“This will also add credibility to the country to attract funds. When the financial institutions are regulated by the Bank of PNG, having adopted this green finance policy, will definitely attract more funds in the future for PNG,” added Mr Ranasinghe. GGGI Deputy Country Representative Peniamina Leavai when sharing the same sentiments, added that the green finance policy is a new ground and that the world is watching PNG and how the country will venture into this new grounds of green finance. “The green bond market could be worth 2.3 trillion dollars by 2023, it is regarded as meeting the needs of the environment and at the same time our economic growth simultaneously. The question in PNG is how we can make this work for our people,” Mr Leavai added. A key feature of the policy is an inclusive and green taxonomy which helps to identify essential technologies or activities that would contribute to the achievement of Papua New Guinean’s environment and social goals.
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