of green finance in fostering economic inclusivity, resilience and sustainability.

The day-long forum followed by the Excellence Awards Night was graced by various distinguished guests, including Bank of Papua New Guinea (BPNG) Governor Ms. Elizabeth Genia. Among over 100 participants were senior public officials from various key government agencies and senior executives from financial institutions, donor partners and international organizations. Minister for Energy, Hon. Thomas Opa was also present at the Awards night and shared his personal testimony on how he has been working with the Central Bank to improve financial inclusion in his Gulf Province.

Green Finance Panel Session during the Policy Forum

Among the forum’s highlights was the thought-provoking panel discussion hosted by the GFC, titled “New Approaches to Green Finance in PNG”. Moderated by the Head of the Green Finance Centre (GFC), Mr. Mohinesh Prasad, the session brought together a panel of five Green Finance Champions from their respective financial institutions, who explored innovative pathways to make green finance accessible and impactful across PNG.

The panelists included:

• Mr. Mike Hallinan, Chief Risk Officer, BSP Group Limited
• Mr. James Ellerman, Director of Resource Energy & Infrastructure, ANZ Banking Group Ltd (PNG)
• Mr. Wong Khar Fye, Head of Regional Business Banking & SME, Kina Bank
• Ms. Trudi Egi, Chief Operations Officer, Nationwide Microbank
• Mr. Gunanidhi Das, Chief Executive Officer, Women’s Micro Bank

Each panelist shared their organization’s journey, challenges, and aspirations in adopting green finance initiatives. The discussions underscored the urgency of embedding sustainability into financial services while emphasizing the importance of inclusivity and collaboration.

“Green finance is no longer a side topic— it’s becoming a mainstream topic for central banks and financial institutions globally and PNG is not lagging behind. GFC is piloting BPNG’s Inclusive Green Finance Policy with 5 leading Financial Institutions and it is very encouraging to witness such enthusiasm and commitment from the green finance champions to collectively shape an inclusive and resilient financial sector” said Mr. Prasad.

The session was not just a platform for dialogue but a rallying call for action. The panellists and participants alike acknowledged the challenges ahead but expressed optimism in overcoming them through innovation and collaboration.

Meanwhile, at the Awards night, ANZ PNG received the ‘Excellence Award in Inclusive Green Finance’ Segment for being the best participating Financial Institution in adopting the Inclusive Green Finance Policy. PNG Country Head of ANZ Bank, Mr. Lachlan Halstead, while receiving the award thanked the Green Finance Centre for the support they are receiving to accelerate green initiatives in PNG. He also acknowledged CEFI for organizing the Policy Forum and praised BPNG’s efforts on green finance and financial inclusion topics in the country.

Driving Action Through Collaboration

GFC has already made significant strides in its mission to transform PNG’s financial landscape. It has signed Memorandums of Understanding (MoUs) with five leading financial institutions: BSP Financial Group Ltd, ANZ Banking Group, Kina Bank, Nationwide Microbank, and Women’s Micro Bank (Mama Bank).

These partnerships aim to:

• Conduct needs assessments to understand green lending portfolios.
• Develop tailored green loan products to meet market demands.
• Provide capacity-building programs and technical expertise to equip financial institutions with the tools they need to succeed.

This collaborative approach is laying the groundwork for a financial sector that prioritizes sustainability, inclusivity, and resilience.

The Road Ahead

The Financial Inclusion Policy Forum and Excellence Awards 2024 were a testament to PNG’s growing commitment of not leaving anyone behind. For GFC, the event was not just an opportunity to showcase its initiatives and progress but a springboard to accelerate its mission of integrating green finance into the nation’s economic framework.

“We are at the cusp of a transformative journey,” Mr. Prasad said. “We are working together with all relevant stakeholders and partners to create a financial ecosystem that not only uplifts lives but also safeguards our environment for future generations.”

As the Policy Forum concluded, it became clear that GFC is not merely participating in the conversation around sustainable ways of financial inclusion— it is leading the discussion. The Centre’s unwavering commitment to implementing the Inclusive Green Finance Policy in PNG is paving the way for a brighter, greener future for Papua New Guinea.