April 23, 2024 – The Sustainable Banking and Finance Network (SBFN) is pleased to announce the inclusion of the Bank of Papua New Guinea (BPNG) as its newest member, underscoring the global commitment to sustainable finance practices.
In an effort to raise environmental, social and governance (ESG) standards, BPNG actively encouraged sustainability initiatives within the banking sector and launched the Inclusive Green Finance Policy (IGFP) project initiative in 2021, aiming to deepen insights into climate resilience and inclusive green growth in Papua New Guinea. A cornerstone of this effort is the establishment of a dedicated Green Finance Center by BPNG to spearhead the implementation of the IGFP and drive green finance-related initiatives. Additionally, in 2024, BPNG plans to pilot an Inclusive and Green Taxonomy among selected financial institutions and introduce a Green Refinance Facility to promote the expansion of green loans.
“We warmly welcome BPNG as our newest member,” stated Rong Zhang, Global Coordinator of SBFN. “We eagerly anticipate collaborating with BPNG to foster an enabling environment that facilitates the management of ESG risks and performance in the financial sector. Together, we aim to develop innovative products to incentivize capital flow toward sectors and activities aligned with environmental and social objectives. Through our collective efforts, we strive to positively impact the financial landscape, promoting practices aligned with sustainable development goals.”
With the inclusion of BPNG, SBFN now features 90 members across 69 countries, further solidifying its global impact in sustainable finance advocacy.