Prime Ministers Media Releases
Prime Minister Hon. James Marape, MP today welcomes the news that a long standing leadership tussle affecting the regulatory body Securities Commission of Papua New Guinea has now been resolved.
This news now paves the way for the Government to consolidate and appoint a permanent Chairman going forward. The Securities Commission of PNG is responsible for the growth and development of the organic capital market. It is, therefore, important that the stakeholders are not confused as to the leadership of this regulatory body.
"I am relieved that this matter is now resolved and that the market can respond to any regulatory imposition with confidence and clarity.”
The last four years have been very difficult and as a country and fledgling market we could not afford the opportunities we may have missed with the prevailing confusion over leadership, and our genuine attempts at resolving this has been hampered with court orders.
In addition, Prime Minister Marape said his Government, which was dependent on this, could now move very quickly forward with the Oil Search and Santos merger, including plans to liberalize and reform PomSox.
He further stated that the recruitment for this position would be done soon to get a qualified person for this role.
"I will be encouraging the Honorable Minister William Samb, Acting Minister for Commerce and Industry to move quickly to go to the market and recruit a qualified Papua New Guinean to fill this role permanently.”
He commended the aggrieved parties for agreeing to this outcome, and for Secretaries, Ivan Pomaleu and Dr Eric Kwa for providing the leadership on this occasion.
GLASGOW: PNG’s COP26 Special Envoy and Minister for Environment Conservation & Climate Change, Hon. Wera Mori, MP, says the outcomes and benefits from his delegation’s attendance and participation at the COP26 Climate Summit, can be seen as a win-win for Papua New Guinea.
He said that to secure PNG’s national interest at international meetings like COP26, it comes at a significant cost to Government, hence since arrival in Glasgow he reminded the delegation to be mindful of tax payers expense and meaningfully participate, at the COP26 and related meetings.
“This is to ensure whatever assistance is secured at high-level meetings with interested investors, complements PNG's overall climate change adaptation and mitigation objectives,” Special Envoy Mori said.
“Our aim is to join like-minded countries in endorsing the Paris Rule Book, to ensure reduction in global greenhouse gas emission targets, to save the global environment and more importantly preserve PNG’s pristine rainforest in a sustainable manner, securing global carbon markets to trade our carbon credits, to interested investors.
“Such will directly benefit, empower and improve livelihoods of our resource owners and rural communities in PNG, creating much needed revenue for Provincial and the National Government,” Minister Mori added.
He said that the Agreements and Arrangements that have been signed on the margins of COP26, will far outweigh the figure that critics are mischeviously quoting on the official delegations travel and related expenses to COP26,” Minister Mori said.
The Agreements and Arrangements that have been concluded are as follows:
- MoU with Australia on Capacity Building to Participate in Global Carbon Markets;
- Host Country Agreement with ICRAF on Forest Conservation; and
- Master Development Agreement with Fortescue Futures Industries on Development of Alternative Sources of Clean Energy.
To provide an accountability on the delegation’s participation, a NEC Policy Submission has been formulated by my officials here on the ground in Glasgow, listing the Agreements concluded and the practical outcomes,emanating from COP26.
In terms of the delegation responsibilities, unlike previous duty travels, all delegation members including the Parliamentarians and Government officials have been organized, coordinated and individually assigned to attend designated meetings and side-events, and report back to Special Envoy, Minister Mori, accordingly.
“I’m overly impressed with most of our politicians on this delegation, who have engaged in meetings and provided constructive policy advisory support to me,” Minister Mori said.
“During our Delegation Team meeting upon arrival in Glasgow on 31 October, I made it absolutely clear that we were all here at the expense of our tax payers’ funds and that we were each obligated to vigorously pursue PNG climate change issues, to draw maximum returns and outcomes that would save Planet Earth and complement our national budget and development agendas.
PNG and the Pacific Island Forum Countries have continued to bear the brunt of extreme weather patternsand it was vital that their interest was progressed to achieve tangible outcomes.
For issues relating to composition of the delegation, I wish to place on record that, a good number of PNG delegates did not travel due to lack of funding and given that they did not meet the COVID-19 protocols or had prior commitments thereby drastically reducing the delegation numbers.
On the contentious issue of costs, a sizeable number of PNG delegates were funded by the Australian Government and United Nations Framework Convention on Climate Change (UNFCCC).
The Coalition of Rainforest Nations (CfRN) Secretariat officials, totalling 28 were included in the PNGdelegation and paid their own expenses. They were included in our delegation given that Minister Mori is the Current Chair of the CfRN, thus increasing the size of the PNG Official Delegation.
Australia and Papua New Guinea have agreed to join forces to create an efficient and accessible carbon market for the region under the Indo-Pacific Carbon Offsets Scheme.
Following talks with PNG’s Special Climate Envoy and Minister for Environment, Conservation and Climate Change, Hon. Wera Mori in Glasgow, Minister for Industry, Energy and Emissions Reduction, Hon. Angus Taylor announced PNG would be one of the first international partners to join the scheme.
Minister Taylor said: “Papua New Guinea has been longstanding leader on climate change, making a major contribution to the preservation of global forests. Australia is a world leader in emissions measurement and inventory management,” Minister Taylor said.
“The partnership will see our two countries share expertise to ensure Papua New Guinea is internationally recognised as a source of high-integrity carbon mitigation outcomes.”
Minister Mori said: “The signing of the MOU this morning between Papua New Guinea and Australia on Cooperation to Build Capacity for Participation in Global Carbon Markets is significant for us as a country to engage in the Indo-Pacific Carbon Offset Scheme which Australia is launching today.
“Papua New Guinea’s engagement in this scheme is critical given our on-going work on REDD plus in preparation to develop carbon markets and the country’s engagement under Article 6 of the Paris Agreement once concluded including our conservation efforts.
“While the negotiations are yet to be concluded in Article 6, Papua New Guinea agrees to a robust carbon trading system that is fair and promotes environmental integrity and sustainable development.
“The Government of Papua New Guinea congratulates Australia on the launch of the Indo-Pacific Carbon Offset Scheme and assure of our commitment through the Australia -PNG Climate Action Plan.”
Under the Indo-Pacific Carbon Offsets Scheme, Australia will share technical expertise in carbon accounting with countries in our region to enable them to meet new Paris Agreement emissions reporting obligations.
The scheme will deliver renewable energy and nature-based solutions projects to support neighbouring countries to reduce emissions and grow their economies.
Australia has also entered an early partnership with Fiji.
“Our partnership with Papua New Guinea will include a focus on encouraging private sector participation in carbon market activities, and emissions reduction projects that showcase Papua New Guinea’s potential for high-integrity offsets,” Minister Taylor said.
Minister Taylor said he and Minister Mori also discussed ambitions for COP26, and bilateral cooperation on energy access and on blue carbon.
The discussions and signing took place on the side-lines of COP26 on Wednesday 03 November 2021 and builds on the existing Australia PNG Climate Action Plan and complemented by recent passage of the Climate Change (Management) (Amendment) Bill 2021.
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