Elizabeth Genia: Navigating economic resilience in a changing climate - insights for Fiji and the Pacific
Elizabeth Genia, Governor of the Bank of Papua New Guinea, highlighted that climate change is now a central economic challenge for Pacific island nations, directly affecting financial systems, infrastructure, and livelihoods. She noted that economic resilience in the Pacific is inseparable from climate resilience, requiring policies and financial instruments that turn vulnerability into opportunity.
In response, BPNG established the Green Finance Centre, coordinating climate finance reforms, guiding financial institutions, and integrating environmental and social risk management into supervisory frameworks. The Bank also issued an Inclusive Green Finance Policy and is developing a national Green Taxonomy to define credible green investments, supporting sustainable lending and financial products.
To mobilize funding, BPNG collaborates with international partners, launching a Green Refinancing Facility for energy and agriculture, a Green Guarantee Facility, and exploring renewable energy projects and sovereign thematic bonds to channel private capital into climate-aligned growth.
Genia emphasized regional cooperation through the Pacific Islands Regional Initiative (PIRI), where six central banks—including Fiji, Tonga, Vanuatu, Solomon Islands, and Samoa—are harmonizing frameworks, sharing data, and co-developing green financial products. She argued that working together strengthens the Pacific's voice in global climate finance and fosters a resilient, inclusive, and climate-ready regional economy.
The views expressed in this speech are those of the speaker and not the view of the UDF Space.
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