In a significant outcome of the 2023 PNG-Australia Climate Change Dialogue, Papua New Guinea (PNG) and Australia have officially signed the Indo-Pacific Carbon Offset Scheme (IPCOS) Joint Action Plan.
This plan marks a key milestone in the partnership between the two nations and outlines various areas of collaboration aimed at supporting PNG's involvement in international carbon markets.
Under the Joint Action Plan, PNG will receive support from IPCOS, which has committed AUD104 million over a span of ten years.
This investment will aid countries in the Indo-Pacific region, including PNG, in developing expertise, strengthening policy frameworks, and enhancing legislative systems to actively participate in global carbon markets. PNG joined the initiative as one of the first countries in 2021.
In addition to the IPCOS agreement, the participants of the climate change dialogue expressed their commitment to enhancing PNG's access to climate finance and strengthening collaboration in international climate diplomacy.
They also pledged to exchange knowledge and expertise on sustainable forestry practices.
The PNG-Australia partnership showcased through the signing of the IPCOS Joint Action Plan highlights their shared determination to address climate change and promote sustainable development in the Indo-Pacific region.