Papua New Guinea and Australia have signed a Memorandum of Understanding agreeing to create accessible carbon market for the region.
This is an outcome following talks between PNG envoy and Climate Change Minister Mori and Australia’s Minister for Industry, Energy and Emissions Reduction Angus Taylor in Glasgow Scotland.
The partnership will see both countries share expertise to ensure PNG is internationally recognized on high carbon mitigation outcomes.
PNG will now have access to the Indo Pacific Carbon Offset Scheme.
Minister Mori says this MOU is critical as the country continues its efforts to embrace PNG’s Climate Action Plan.
The agreement will focus to deliver private sector participation in carbon market activities and emission reduction projects.
The two Ministers also discussed ambitions of COP26 and bilateral cooperation concerning the energy access and blue carbon.