An international coalition of partners is to be set up in Papua New Guinea (PNG) to invest in conservation and mitigation measures, including in Carbon and BlockChain trade, as well as in hydrogen gas production for mobility and power generation as part of efforts to achieve the country’s ambitious Climate Action Agenda.

This was one of the three recommendations of the first Roundtable to be hosted by PNG in the on-going World Expo 2020 holding in Dubai, the United Arab Emirates (UAE).

The roundtable also recommended that the international partners should facilitate and fund research and innovation projects from private equity and public investors into a mix of sustainable economic options for universities and research institutions to collaborate through a PNG and international partnership mechanism.

Additionally, the roundtable recommended that private equity funds are to be made available to introduce green economy studies at PNG higher learning and research institutions.

To realize these goals, the roundtable further recommended that a PNG Sustainable Development Fund that would finance projects in the green economy and sustainable infrastructure, including renewable energy should be set up.

The roundtable, an initiative of the PNG Pavillion at the Dubai World Expo 2020 noted that through the PNG Sustainable Development Fund, the PNG Expo2020 Pavilion, in collaboration with Kundu Brussels and the PNG Honorary Consul in Athens, Greece, would coordinate the establishment of international partnerships in the three Roundtable areas.

The PNG Roundtable is an offshoot of the participation of PNG’s Minister for Forest, Hon. Walter Schnaubelt, at the Week of Environment and Biodiversity in October, where he informed the world about Papua New Guinea’s efforts to save the third largest rainforest in the world and to achieve its ambitious Climate Action Agenda and at the same time benefit economically through a balanced mix of economic options.

The Roundtable attracted policymakers, academics, and scientists from Papua New Guinea as well as environmentalists, private equity investors, bankers, entrepreneurs, blockchain trading experts, and stakeholders from Europe, North America, the Middle East, Asia, and the United Arab Emirates.

The Commissioner General and Papua New Guinea’s Ambassador to Belgium and the European Union, His Excellency, Mr. Joshua Kalinoe, said during the roundtable that his country was making necessary connections to gain market access.

“We are making important connections in terms of market access for our tradable goods and services, creating investment opportunities, and developing relationships by looking outside of the box and taking advantage of global opportunities as they become available.

“The challenge, however, is for the respective PNG Government agencies to effectively coordinate the implementation of the opportunities that are being identified, going forward,” Kalinoe said.

The PNG Roundtable deliberated on issues such as Education, Science, and the Green Economy. It attracted international partnerships in environmental protection and mitigation measures, supported science-based research into forest biodiversity, and set up a sustainable development fund to support private and sustainable public projects including science-based research, technology, and innovation.

The Secretary-General of the UAE Chamber of Commerce and Industry, His Excellency, Himaid Ben Salem, while declaring the roundtable open, highlighted the importance of investing in the green economy to live in balance with nature.

“Reduction of green gas emissions through conservation and mitigation measures would create more carbon sinks that would allow the people of the World to live with healthy lungs,” Salem said.

The Chief Executive Officer of JAHEEN’s companies, Ms. Noha Jaheen, in her contribution, said: “PNG has megadiverse in culture, ecology and biodiversity! Those People Own the Paradise!! That makes PNG able to be turned into a sustainable plus energy country and lead the future of sustainable growth worldwide!"

PNG Roundtable is considered part of a series of PNG business events aligned with Expo Dubai 2020. The 2nd Roundtable will be organized in February next year, where partnership arrangements in the three outcomes are expected to be announced.

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