The Green Finance Summit 2025, held from March 24–26 at the Hilton Hotel in Port Moresby, marked a pivotal moment in Papua New Guinea’s commitment to sustainable economic development. Organised by the Green Finance Centre (GFC) under the auspices of the Bank of Papua New Guinea (BPNG), the summit convened senior government officials, international financial institutions, and private sector stakeholders to advance the country’s green finance agenda.
A significant highlight of the summit was the Asian Development Bank’s (ADB) pledge of USD 20 million to bolster green finance instruments, specifically the Green Refinancing Facility (GRF) and Green Guarantee Facility (GGF). These facilities aim to mobilise capital and de-risk investments in environmentally sustainable projects, with a particular focus on supporting Micro, Small, and Medium-Sized Enterprises (MSMEs) in Papua New Guinea. The initiative is a collaborative effort involving ADB, Agence Française de Développement (AFD), United Nations Capital Development Fund (UNCDF), and the GFC, working in tandem with local financial institutions to develop a pipeline of green and blue loans.
The summit also featured the launch of PNG’s Green Taxonomy Version 2.0, a framework designed to standardise green finance classification and reporting. This taxonomy will assist financial institutions in aligning their portfolios with climate-resilient and low-carbon investments. BPNG Assistant Governor George Awap emphasised the importance of integrating sustainability principles into the core strategies of banks, insurers, and investors to unlock new growth opportunities in sectors such as agriculture, renewable energy, and biodiversity conservation.
In a related development, Petroleum Minister Jimmy Maladina extended an invitation to the China State Construction Engineering Corporation (CSCEC) to explore investment opportunities in PNG’s petroleum sector. During a meeting with CSCEC President Wen Bing, Minister Maladina highlighted the country’s vast oil and gas potential and encouraged the corporation to consider participating in upcoming exploration and development projects. This outreach aligns with PNG’s broader strategy to attract foreign investment and expertise to bolster its energy industry.
The convergence of initiatives from the Green Finance Summit and the petroleum sector underscores PNG’s multifaceted approach to sustainable development. By fostering partnerships and mobilising resources, the country aims to build a resilient economy that balances environmental stewardship with economic growth.
