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The Government of Papua New Guinea (PNG) has taken its first ever initiative in bringing together key investors and stakeholders interested in carbon markets and climate financing.  Hon. Geoffrey Kama, Minister for Environment, Conservation and Climate Change delivered his keynote remarks to open the first series of roundtable on Financing Emission Reductions.

Roundtable 1 Roundtable 2
Photos: Participants at the climate financing meeting

The roundtable aimed at bringing together potential investors and businesses to discuss and build on each other’s understanding of the new carbon market landscape and emissions reduction initiatives as well as investment opportunities and barriers in PNG. The roundtable event was hosted by the Climate Change and Development Authority (CCDA) with support from the United Nations Development Programme, the Australian Government as well as the USAID Climate Ready Project on 10 September 2019, in Port Moresby.  

“The Government of Papua New Guinea identifies carbon markets as critical to offsetting and reducing greenhouse gas emissions in the country, to help Papua New Guinea meet its national mitigation goals as outlined in the PNG Nationally Determined Contributions under the United Nations Framework Convention on Climate Change,” said Hon. Geoffrey Kama. “To facilitate this mechanism for PNG especiallyin the forestry sector, the Government has based its readiness for carbon markets, on its national approach for REDD+, noting that PNG has a National REDD+ Strategy, National Forest Monitoring System and a UNFCCC technically assessed National Forest Reference Emissions Levels, and the last component, the Safeguards Information System, is expected to be operational early 2020.” 

The Roundtable discussed examples and lessons learned from how these policy tools are used in other countries. Most of the discussions focused on how the strategy and tools help maintain a robust and transparent monitoring system in PNG that will aim to boost investors’ confidence.

The General Manager for Monitoring, Reporting and Verification and National Communications Division of the Climate Change and Development Authority, Mr. Alfred Rungol outlined that although carbon markets are a complex landscape, the Government is keen to take proactive measures through open discussionsto position itself, its resource owners and potential investors to tap into this new economic tool.  

“The Climate Change and Development Authority is working closely with resource owners and development partners to come up with a REDD+ Finance and Investment Plan, which will help PNG deliver on its REDD+ Strategy,” said Mr. Rungol. “This requires a country-driven approach that involve all stakeholders, from the private sector to natural forest and resource owners and government.” He further added that PNG will ensure its emissions reductions units are of the highest environmental and social quality as a means to target a higher-end market. 

An ongoing series of roundtables will continue in pursuit of a robust investment roadmap and policy instruments for future carbon portfolio.

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