The Green Finance Centre Leads the Way at Petroleum & Energy Conference 2024
October 18, 2024
The Green Finance Centre (GFC) of Papua New Guinea (PNG) played a key role at the Petroleum & Energy Conference 2024, showcasing its innovative approach to bridging energy development and sustainability. Launched in March 2023, the GFC aims to revolutionize PNG’s financial landscape by driving investments in renewable energy, sustainable agriculture, and climate resilience.
Speaking at the conference was Head of GFC Mr. Mohinesh Prasad who highlighted the Centre’s efforts to create a financial environment that supports green projects across industries. “Ninety percent of green investments come through the private sector. Our goal is to empower financial institutions to lead this transformation,” Prasad said.
The GFC is already working with major financial institutions, including BSP Financial Group, ANZ Banking Group PNG, Nationwide Microbank, and Women’s Micro Bank, to pilot its Inclusive Green Finance Policy. This initiative aims to establish green lending mechanisms and ensure clear reporting standards for green investments, with a strong focus on the energy sector. By promoting investments in renewable energy, such as solar and hydropower, as well as energy-efficient initiatives within petroleum operations, the GFC is helping align PNG with global climate finance standards.
One of the Centre’s key contributions is the development of a comprehensive “green taxonomy,” categorizing sustainable projects into 11 sectors, including renewable energy and greenhouse gas reduction. This framework enables industries like petroleum and energy to transition toward greener practices while safeguarding economic growth.
Prasad also addressed the critical issue of climate-related risks, pointing to recent events such as the 2024 Enga landslide, which underscored PNG’s vulnerability to climate impacts. He stressed the importance of climate-resilient infrastructure and investments in disaster-resistant systems to ensure long-term economic stability.
“The future of PNG’s energy sector is green,” said Prasad. “Together, we can fuel a future that balances growth with sustainability, ensuring prosperity for generations to come.”
With the GFC leading the way, PNG is poised to become a global leader in the sustainable energy transition, setting an example for countries across the Pacific and beyond.
