A high-level roundtable for Papua New Guinea’s (PNG) partnership in the Indo-Pacific Carbon Offsets Scheme (IPCOS) was hosted by Climate Change and Development Authority (CCDA) today in Port Moresby.
This was following the signing of a Memorandum of Understanding (MoU) between the Government of PNG and the Government of Australia last year for cooperation on capacity building for PNG’s participation in global carbon markets.
High-level officials from government entities, development partners and distinguished officials from the Department of Foreign Affairs and International Trade (DFAIT) were present in this meeting with discussions centered on Australia – PNG IPCOS partnership, developing an IPCOS action plan for PNG, PNG’s priorities and action items under the Paris Climate Agreement.
Acting Managing Director for CCDA, William Lakain highlighted the MoU signed last year as a significant partnership with the Australian Government and is within the context of PNG-Australia Climate Annual Dialogue.
“The MoU signed by PNG and Australia on the IPCOS is within the context of PNG-Australia Climate Change Annual Dialogue and anchors on our long cordial relationship of cooperation.
“As Parties to the Paris climate agreement, we all have committed to contribute to keeping global temperature increase below 1.5 degrees”, Mr. Lakain said.
Mr. Lakain also said, CCDA as the coordinating agency, its role is to facilitate climate change actions undertaken by relevant and affected sectors to meet its international obligations on climate change.
The Australian Government funding for IPCOS will be for a ten-year period with a funding commitment of $104 million until 2031.
The funding will help implementing partners in the Indo-Pacific establish robust national policy frameworks, carbon accounting and inventory systems that meet the requirements of the Paris Agreement and improve certainty for investors and other significant capacity building interventions.
The roundtable concluded with a strong and coordinated start to engagement on PNG carbon market development in 2022, shared understanding of PNG areas of responsibility, climate change priorities and activities, shared understanding of IPCOS and options for PNG, indicative governance framework for IPCOS-PNG partnership and agreement on key activities for a Joint Action Plan.
IPCOS is an Australian Government’s Strategy to support climate action in the Indo-Pacific region and intends to develop a carbon market that supports emissions reduction projects in the region.