PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

608454

Primary Business Area

Infrastructure

Disclosure Date

May 19, 2024

Country

Papua New Guinea

Region

East Asia and the Pacific

IFC Approval Date

Nov 12, 2023

Status

Active

Estimated Total Budget

$450,000.00
(Project budget includes all project-funded activities)

Last Updated Date

May 20, 2024

Project Estimated Start Date

Nov 1, 2023

Project Estimated End Date

Dec 31, 2024

Client Legal Name

Bismark Maritime Limited

Project Description

Papua New Guinea (PNG) heavily relies on maritime transport for inter-island passenger and cargo transportation due to its unique geographical terrain. As growth continues spurred by ongoing and future infrastructure projects, including mining, the demand for for inter-island shipping services is anticipated to increase, as will also the carbon footprint of the local shipping industry. In alignment with PNG's climate change targets and Bismark's commitment to sustainability, the company is collaborating with the International Finance Corporation (IFC) to develop a decarbonization roadmap. This strategic initiative will encompass various aspects, including both operational and non-operational areas, to effectively reduce and potentially offset Bismark's carbon footprint in the long term.

Development Results

E&S Risks / Impacts and Mitigation