Samoa’s financial institutions are looking at ways to expand green financing, with growing interest in renewable energy projects such as solar power for households and businesses.
The issue was a key focus of a one-day Green Banking and Sustainable Finance workshop hosted by the Central Bank of Samoa (CBS) in partnership with the United Nations Development Programme (UNDP) at Sheraton Samoa Aggie Grey’s Hotel & Bungalows in Apia on Wednesday.
The workshop brought together representatives from Samoa’s four commercial banks — ANZ Bank (Samoa), Bank South Pacific (Samoa), National Bank of Samoa and Samoa Commercial Bank — as well as the Development Bank of Samoa, Samoa Housing Corporation, Unit Trust of Samoa, Samoa National Provident Fund, Samoa Business Hub and Samoa Chamber of Commerce.
A key part of the workshop was a panel discussion titled “Why Green Banking Matters Now”, where senior representatives from Samoa’s commercial banks discussed the growing demand for green finance and sustainable investment.
One of the areas generating increasing interest is renewable energy, particularly solar photovoltaic (PV) systems for homes and businesses.
The discussions highlighted the potential benefits of these investments for customers, financial institutions and Samoa’s wider economy, while also recognising challenges such as limited institutional capacity, public awareness of green finance products and the need to strengthen how climate-related financial risks are managed.
Deputy Governor of the Central Bank of Samoa, Sili Margaret Chan Cheuk Tafunai, said financial institutions have an important role to play in supporting investments that strengthen Samoa’s resilience to climate change while creating opportunities for sustainable economic growth.
The workshop also gave participants an opportunity to explore how sustainable finance, environmental, social and governance (ESG) principles and green credit risk management can be applied in practical situations.
UNDP Deputy Resident Representative Paolo Dall Stella said access to the right type of finance could make a significant difference for businesses across Samoa.
“For many businesses in Samoa — in agriculture, fisheries, tourism, commerce, renewable energy — access to the right kind of finance is what stands between an idea, resilient livelihoods, scaling up of innovations, and ultimately, thriving, green, inclusive economies in Samoa,” he said.
He added that UNDP’s role was to support the work already being undertaken by Samoa’s financial sector in partnership with government ministries, state-owned enterprises, the private sector, communities and development partners.
The workshop was delivered under the UNDP Climate Finance Network, a regional initiative funded by the Government of the United Kingdom through the Climate Action for a Resilient Asia programme.
The initiative aims to help countries across Asia and the Pacific bridge the gap between climate goals and the investment required to achieve them.
For Samoa, the focus on green banking comes as the country continues to face the economic and social challenges associated with climate change.
The Central Bank of Samoa says building the capacity of financial institutions to respond to climate and sustainability challenges remains a priority.
A stronger and more sustainable financial system, it says, will be important in supporting long-term economic development, protecting livelihoods and helping Samoa adapt to the impacts of climate change.
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