A stride towards climate change mitigation and environmental sustainability through a robust and accountable market mechanism, the regulatory framework developed to guide the carbon market in the country has received resounding validation from national stakeholders.
Led by Climate Change and Development Authority (CCDA), the Climate Change (Carbon Markets) Regulation 2023 was developed through rigorous consultation involving environmental bodies, regulatory agencies, industry leaders, NGOs and Community Based Organizations.
CCDA’s Acting Managing Director William Lakain expressed that the carbon markets exist to incentivize emission reductions and help mobilize resources and reduce costs to give countries and companies the space towards a low-carbon transition.
Mr Lakain also pointed out that the challenges confronting the country in the absence of a regulatory framework prompted the need for the government to regulate this sector.
“Recently, we have experienced an influx of interest in the country from developers targeting the Voluntary Carbon Markets (VCM) in the absence of a regulatory framework, posing significant risks of governance, transparency and standards.
“Given that challenge, the Government of PNG through the CCDA was tasked to ensure administrative processes are established to provide for regulatory guidance and oversight for project developers pursuing the Voluntary Carbon Markets”, said Mr. Lakain.
In the validation yesterday, stakeholders in the country expressing their contentment on the final draft of the Climate Change (Carbon Markets) Regulation 2023 but also provided additional inputs on the contents of the regulation. Next step is for the regulation to go before the National Executive Council (NEC) for endorsement.
CCDA’s Acting General Manager for MRV and National Communication Debra Sungi who officially closed the validation program sincerely thanked all the key stakeholders who have contributed to the development of the regulation all along on behalf of the management of CCDA.
