For the Green Finance Centre (GFC) to achieve its mission, it will undertake three main areas of work.
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About Green Finance Centre
The Green Finance Centre’s (GFC) primary role is to transform Papua New Guinea’s financial sector into one that is inclusive, climate resilient and promotes green economic growth. It serves as the entity responsible for implementing the Inclusive and Green Finance Policy (IGFP) and all future initiatives related to green finance in Papua New Guinea.
Mission
The Green Finance Centre’s mission is to lead the transformation of Papua New Guinea’s financial sector into one that is sustainable, resilient, and inclusive.
What We Do
Revising and Updating PNG’s Inclusive and Green Taxonomy
The taxonomy is the key feature of the IGFP. It is a classification system that translates PNG’s climate, environmental, and sustainable development targets into a list of specific goods or services. It must be updated regularly to reflect changes in these targets and the country’s socioeconomic circumstance, vulnerability to climate change, etc. The Green Finance Centre will lead such revisions and updates by consulting local financial institutions and line ministries.
Executing the Implementation Roadmap.
One of the key components of the IGFP is the implementation roadmap. The roadmap lists various programs and activities on matters ranging from governance and standards to disclosure to be undertaken by financial regulators and local financial institutions. The Green Finance Centre will coordinate the timely and effective execution of the implementation roadmap by providing technical input and resources, among others to green PNG’s financial sector.
Awareness campaigns and dissemination of knowledge products.
Green Finance Centre’s role is to observe all major developments in the green finance space, both within PNG and internationally, and conduct awareness-raising campaigns and publish knowledge products. Countries that finalized their taxonomies have done so only in the past two years, and most financial institutions are still trying to understand what the taxonomy is, why it is important, and how best to integrate its requirements into their operations.
Key Functions
Implement IGFP with Financial Institutions
Alignment of international best practice on financial inclusion, inclusive green finance, climate finance and stakeholder capacities.
Advocate for green investment in PNG with strong engagement with Private sectors
Drive inclusive and sustainable financial initiatives – Women, Small and Medium Enterprises, bio-diversity and agriculture
Mohinesh Prasad
Head Of Green Finance Centre Papua New Guinea