Kina Bank Joins Forces with BPNG and GGGI for Inclusive Green Finance
November 21, 2024
Kina Bank has taken a bold step toward advancing inclusive green and sustainable development in Papua New Guinea by officially signing a Memorandum of Understanding (MoU) with the Bank of Papua New Guinea (BPNG) and the Global Green Growth Institute (GGGI). As the fifth financial institution to join this groundbreaking initiative, Kina Bank will integrate the Inclusive Green Finance Policy (IGFP) into its lending operations, helping to shape the future of a more inclusive, resilient and sustainable financial sector in the country.
Kina Bank’s involvement comes at a pivotal moment, alongside other key financial players in the nation, including ANZ PNG, the Bank of South Pacific (BSP), Nationwide Microbank, and Women’s Microbank. This partnership signals a collective commitment to driving both financial inclusion and environmentally responsible growth in Papua New Guinea.
The Inclusive Green Finance Project, launched in 2021 with the support of the New Zealand Ministry of Foreign Affairs and Trade (NZ MFAT) under the Low Emissions Climate Resilient Development (LECRD) Program, has already made tremendous progress. From developing the IGFP framework to establishing the Green Finance Centre (GFC), the project has laid the foundation for advancing green finance throughout PNG. The French Development Agency (AFD) has recently committed Euro 3 million in funding support for the IGFP Implementation Roadmap, underscoring the growing global confidence in this initiative’s potential.
Through this new MoU, Kina Bank will collaborate with the Green Finance Centre to conduct a thorough needs assessment, create green loan products, and build a portfolio of sustainable finance solutions. Additionally, Kina Bank will receive policy advisory services, capacity-building support, and technical assistance, ensuring the long-term success of its green finance strategies.
BPNG Governor, Mrs. Elizabeth Genia, highlighted the importance of the partnership: “The Inclusive Green Finance initiative is a transformative approach to aligning financial growth with sustainable development. Kina Bank’s commitment to this cause strengthens our shared vision of building a financially inclusive and environmentally conscious sector for the future of Papua New Guinea.”
Mr. Greg Pawson, CEO of Kina Bank, expressed the bank’s continued dedication to sustainable practices: “At Kina Bank, we believe that the future of finance lies in balancing economic growth with environmental responsibility. This partnership is a testament to our commitment to delivering sustainable financial solutions that foster long-term sustainability through our enhanced ESG policy, benefiting both our customers and the communities in which we operate.”
Mr. Sakiusa Tuisolia, GGGI’s Country Representative for PNG & the Solomon Islands, spoke to the broader impact of the initiative: “The inclusion of Kina Bank is crucial in adding its strong band value to the inclusive green finance effort and also enabling the front end delivery of inclusive green loan products that will contribute to low emission growth and sustainable development in PNG. GGGI as the delivery partner through the Green Finance Centre (GFC) is driving this initiative with funding support from the New Zealand Government and the French Agency Francaise de Development (AFD).”
This partnership marks a critical milestone in Kina Bank’s ongoing efforts to lead in sustainable finance and play an active role in the transition to a green economy. By joining forces with BPNG and GGGI, Kina Bank is not only contributing to the evolution of the financial sector but also ensuring that environmental sustainability is woven into the fabric of PNG’s future.
