The Inclusive Green Finance Policy (IGFP) Project

The Inclusive Green Finance Policy  (IGFP) Project was initiated in 25 June 2021 with the aim of greater understanding of climate resilience and inclusive green growth in PNG. IGFP marks the first step towards green finance in PNG, thereby facilitating future efforts to monitor, regulate, and promote green finance flows in the country. 

‘Climate Resilience and Inclusive Green Growth’ is one of the key pillars of Papua New Guinea’s Development Strategy. Its importance is emphasized in ‘PNG Vision 2050’, ‘PNG Development Strategy Plan 2010-2030’, ‘National Strategy for Responsible Sustainable Development (StaRS)’, and ‘Medium Term Development Plan 2018-2022’. The government has set various targets to achieve this goals under the enhanced National Determined Contributions (NDCs) such as reducing annual net emissions from deforestation and forest degradation due to agriculture  expansion and commercial  logging by 10,000 Gg CO2 eq. compared to 2015 level, encourage the introduction of fuel-efficient transport equipment, promoting climate-friendly agriculture in oil palm, cocoa and coffee platform, reducing electricity demand through energy efficiency, promting REDD+, downstream processing and enforce economic productive and sustainable livelihoods.

Meeting these targets requires – in addition to sound policies and enabling environment for the public sector- a significant and sustained investment from the private sector. These investments (or “green” finance) should be directed towards “green” activities that contribute towards building climate resilience and promoting inclusive green growth.

However, at present, PNG lacks an official taxonomy to guide government agencies, financial institutions, and other private sector entities on which activities are considered ‘green’ and/or ‘inclusive’. For government agencies, this makes it difficult to monitor, regulate, and promote green financial flows into and within the country. For financial institutions and private sector entities, it is difficult to know whether they are complying with a certain policy (e.g., mandatory disclosure on green investments) or are eligible for incentives related to green activities (e.g., low interest green loans).

Hence this project aims to address this gap by developing a PNG policy on inclusive green finance – the IGFP. The IGFP woould include a Green Taxonomy that will help promote green financial flows thus promoting  green activities and overall help achieve NDC targets on climates resilience and inclusive growth for PNG.

Objective, Outputs and Activities

The goal of the IGFP is to increase  and facilitate the flow of domestic and international  funds and investment in a systematic manner towards business, projects and initiatives that are inclusive and / or green. Te are 3 outputs of the IGFP Project :

    • A green taxonomy with strong emphasis on financial inclusion,
    • Doing a diagnosis on the state of inclusive green finance in PNG, and
    • An implementation roadmap.

The project launched in June 2021 and will be completed June 2024.

Project Governance

The project is led by a Steering Committee (SC). They are advised by Technical Working Group (TWG) composed of public and private sector representatives.

Steering Committee  The Steering Committee  helps to steer a project through from start to completion and its role is to provide advice, ensure delivery of the project outputs and the achievement of project outcomes. The Steering Committee members are:

    • Bank of Papua New Guinea (BPNG)
    • Centre for Excellence in Financial Inclusion (CEFI)
    • Climate Change & Development Authority (CCDA)
    • Department of Treasury
    • Alliance for Financial Inclusion (AFI)
    • Ministry of Foreign Affairs & Trade, New Zealand (NZ MFAT) (Observer)
    • Global Green Growth Institute (GGGI) (Observer)

Technical Working Group The Technical Working Group (TWG) define the necessary regulatory, technical and financial preconditions to be put in place within a feasible period to allow the green finance policy to become operational.

  • Department of National Planning & Monitoring (DNPM)
  • Department of Treasury
  • Investment Promotion Authority (IPA)
  • Conservation & Environmental Protection Authority (CEPA)
  • Department for Community Development & Religion (DfCDR)
  • Department of Agriculture & Livetstock (DAL)
  • National Agriculture Research Institute (NARI)
  • PNG Forest Authority (PNGFA)
  • National Energy Authority
  • Department of Transport
  • PNG National Weather Service
  • Tourism Promotion Authority (TPA)
  • Bank South Pacific
  • Kina Bank
  • Nationwide Micro Bank Ltd
  • Women’s Micro Bank
  • BPNG- Financial Sector Development Strategy Secretariat
  • Federations of Savings & Loans Society
  • SME Corporation
  • Bank of South Pacific Life (BSP Life)
  • International Finance Corporation, World Bank Group
  • Solar Energy Association of PNG
  • Emstret Holdings Ltd
  • The Voice Inc.
  • World Vision PNG
  • United Nations Development Programme (UNDP)
  • World Wildlife Fund (WWF)

The Global Green Growth Institute (GGGI) serves as the Secretariat with support from Agriculture and Finance Consultants GmbH (AFC).


  • First Steering Committee Meeting: 11 October 2021
  • Second Steering Committee Meeting: 7 February 2022.
  • First Technical Working Group Meeting: 23 February 2022.
  • Third Steering Committee Meeting: PART 1-28 April 2022, PART 2-5May 2022
  • Second Technical Working Group Meeting: 18 May 2022
  • Fourth Steering Committee Meeting:10 June 2022
  • Fifth Steering Committee Meeting: 5 August 2022 
  • Sixth Steering Committee Meeting: 13 February 2023 


Mr. Saliya Ranasinghe Financial Inclusion Adviser, Centre For Excellence In Financial Inclusion (CEFI)                                             

Mr. Sakiusa Tuisolia Country Representative, GGGI PNG Office

Mr. Jisu Min Senior Investment Officer, GGGI Headquarters                                                                                                                

With the support of the New Zealand Ministry of Foreign Affairs and Trade.