First national and independent Biodiversity and Climate Fund launched

Papua New Guinea is a global biodiversity hotspot. Containing approx. 7% of the world’s biodiversity, it is one of 17 megadiverse countries as defined by the United Nations. Forests cover 60% of the country storing carbon, while its oceans lie in the heart of the Coral Triangle.

Under threat from climate change, deforestation and habitat loss, Papua New Guinea is taking steps to support the approx. 80% of its population dependent on its natural resources for livelihoods and sustenance.

The Biodiversity and Climate Fund convened its inaugural Board meeting in Port Moresby on September 14 to adopt its governance framework and Strategic Plan. This will guide how the fund intends to raise, manage, and report its funds disbursements to the most vulnerability communities in support of their conservation efforts.

“Papua New Guineans are the custodians of the country’s exceptional natural wealth. Its natural environment is the foundation upon which its economic prosperity depends. However, the impacts of climate change are intensifying, threatening the most vulnerable. The Fund can play a catalytic role in attracting financial resources to strengthen the country’s resilience to climate impacts,” said Mr. Dirk Wagener, the United Nations Development Programme’s (UNDP) Resident Representative to Papua New Guinea.