Today in Papua New Guinea, AFI members endorsed the Port Moresby Compact, a commitment to accelerating Inclusive Green Finance to build climate resilience and support the transition to a greener economy.

Endorsed during the Global Inclusive Green Finance Conference organized by AFI and the Bank of Papua New Guinea, the Port Moresby Compact is a voluntary, non-binding, tracking and reporting framework, through which signatory institutions commit to:

• Embedding Inclusive Green Finance into national policy, regulatory and supervisory frameworks
• Enabling financial institutions to deliver Inclusive Green Finance at scale
• Enabling impact for households and small businesses
• Promoting proportionality and accessibility in global frameworks
• Strengthening data, taxonomies, and impact measurement

“Inclusive Green Finance will be judged on whether it helps to build stronger, more resilient communities that are better able to withstand the effects of a changing climate,” said the Governor of the Bank of Papua New Guinea, Elizabeth Genia. “Endorsement of the Port Moresby Compact marks a shared commitment to turning policy into action, and action into outcomes, for the people and communities who need it most.”

“No central bank can solve the global climate crisis, but central banks working together can bring about change,” said AFI Chief Executive Officer, Dr Alfred Hannig. “The success of the Port Moresby Compact will be measured by the policies implemented, the partnerships created, the resources mobilized, and ultimately, the people and businesses whose resilience is ultimately strengthened.”

The Port Moresby Compact will now be submitted for approval at AFI’s upcoming Annual General Meeting, before being published on the AFI website.

AFI’s Inclusive Green Finance workstream is part of the International Climate Initiative (IKI), supported by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), based on a decision by the German Bundestag.