At COP26 in Glasgow, the Rwandan delegation in partnership with UNDP Rwanda and the NDC Partnership hosted an event at the NDC Partnership pavilion to share the opportunities for investment in Rwanda’s ambitious plans to address climate change.
The speakers discussed Rwanda’s plans for the future, specifically the goal of becoming a carbon neutral and climate resilient nation by 2050. Rwanda’s action plan, which was set out in its updated Nationally Determined Contribution (NDC) last year, reflects an ongoing commitment to placing the environment at the centre of the country’s development.
Speaking at the event, Rwanda’s Minister of Environment, Dr Jeanne d’Arc Mujawamariya, made a call for green investment in the country:
“Rwanda has a bold vision to be a carbon neutral economy by 2050, and is one of the best places in the world for green investment. Achieving our NDC requires an estimated investment of around 11 billion dollars, for which 5.3 billion is for adaptation initiatives and 5.7 billion is for mitigation actions. Let's dare to dream big for a net zero Rwanda and achieve our #ClimateAction goals,” she said.
The speakers also identified the frameworks in place to attract and facilitate investment. CEO of the Development Bank of Rwanda, Kampeta Sayinzoga, shared the work of the Development Bank of Rwanda and the Rwanda Green Fund to foster an institutional and regulatory environment which makes Rwanda attractive for external investors.
“Rwanda has done its homework, we have the institutions, systems and an exciting pipeline in place. Rwanda is ready. It's time for investment," she said.
CEO of the Rwanda Green Fund, Teddy Mugabo, pointed to the development of the Green Investment Facility as a key vehicle for Rwanda’s move towards a blended finance model which leverages the potential of private and public sector funding.
“Rwanda is ready for a significant increase in investment, and we are working with our partners to make it easier for the private sector to access climate finance” she said, highlighting the country’s strong track record of climate action.
During the event, Dr. Jürgen Karl Zattler, Director-General for International Development Policy, the 2030 Agenda and climate at the German Federal Ministry for Economic Cooperation and Development, committed an additional 4.5 million Euro as part of Germany’s strategic cooperation with Rwanda on climate action. This investment will support capacity development on NDC implementation and climate research.
The event, “Financing Rwanda’s Climate Action Plan”, featured speakers including the Minister of Environment, Dr. Jeanne d’Arc Mujawamariya, CEO of the Rwanda Green Fund, Teddy Mugabo, and Dr. Jurgen Zattler from the German Federal Ministry for Economic Cooperation and Development as speakers.
They were joined by three panelists: Kampeta Sayingoza, CEO of the Rwandan Development Bank, Vel Gnanendran, FCDO Director for Climate & Environment, and Stephen Hammer, Advisor to the World Bank’s Climate Change Group. The discussion was moderated by Rachel Kyte, Chair of the Board of the Rwanda Green Fund.
Watch the event at www.facebook.com/ndcpartnership/videos/320078923262764
Learn more about how the Rwanda Green Fund is investing in climate here: www.youtu.be/ThaZ5eEQtGY