Prime Minister James Marape invited international investors and energy experts to collaborate with Papua New Guinea (PNG) in harnessing its diverse energy resources, including hydro, geothermal, and solar power, during his keynote address at the opening of the 2024 Petroleum and Energy Conference at the Hilton Hotel in Port Moresby.
"We offer strong incentives and protections for investors," Marape assured attendees. "Your investments in our cleaner energy solutions will not only yield returns but contribute to a sustainable future."
He emphasized the strategic advantages of PNG's location, being closer to Asian markets, and noted the nation’s vast forests provide a unique opportunity for environmentally-conscious investments, helping to offset carbon footprints.
Marape’s address comes amid a global trend of increasing coal consumption, particularly in Asia, where he urged stakeholders to prioritize environmental stewardship.
He highlighted PNG's carbon-negative status, noting the country's extensive forest resources capable of absorbing over 100 million metric tons of carbon.
Marape also expressed gratitude to Kumul Petroleum, ExxonMobil, and all sponsors for enabling this platform for contemporary energy discussions with a PNG focus.
"I'm honored to open this significant conference, focusing on the critical issue of energy and its impact on our planet, as well as what PNG is doing to regulate and promote the energy sector," he stated.
He called for action against climate change, particularly in the Pacific Region, which faces significant risks despite its minimal carbon footprint, and reiterated PNG’s commitment to leading the change in clean energy production.
"I want to bring the spotlight on the production of heavy carbon-filled fossil fuels, especially coal. It is hard to believe that in this modern age of space travel and superspeed technology, the world is still burning coal," he remarked.
"Coal accounts for the largest share of electricity production worldwide, with gas coming in second. In Asia, economic growth and high populations have led to an unparalleled reliance on coal."
Marape referenced reports from the International Energy Agency, which have highlighted alarming trends in coal consumption.
Figures from 2020 to 2023 reveal that China accounts for a massive 50.5 percent of global coal consumption, followed by India at 11.3 percent, the United States at 8.5 percent, Germany at 3 percent, and South Africa at 2.4 percent, with Poland, Australia, and Brazil also noted.
Recognizing the harmful effects of coal and other heavy carbon fossil fuels, Marape emphasized PNG’s determination to pivot towards sustainable energy solutions.
"PNG is getting our house in order to ‘think globally and act locally’… Our own carbon footprint remains under 10 million metric tonnes, and despite the high cost of energy, we choose to differ now and into the future. We want to remain a clean green country and we want to make and lead this transition to clean energy."
"I firmly believe that liquefied natural gas (LNG) is the best energy source for transition between now and life after 2050, if we are to keep Mother Earth. LNG is cleaner, more efficient, and aligns with our goal of reducing carbon emissions."
"Our liquefied natural gas serves as a crucial transitional energy source, offering a cleaner alternative as we move toward a future powered by renewable energies," he added.
Stakeholders from the business, industrial, and mineral sectors engaged in discussions focused on the development of PNG’s energy landscape, with an emphasis on securing a stable and sustainable energy future.
Marape reaffirmed his government’s commitment to facilitating a secure investment environment while leading the transition away from heavy fossil fuels towards a greener economy.
PEC 2024 is the only industry-specific conference focusing solely on the petroleum and energy sector. This sector is a major contributor to PNG's economic growth, and the event offered a unique platform for ministry officials, industry leaders, resource owners, innovators, and charitable organizations to unite and shape the future of PNG’s energy sector.
Discussions included new policies, upcoming projects, and announcements in the petroleum and energy sector.
Day 1 sessions included:
- The Global Picture – Supply and Demand
- PNG Hydrocarbon Projects
- Exploration and Stranded Field Development
- Value Maximization & Fiscal Regime Change Opportunity
Day 2 sessions included:
- Energy Project Financing
- Electrification in PNG
- Industry Services Providers – Renewable Resources: Global Perspective, Technology, and Innovation
- Decarbonization & Energy Switch
- Roundup - Petroleum & Energy in Transition.
The conference featured 41 official speakers over two days and 48 exhibitors. PNG Business News served as the official media partner of the event, also showcasing a booth during the conference.
