Rwanda’s climate resilience investments have avoided 126,000 tonnes of carbon emissions since 2013. The milestone was showcased during finance day, on November 9, organized at the 27th UN climate change conference taking place in Egypt. The finance day called for progress on the crucial issue of climate finance. Rwanda Green Fund (FONERWA), which started operations in 2013, told the participants that the fund has so far mobilized $247 million and supported 46 investments that helped to avoid carbon emissions. At least 176,000 green jobs have been created so far while 120,000 people were supported to cope with the effects of climate change according to the report. Over 88,000 households were provided with access to off-grid clean energy as 47,000 hectares of forests and agro-forestry were planted. So far 31,000 hectares of watershed and water bodies have been protected as 24,000 hectares of land were secured against erosion. To mark Finance Day at COP27, the Minister of State in Charge of Economic Planning, Claudine Uwera shared how the UN Climate Conference offers an opportunity for green financing to drive climate action. She said that Rwanda needs an estimated $11 billion to mitigate and adapt to climate change effects up to 2030. “COP27 is an opportunity to engage development partners to meet the remaining financing of $6.5 billion to maintain and accelerate momentum to deliver on Rwanda’s climate agenda,” she said. Jeanne D’arc Mujawamariya, the Minister for Environment encouraged wealthy nations to deliver on the $100 billion per annum pledge, double adaptation funding and recapitalise the Green Climate Fund (GCF)- the world's largest climate fund dedicated to helping developing countries. Since 2009, the pledge of $100 billion, by developed countries, every year by 2020 to support developing countries cope with climate change has never been met until today. At the Rwanda pavilion, the Kigali International Financial Centre (KIFC) showcased its recently launched sustainable finance roadmap - a move intended to elevate Rwanda’s sustainable green investments. The roadmap was developed following a partnership with the United Nations Development Programme (UNDP) and the government. According to KIFC, the (2022-2029) roadmap aims at unlocking green finance and promoting Rwanda as a financial center, particularly in two key facets, of ‘scaling sustainable finance’ and ‘making finance sustainable.
