Papua New Guinea has become the 60th member of the Coalition of Trade Ministers, after announcing its membership recently.
Minister for International Trade and Investment, Richard Maru, while participating at the 54th annual meeting of the World Economic Forum in Davos-Klosters, Switzerland, also attended the Coalition of Trade Ministers meeting on Trade, Climate Change and Finance on Wednesday, 17 January 2024, and formally announced membership to this grouping as the 60th member.
The Coalition was launched in January 2023.
This coalition grew from a recognition that international trade can and must make a positive contribution to driving down greenhouse gas emissions and enable a just transition to climate neutral, resilient, and sustainable economies by mid-century.
Additionally, the underlying need for inclusive international cooperation on the nexus of trade, climate, and sustainable development.
The Coalition brings together over 59 Trade Ministers from a diversity of countries from different regions at varying levels of development, climate vulnerabilities, and trade circumstances.
Minister Maru in his intervention highlighted the need for practical partnerships with bilateral and multilateral partners to discuss avenues to effectively draw down on global climate finance.
“The question is whether we should continue to be the lungs of the world or we must use the forest because we need roads, schools and other development outcomes. We are a developing nation that badly need economic development to improve the livelihoods of our people, of which 80% live in rural areas that depend on the land, forest and ocean for our livelihoods.
“We are here to work with partners, countries and cooperates who are willing to come to PNG and partner our government and our people to preserve these forests.
“Our nation has been hearing about carbon credits for the last 15-20 years but we have never benefited from any of it. We have the world’s 3rd largest rainforest and 7% of the world’s biodiversity,” he said.
Following these remarks, there was widespread support from his counterparts. Furthermore, the United Kingdom Minister of State in the Department for Business and Trade, Lord Dominic Johnson offered support to PNG for forests and oceans conservation, as well as the green funding and requested that PNG Government work closely with his Office to secure UK government and private sector funding and support.
These are the outcomes that Minister Maru has secured because of his attendance and interventions at these meetings.
He said PNG, in order to effectively draw down on these global funding and support, must be more coordinated and strategic.
He added that sector agencies especially Climate Change and Development Authority and the Department of National Planning and Monitoring must work closely with the Department of International Trade and Investment and Department of Foreign Affairs to ensure these grants and investment funds are drawn down.
“We need to also partner with countries like Rwanda who have been able to successfully benefit from revenue flows from carbon credits.”
Minister Maru has made initial contact with the Rwandan team at the WEF with the objective of formally requesting the Government of Rwanda to assist PNG in monetizing the country’s forests and oceans.