Bank of PNG Signs MoU with ANZ, GGGI, and GFC to Develop Green Financial Products
ANZ Bank has formalized a partnership with the Bank of Papua New Guinea (BPNG), the Global Green Growth Institute (GGGI), and the Green Finance Centre (GFC) through a newly signed memorandum of understanding (MoU) aimed at developing a new social and sustainable financial product.
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| Bank of PNG Signs MoU with ANZ, GGGI, and GFC to Develop Green Financial Products [File Photo] |
Lachlan Halstead, the ANZ PNG Country Head, revealed that the collaboration will establish a technical working group comprising local and international stakeholders from business, government, and community sectors. This group will focus on creating a green taxonomy, which will help in classifying "green activities" and developing a national policy framework for efficient capital allocation and mitigation of green-washing risks.
“The green taxonomy is essential for the development of a robust national policy framework that ensures precise categorization of green activities, which is critical for sustainable investment,” Halstead said.
He underscored the significance of sustainable investment in New Guinea, which is home to the world's third-largest rainforest and seven percent of global biodiversity. The initiative aims to protect these vital natural resources.
ANZ Bank is already recognized for its role in advancing green, social, and sustainability-linked loans and bonds across Australia, New Zealand, and Asia. The bank has set a goal to issue A$100 billion (approximately K253 billion) by 2030 to support social and environmental outcomes through customer activities and direct investments.
The MoU signing ceremony was attended by BPNG Governor Elizabeth Genia, GGGI Country Representative Sakiusa Tuisolia, and Lachlan Halstead. Governor Genia welcomed ANZ Bank’s involvement, emphasizing its importance in the technical working group’s efforts.
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