Papua New Guinea's National Energy Authority has signed a new agreement with the Global Green Growth Institute to strengthen climate finance support for renewable energy development.
The Memorandum of Understanding was signed through the Papua New Guinea-Australia Partnership's Climate FIRST initiative.
The partnership aims to help renewable energy projects move from early concepts to investment-ready development, focusing on clean energy access and long-term investment.
Papua New Guinea's National Energy Authority (NEA) Managing Director Ronald Meketa said the agreement was an important step for Papua New Guinea's energy sector.
"This MoU marks an important step forward in strengthening PNG's energy sector," he said.
"By working with GGGI (Global Green Growth Institute), we are positioning the country to get an outcome that will benefit the communities that we serve.
"This MoU is in line with our Energy Sector Plan target to connect 70 per cent renewable energy by 2030."
Under the agreement, the NEA and GGGI will support renewable energy projects and programs across Papua New Guinea.
Priority initiatives under consideration include biodiesel development in East New Britain, geothermal energy in Bougainville, wind energy in Gulf Province, solar power in Manus and hydropower development in Hela.
Other solar, hydro, geothermal, wind and bioenergy opportunities will also be considered.
The partnership will support renewable energy projects of at least one megawatt, off-grid and mini-grid solutions, public and private climate finance mobilisation and stronger energy sector planning and regulation.
One of the main barriers to renewable energy development is the gap between project concepts and projects ready for investment.
Work under the partnership will include project preparation, policy support and climate finance facilitation to create stronger opportunities for sustainable investment.
GGGI Pacific Regional Director Sakiusa Tuisolia said the partnership would support Papua New Guinea's energy transition.
"We are proud to partner with NEA to support PNG's energy transition," he said.
"We can work together to deliver on a very important mission to electrify PNG.
"At the end of the day, it's all about putting switches on the wall and this MoU is designed to deliver on that."
Minister for National Planning Ano Pala represented the Government of Papua New Guinea at the signing and acknowledged the partnership.
"It is a big win for the NEA and GGGI," he said.
"As the government we set up systems and exist above those systems to make things happen."
The agreement will remain in effect for three years and may be expanded through additional agreements.
