November 4, 2024

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Fueling the Future: Rwanda’s Commitment to Climate Finance and Resilience

The Ministry of Environment of Rwanda and the Embassy of the Federal Republic of Germany in Kigali, on Friday, October 04, 2024, organized the second edition of the Kigali Climate Talks themed “Climate Finance – Powering Adaptation and Resilience.”

The second edition of the Kigali Climate Talks brought together representatives from government, non-governmental organizations, academia, the private sector, civil society, and international partners, focusing on the role of climate finance in enabling Rwanda to advance climate action and achieve its development goals.

The discussions delved into integrating climate finance into Rwanda’s national development planning, utilizing global climate frameworks like the UNFCCC process and the Paris Agreement.

READ ALSO: Rwanda-calls-for-action-on-climate-change-vulnerability/

Rwanda is pursuing sustainable development goals per the Paris Agreement, aiming to become a carbon-neutral, climate-resilient economy by 2050. As a party to the United Nations Framework Convention on Climate Change (UNFCCC), the country seeks to contribute to the ambitious goal of limiting temperature rise to 2°C with efforts to reach 1.5°C.

Rwanda’s Minister of Environment, Dr. Valentine UWAMARIYA, emphasized the importance of this event in facilitating reflection on global climate negotiations and their implications for Rwanda, offering a unique opportunity to contextualize these discussions within Rwanda’s national framework.

She said, “With the historic COP28 behind us and COP29 just around the corner, we must act decisively and thoughtfully. The Kigali Climate Talks provide us with that opportunity and I would like to thank the German Embassy in Rwanda for making today possible.”

She added, “For any climate action to be effective, we must ensure inclusivity. We must bring together all stakeholders and give a voice to all because everyone can be a climate action champion.”

READ ALSO: Rwandas-ministry-of-finance-takes-action-on-climate-finance/

She insisted on the shift from dialogue to sustainable implementation through a collective approach that transforms discussions into tangible actions for national climate goals.

She emphasized the importance of COP’s decisions, particularly regarding ambitious reduction targets under the Paris Agreement, aligning with our priorities and effective climate action implementation.

Minister Uwamariya highlighted the need for international finance and investment to reduce emissions and adapt to climate change, despite the achievements of the Rwanda Green Fund.

“At the upcoming COP29, we have another historic opportunity to set a climate finance target that meets the moment—one that responds to the acute needs of vulnerable nations, sends a strong signal to the global financial sector, and shifts investment decisions in boardrooms and stock exchanges around the world,” she said.

She added, “Nations are also in the process of revising our climate action plans, also known as nationally determined contributions (NDCs). In Rwanda’s NDC 3.0, we will raise our ambitions beyond the commitments we set in 2020.”

She concluded by emphasizing the importance of bold climate action through domestic and international partnerships to achieve carbon neutrality by 2050, with high hopes for major emitters to do the same in their NDCs 3.0.

Germany’s Ambassador to Rwanda, Heike Uta Dettmann, praised the Kigali Climate Talks for their structured format, promoting in-country dialogue and action on international climate discussions, agreements, and obligations, and expressing gratitude to all involved. “These discussions are crucial as we address the pressing climate challenges we face.”

She emphasized the importance of climate finance in today’s session, particularly for Rwanda, as it powers climate action and is crucial for international efforts.

She said, “Last week at the Summit for the Future recommitted to the Paris Agreement on the reaching agreement on the new corrective certified goal at COP29. The global goal on the adaptation carbon market as well as the loss and damage fund are also high on the agenda, and I remember last year’s loss and damage fund, was always high on the agenda, so we have to speed up all topics relating to climate finance.”

READ ALSO: Eu-delegation-to-Rwanda-sets-ambitious-climate-targets/

She reported Rwanda’s MINECOFIN leadership is implementing a comprehensive climate and nature finance strategy, which was approved by the cabinet in August. “The strategy seeks to capitalize on Rwanda’s success in accessing climate finance and considers how the country can evolve its approach to climate and natural resource mobilization in its changing internal and external conditions.”

She noted that Germany collaborates with Rwanda’s Government and the World Bank on this strategy, including a programmatic approach and carbon market framework.

Dettmann highlighted the recent establishment of the climate finance department in the Ministry of Finance, highlighting its significant role in implementing its climate targets and National Development Goals.

Belén Calvo Uyarra, European Union Ambassador to Rwanda, expressed their unwavering commitment to promoting climate action with great ambition both within the European Union and internationally.

She said, “We remain highly committed to continuing pushing for climate action with a great level of ambition in the European Union and abroad. Team Europe is working alongside Rwanda to advance climate resilience.”

She emphasized the significance of this event in fostering collective reflection on Rwanda’s challenges, preparing for joint positions, and continuing global agenda collaboration. She highlighted significant progress in setting climate ambitions and demonstrating the ability to reduce emissions while growing the economy.

She said, “Our focus is to continue working with companies to scale up and prioritize investment kin, energy, infrastructure, and technology, but also to prepare the ways to reach the 90% emission reduction target for 2040, which will be in line with our European climate law.”

Rwanda’s NDC aims for a 38% reduction in greenhouse gas emissions by 2030, resulting in an estimated 4.6 million metric tons of CO2e mitigation.

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