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Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea > Speech by Governor Loi M. Bakani CMG at the occasion of Signing of MOU on Inclusive & Green Finance Policy for PNG Banking Sector 

Speech by Governor Loi M. Bakani CMG at the occasion of Signing of MOU on Inclusive & Green Finance Policy for PNG Banking Sector 

Speech by Mr. Loi M Bakani, CMG

Governor Bank of Papua New Guinea & Board Chairman, Centre for Excellence in Financial Inclusion

at the Occasion of

Signing of MOU on Inclusive and Green Finance Policy for PNG Banking Sector 

 Wednesday, 16 June 2021

1. Acknowledgement

  • His Excellency Dr. Nathan Ross, Acting New Zealand High Commissioner to PNG
  • Ambassador Jenny Kim, Deputy Director of Global Green Growth Institute
  • Mr Ruel Yamuna, Managing Director of Climate Change Development Authority
  • Mr Ellison Pidik, Assistant Governor, BPNG
  • Gunanidhi Das, Chief Executive Officer of Women’s Microbank
  • Mr Paulus Laveil, Managing Director, Federation of Savings and Loans Society of PNG
  • Saliya Ranasinghe, Executive Director for Centre for Excellence in Financial Inclusion
  • Achala Abeysinghe, PNG Country Rep of Global Green Growth Institute
  • CEFI & BPNG staff and all others present this morning
  • Media                         

Firstly, let me thank you for the warm welcome and kind courtesies extended to myself at this important gathering on the signing of the MOU on “Inclusive and Green Finance Policy for PNG’s Banking Sector”

2. INTRODUCTION

It is a great pleasure and honour to be here to officiate this signing event as the Governor of the Bank of Papua New Guinea (the Bank), and Chairman of the Centre for Excellence in Financial Inclusion (CEFI) Board.  

This initiative is the first for the country and central bank to deliver on, and I congratulate all those who have worked tirelessly on getting the project off the ground.

As an emerging economy, it is a great challenge to deliver on affordable climate finance to deal with climate shocks on a sustainable basis.

Climate change is increasingly a security and development issue facing Papua New Guinea and this partnership memorandum on the inclusive green finance policy are steps in the right direction towards helping financial regulators, banks and businesses to contribute to PNG’s low-emissions, climate resilient development.

The convergence of financial inclusion and climate change policy outcomes in developing countries are increasingly evident, as affordable financial services play vital roles in enabling the poor, marginalised and vulnerable people cope with financial losses that result from the impacts of climate change, and build resilient, sustainable livelihoods.

Financial Inclusion is a priority development agenda for Government of PNG and Bank of PNG, is vital especially in supporting the most vulnerable communities build resilience and mitigate losses that are caused by climate change. We understand that dual threats of financial exclusion and climate change are recognized as key barriers to financial stability. As a member country of the Alliance for Financial Inclusion (AFI), and implementing the work on Green Finance, we have identified Inclusive Green Finance (IGF) as a key priority area in the financial inclusion space.

Many studies and imperial evidence have shown Financial inclusion as one of the best way to build individual and collective resilience to the effects of climate change

In this juncture, we are grateful to the Government of New Zealand, Global Green Growth Institute (GGGI) with technical assistance of the AFI to progress this initiative and will further implement the work that is initiated under this important policy.

3. WORK OF THE GLOBAL GREEN GROWTH FINANCE

PNG being a founding member of GGGI, I give credit for the cross-sectoral work that your organisation does around the world. Not only in the finance space, but in the sectors of transport, waste management, energy, and infrastructure.  

In taking this project forward, we look forward to working together with the team in this space to navigate on the need for a clear and common language for green activities to develop a green finance taxonomy. Different paths have been explored, but BPNG together with GGGI and AFI will work towards achieving a policy in Inclusive and green finance for PNG’s banking sector through a consultative process.

4. ALLIANCE for FINANCIAL INCLUSION

The Bank of PNG also appreciates and grateful to AFI for the support for IGF policy developments in PNG which are very promising and positive.

We are delighted and will be accommodating work and progress towards making a Maya Declaration Commitment with regards to developing this IGF policy and its implementation.

Financial Sector Development strategy

Financial sector development is priority for PNG. Strategy is formulated to progressing the sector to the next level of development. In addition to financial inclusion strategy other areas of development outlined in the strategy are  
1. Improvement of the architecture of the Financial sector regulatory and supervisory arrangements
2. Development of PNG bond and capital Market
3. Development of the national payment system

Developing the regulatory frame work for financial consumer protection and creating enabling environment for development and expansion of digital financial landscape are important contributory factors. Inclusive green finance policy will be definitely   contributory factor for financial sector development in PNG.

We expect more commitments from developed nations for green finance related activities in the future. I am certain that the IGF policy will have traction with the funders to channel and support funding through PNG banking sector.

5. CONCLUDING REMARKS

In conclusion, we will pursue the efforts of supporting and building the green finance sector and provide them with user friendly responsible financial services.   The Bank of PNG remains committed to working closely with CEFI in advancing our vision of green finance in the banking sector.

We expect support and contribution from all financial institutions Commercial banks, Finance companies, Micro Banks and Savings and Loan societies to actively participate in the policy formulation process and to take ownership to this policy

Thank you once again and I look forward to more engagements under the green finance space, and encourage a more structural approach to addressing the needs and demands with the aim of mobilising development and climate finance.

Thank you and God bless you all.

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