A week of ESG meetings that resulted in fruitful discussions and commitments.

February 23, 2025

The Green Finance Centre (GFC) has successfully hosted a transformative Environmental and Social (E&S) Risk Management Scoping Mission in Papua New Guinea (PNG), led by the International Finance Corporation (IFC). The weeklong initiative aimed to reinforce PNG’s commitment to sustainable finance by integrating Environmental, Social, and Governance (ESG) principles into the country’s financial landscape. The mission placed a particular emphasis on enhancing PNG’s Inclusive and Green Taxonomy to align with global green finance standards.

The IFC delegation, led by ESG Officer Wei Yuan, alongside Senior Operations Officer Aicha Sow and Operations Officer John Imbal, worked closely with GFC Head Mohinesh Prasad to drive the mission’s objectives. Their engagement with key stakeholders across PNG’s financial and environmental sectors sought to strengthen the implementation of Environmental and Social Risk Management (ESRM) frameworks within the nation’s financial institutions.

IFC’s ESG Technical team met BPNG, and few of the financial sector stakeholders to explore opportunities for strengthening ESG adoption.

Throughout the mission, the IFC team engaged with leading institutions, including the Bank of Papua New Guinea (BPNG), Kina Bank, Women’s Microbank, the Department for Agriculture and Livestock (DAL), the Conservation and Environmental Protection Authority (CEPA), and the PNG Foreign Exchange (PNGFX). These discussions centered on embedding ESG considerations into existing financial practices to ensure environmental and social factors are at the core of economic development strategies.

A major highlight of the mission was the roundtable discussion with the GFC Technical Working Group (TWG), which brought together stakeholders from the financial sector, government agencies, private enterprises, and civil society organizations. This forum served as a platform to introduce best practices for implementing Environmental & Social Risk Management Guidelines for financial institutions.

Discussions covered IFC’s role in advancing ESG standards, sustainable banking strategies, and insights from other Sustainable Banking and Finance Network (SBFN) member countries.

ESG meeting in process with different stakeholders and partners

The IFC’s scoping mission represents a significant step forward for PNG’s sustainable finance landscape. The insights gained and partnerships established during this initiative will help accelerate the development of a more resilient, inclusive, and green financial ecosystem. With continued collaboration between IFC, GFC, and key stakeholders, PNG is well-positioned to lead the Pacific region in ESG integration paving the way for long-term environmental, social, and economic benefits for future generations.