Several key green initiatives were announced by Rwanda during COP28 in Dubai, UAE
Rwanda has taken center stage at COP28 with several strategic initiatives and announcements to propel the nation into a sustainable and climate-resilient future. This COP was also unique as it coincided with the 10th anniversary of the Rwanda Green Fund. The Rwanda Green Fund is a groundbreaking environment and climate change investment fund. It was established by the Government of Rwanda in 2012, with a mandate to invest in public and private projects with the potential to create transformational change, build an ecosystem to incubate, accelerate and provide growth capital to high-impact green ventures and play a catalytic role to attract climate finance and green investment.
At the opening session of COP28, Dr. Jeanne d’Arc Mujawamariya, Minister of Environment, underscored the urgency to end double standards in emissions, advocate for an adequately resourced and grant-based loss and damage fund, and support the development of a Multidimensional Vulnerability Index. Rwanda also supported COP28’s historic decision to transition away from fossil fuels.
Here’s a glimpse into Rwanda’s major announcements and commitments during COP28:
1. Carbon Market Framework Unveiling
Commissioned by the Rwanda Environment Management Authority (REMA), Rwanda proudly launched its Carbon Market Framework at COP28. This visionary framework establishes rules for carbon credit trading, encouraging businesses to adopt cleaner practices and invest in sustainable technologies. Notably, Rwanda’s commitment to global collaboration was highlighted as cooperation agreements were inked with Singapore and Kuwait, aligning with the principles of Article 6 of the Paris Agreement.
2. Rwanda Climate Finance Partnership
At the Paris Summit for a New Global Financing and formally announced at #COP28, Rwanda’s Climate Finance Partnership emerged as a beacon of hope. Supported by several EU development banks and agencies, this partnership seeks to foster public-private collaborations to scale up climate finance. A significant milestone was the Government of Rwanda’s pledge to contribute USD 40 million to Ireme Invest, the nation’s private sector green investment facility. In a move to bolster Rwanda’s Climate Financing, the Development Bank of Rwanda (BRD) PLC signed a €20 Million line of credit and technical assistance grant agreement with the European Investment Bank (EIB) at #COP28. This financial collaboration underlines the commitment to advancing climate resilience and sustainability.
Watch Rwanda Green Fund CEO Teddy Mpinganzima Mugabo share insights on the objectives and milestones in this video.
3. Green Taxonomy Framework
Rwanda’s Ministry of Infrastructure introduced the Green Taxonomy Framework at #COP28, a comprehensive framework defining sustainability criteria and fostering a shared understanding of green investments. Developed in collaboration with “GIZ,” Climate Bonds Initiative, and Ambire Global, this framework positions Rwanda as the first destination for sustainable finance in East Africa. The first phase, targeting key economic sectors such as energy, agriculture, construction, and transport, sets the stage for Rwanda’s ambitious green transformation. Get to know more about the Green Taxonomy Framework by watching the following video
4. Insights from BRD CEO Kampeta Pitchette Sayinzoga
An enlightening interview with BRD CEO Kampeta Pitchette Sayinzoga sheds light on the transformative potential of the International Monetary Fund (IMF)’s Resilience & Sustainability Trust. The interview underscores how this instrument can leverage additional private financing for green transitions in countries like Rwanda.
5. The Pivotal Role of Development Banks Emphasized at The World Bank Session
Kampeta Pitchette Sayinzoga, BRD CEO, took the stage at a session on “Scaling Climate Finance through Innovative Capital Market Solutions” hosted by The World Bank. Her insights underscored the pivotal role of development banks and financial institutions in driving transformative climate finance solutions.
Rwanda’s active participation and commitments at COP28 signify the country’s commitment to a greener and sustainable future. For further updates, visit the official climate change information portal of Rwanda at: https://climatechange.gov.rw/index.php?id=15.
