Elizabeth Genia, Governor of Bank of Papua New Guinea, has announced two new financial instruments to promote green investments, the latest milestone in the country’s Inclusive Green Finance journey.

Speaking at the Green Finance Summit in Port Moresby, Governor Genia said “the Green Refinancing Facility will assist in reducing financial risks with Green Projects, making them more attractive and more accessible to investors, while the Green Guarantee Facility will provide essential backing to unlock financing for sustainable and climate resilient initiatives.”

“We’re also excited about enabling greater access to targeted loans, specifically tailored for SMEs, agriculture, sustainable fisheries, biodiversity conservation and women-centred enterprises. These practical solutions will enable banks, businesses and communities to direct capital towards impactful climate-resilience, and sustainable projects.”

The Green Finance Summit took place from 24 to 26 March, with the support of AFI and other national and international stakeholders. It was coordinated by Papua New Guinea’s Green Finance Centre, which works to build sustainability, resilience, and inclusivity into the banking and financial sector, and which implements the country’s Inclusive Green Finance Policy.

“Over the last year, Papua New Guinea has made significant strides forward by implementing the IGF Policy, creating a clear framework and guide for green investments, developing a Green Taxonomy, and delivering successful pilot green finance projects,” said Dr. Eliki Boletawa, AFI’s Director of Policy & Programs.

“In Papua New Guinea, we see how central banks can take an inclusive approach in building a climate-resilient financial ecosystem—one that leaves no one behind, particularly vulnerable populations most affected by climate change.”

You can read Governor Genia’s speech to the Green Finance Summit here, and learn more about the work of the Green Finance Centre on their website.