The Government of Rwanda has welcomed the outcomes of the 27th United Nations Climate Change Conference, known as COP27. At the meeting, nations agreed on the Sharm El-Sheikh Implementation Plan which establishes a dedicated fund to provide financial support to the countries most vulnerable to climate change, and reaffirmed the shared commitment to limiting warming to 1.5 degrees Celsius. The decision was reached in the early hours of Sunday morning after weeks of difficult negotiations between all nations of the world.
“The world has agreed to create a fund to support countries like Rwanda when we face losses and damage from extreme weather disasters due to climate change. Rwanda welcomes this important outcome, and we look forward to seeing developed nations quickly reduce their emissions to limit warming to 1.5 degrees Celsius. At COP27, we were also pleased to advance our partnerships, launch a number of strategic initiatives and position Rwanda as an ideal destination for green investment,” said Rwanda’s Minister of Environment, Dr Jeanne d’Arc Mujawamariya.
Other important decisions taken at COP27 include:
- Adaptation: Countries made progress on the Global Goal on Adaptation. They agreed to put in place a framework to track and achieve the goal of doubling funding for adaptation.
- Mitigation: Countries designed a programme of work to speed-up emissions reductions this decade.
- Carbon Markets: Nations adopted rules, modalities and procedures for a cooperative approach to carbon markets, including market and non-market mechanisms established under Article 6 of the Paris Agreement.
- Sustainable Transition: A work programme was developed to guide the transition to sustainable energy supplies and economies with the goal of ensuring low emission and climate resilient development.
At COP27, Rwanda called for more ambitious climate action and shared the country’s green investment opportunities. The delegation launched a number of initiatives that will shape the future of climate action and the sustainable finance ecosystem in Rwanda, as well as enable the private sector to play a greater role in climate action. These include:
- Ireme Invest: Rwanda’s green investment facility – a USD 104 million initiative for the private sector powered by the Rwanda Green Fund and the Development Bank of Rwanda. Learn more here.
- Rwanda Sustainable Finance Roadmap – a detailed plan to position Rwanda as a sustainable finance hub in Africa led by Rwanda Finance Limited. Learn more here.
- Rwanda NDC Facility – a EUR 46 million fund provided by the Government of Germany to support public sector climate investments that will be managed by the Rwanda Green Fund. Learn more here.
Rwanda also signed and agreed on a number of memorandums of understanding at COP27 including:
- Rwanda-Italy Partnership – Rwanda and Italy agreed on a new EUR 2 million MoU to fund two projects, which will be implemented by the Rwanda Environment Management Authority. The projects will promote sustainable afforestation, clean cooking and low carbon energy adoption as well as improve national wetland inventories to improve wetland restoration and protection.
- Clean Cooling – Rwanda, the UK Department for Environment, Food & Rural Affairs and the International Finance Corporation signed a MoU to collaborate on the African Centre of Excellence for Sustainable Cooling and Cold Chain.
- Green Climate Fund – Rwanda signed two agreements with the GCF related to the hosting of the 36th Board Meeting of the Green Climate Fund, which will take place in Kigali in July 2023.
- Rwandan-German Climate and Development Partnership – Rwanda and Germany signed a Joint Declaration of Intent on Climate Research and Science Cooperation. The declaration will facilitate scientific exchange between Rwanda and Germany, supporting scientific analyses of the impacts of climate change.
In addition, during the annual Members Forum of the NDC Partnership held on the sidelines of COP27, Rwanda became co-chair of the NDC Partnership alongside the United Kingdom – a role it will hold for the next two years. Learn more about the NDC Partnership here.