Following the launch of the 'Loss and Damage Fund' at the 28th UN Climate Change Conference (COP28) in Dubai in 2023, Rwanda has its sights set on the next round of global climate talks at the upcoming COP29, which will take place in Azerbaijan in November. At the top of Rwanda’s agenda are securing additional funds and ensuring transparent, inclusive funding structures for direct access to the fund, according to Herman Hakuzimana, Rwanda's Deputy Lead Negotiator from the Rwanda Environment Management Authority (REMA). Loss and Damage Fund is a financial mechanism designed to provide crucial support to vulnerable nations facing the brunt of climate change effects. Rwanda also needs direct access to this fund given that it is among African countries affected by climate change effects yet they contributed less than 4 per cent to global warming. ALSO READ: Climate change could erode 7% of Rwanda’s GDP by 2050 The expectations were shared, on September 11, 2024, with Rwanda Climate Change and Development Network (RCCDN) comprising 73 organisations dealing with environment and climate change during the consultation meeting about COP28 outcomes and the upcoming COP29 expectations. Currently Rwanda needs over Rwf518 billion to recover from disasters that hit the country in May, 2023. COP28 agreed on the operationalization of a loss and damage fund to support especially vulnerable countries dealing with the effects of climate change Pledges made to the fund totaled $772 million at COP28. However, according to Hakuzimana, this is a drop in the ocean considering the total amount of finance needed for loss and damage which is estimated to reach up to $580 billion annually by 2030 and $1.7 trillion annually by 2050. “Rwanda as a Party to the UNFCCC will play its role during COP29 by participating in negotiations with the aim of ensuring that Rwanda’s interest and priorities are considered in the global climate agenda,” he said. Faustin Munyazikwiye, Rwanda's lead negotiator in the UN Climate talks, says Rwanda like other developing countries is vulnerable to the impacts of climate change and is eagerly awaiting the outcome of the climate negotiations. ALSO READ: For Rwanda to Achieve Its Climate Goals, Finance is Essential The New Collective Quantified Goal on Climate Finance (NCQG) is a new financial target from the year 2025 onwards that developed countries, who are the biggest contributors to climate change, must avail to developing countries, replacing the previous commitment of $100 billion per year that they pledged in 2009 but failed to deliver on time. “This new goal where some propose $3 trillion must take into account the needs and priorities of developing countries,” he said. The new goal will replace the current $100 billion annual commitment made by developed countries back in 2009. “The $100 billion pledge has never been met. In structuring the new goal on climate finance, Rwanda will advocate for the special circumstances of most vulnerable Countries to be considered and reporting issues from developed country contributors to be clear to ensure the tracking of their pledges,” he said. Adaptation finance According to experts, a lot of finance is going to mitigation measures, yet Africa's priority is adaptation finance emphasizing that it should at least be 50/50. Last year at COP28, countries agreed to a new framework for the Global Goal on Adaptation to build climate Resilience. ALSO READ: A look at 15 major climate finance flows in Rwanda “At COP29, it is essential that the enactment of the targets proposed by the Global Goal on Adaptation framework is accelerated to enhance planning and implementation,” he noted. COP29 will also be one of the last major opportunities for countries to signal their intention to put together new and enhanced climate plans, known as Nationally Determined Contributions (NDCs), before submitting them in 2025. NDCs to date fall far short of what is required to avert dangerous levels of climate change. “In negotiations, it will be an opportunity for developing countries to urge developed countries to increase the ambition in the next generation of NDCs,” he added. The amount of adaptation finance needed is about $360 billion annually, compared to about $18 billion that was available in 2019. ALSO READ: Rwanda Faces $7 Billion Funding Gap to Implement Climate Action Plan Rwanda has identified a $7.1 billion funding gap to meet its climate action targets under the Paris Agreement by 2030. The country plans to invest $11.04 billion to cut carbon emissions by 4.6 million tonnes and adapt to climate change effects. Adaptation projects require $5.4 billion by 2030, with 40% ($2.1 billion) to be sourced domestically and 60% ($3.3 billion) internationally. Agriculture sector priorities dominate adaptation costs, needing $3 billion, which accounts for 55% of total adaptation costs. What climate activists say Faustin Vuningoma, Coordinator of the Rwanda Climate Change and Development Network (RCCDN) which comprises of 73 organisations dealing with environment and climate change said that $772 million mobilised at COP28 for the ‘Loss and Damage Fund’ for climate vulnerable countries is a drop in the ocean saying; “This money is not even enough for Rwanda alone.” He said that adaptation finance should be prioritised both in Rwanda and other developing nations. “Rwanda and African countries have the smallest contribution to global warming yet they are most affected by climate change effects. Therefore, we need finance to adapt to these effects. COP29 was nicknamed Finance COP,’ he said. He said that while $100 billion annual climate finance pledged by developed countries has not yet been met, Africa seeks trillions of money as a new pledge from historical polluters. African Ministerial Conference on the Environment (AMCEN) which took place in Abidjan, Côte d’Ivoire, last week, declared that a New Collective Quantified Goal (NCQG) on climate finance should be adopted, “one that would require rich nations to mobilise a quantum of no less than $1.3 trillion per year for developing nations.” The ministers have reiterated that “climate finance should be given in form of grants and not loans which have worsened the debt situation among developing countries.” Mithika Mwenda, the Executive Director of Pan African Climate Justice Alliance, said Africa should have one voice to ensure climate justice for its people.
