Rwanda’s Ministry of Finance Takes Action on Climate Finance

At the Kigali Climate Talks held on Friday, Stella Nteziryayo, the Chief Economist at Rwanda’s Ministry of Finance and Economic Planning, emphasized the importance of the Ministry of Finance’s role in climate finance.

Nteziryayo stated, “Rwanda is quite advanced in terms of taking action towards climate and nature. Climate is not just about discussions and being fancy, but it’s actually real, and it’s actually touching the lives of people.”

She highlighted the impact of climate change on Rwanda, including devastating floods and droughts that affect the population, particularly those dependent on agriculture.

Recognizing the urgent need for action, the Ministry of Finance collaborated with the German government through KfW and the World Bank to develop a new climate and nature finance strategy.

The strategy aims to mobilize domestic resources, explore innovative financing options, and ensure sustainable funding for climate projects.

She said that the strategy was recently approved by the cabinet and is set to be officially launched ahead of COP 29 to signal Rwanda’s readiness to investors.

Nteziryayo emphasized the importance of tracking the impact of climate finance on the economy, noting that failure to address climate issues could result in significant GDP losses. The new strategy provides a framework for monitoring and evaluating climate projects to achieve tangible results.