GCF is the financial mechanism for the United Nations Framework Convention on Climate Change (UNFCCC), aimed to fund programs towards low carbon emissions.
Its objective is to combat global climate change on both the adaptation and mitigation fronts.
Asian Development Bank (ADB) Pacific department senior natural resource management specialist, Jay Roop, says ADB has identified a small number of projects in PNG.
ADB is among 10 GCF accredited entities working in PNG and the Pacific region, assisting to submit project and program proposals for climate funding.
Roop highlighted that they have made a lot of progress for PNG to choose from a number of projects from the energy sector to start with.
Roop explained that when doing GCF proposals, they must include emissions savings as GCF is interested in the climate angle of the proposal.
PNG will soon submit five proposals on mitigation projects in the energy sectors. The projects focus on renewable energy, carbon neutrality, solar power, geothermal and hydropower plants.
There is also an existing pipeline and three global projects in the energy sector, which also includes PNG that GCF has approved.
PNG is included in the regional project, ‘Promotion of energy efficient appliances, lighting and equipment in Pacific Island countries’.