Rwanda to benefit from £100 million climate finance
Thursday, November 04, 2021
Environment minister Jeanne du2019Arc Mujawamariya (right) speaks on a panel at a sideline event of the ongoing 26th UN climate conference in Glasgow, Scotland. / Photo: Courtesy

Rwanda is among five pioneer countries that have been selected to trial and find new ways for vulnerable countries to easily access climate finance.

The country was chosen due to its strong track record of effectively utilising climate finance and its bold vision to reduce greenhouse gas emissions by 38 per cent by 2030, and become a climate resilient and stop carbon emissions by 2050.

The announcement was made at the COP26 UN Climate Change Summit in Glasgow, Scotland.

The taskforce is co-chaired by the United Kingdom and Fiji.

The United Kingdom has committed £100 million to the newly established taskforce, which will provide capital grants to climate vulnerable countries to support delivery of national climate plans.

The task to streamline access to climate finance in developing countries is based on the fact that while the amount of available climate finance is increasing, current mechanisms for accessing climate finance are often slow, complex and uncertain presenting significant barriers to access and constraints on delivery.

Insufficient coherence in donors’ offers also leaves developing countries unable to access or utilise the support they need on climate action and sustainable development.

Under the taskforce, the five countries Bangladesh, Fiji, Jamaica, Uganda, and Rwanda will trial a new approach in cooperation with providers of climate finance.

These initial, country- and demand-led trials will see Rwanda and finance providers test, model and champion new methods for accessing climate finance.

"A new approach is needed to ensure the most vulnerable countries can take rapid action against climate threats. The taskforce will build upon the feedback of developing countries and of institutions involved in project financing to reach a more sustainable and effective state of investment in climate action,” reads the statement.

The Minister of Environment, Dr Jeanne d’Arc Mujawamariya said that Rwanda is pleased to be part of the Taskforce on Access to Climate Finance.

"We look forward to seeing the transformative changes in climate finance that are needed to secure the future of our planet.

Rwanda has a clear plan of action for responding and adapting to climate change, and we have the necessary frameworks to attract both public and private green investment. We look forward to working with the taskforce to fast-track these efforts and achieve our ambitious targets,” said.

She said the need for climate finance in nations like Rwanda, which are highly vulnerable to the adverse effects of climate change is urgent.

 Rwanda’s participation in the task force continues the strong partnership between the United Kingdom and Rwanda on climate issues, including the establishment of the Rwanda Green Fund for which the UK provided seed capital.

Rwanda is among the many voices calling for increased access to investment funds for climate action plans.

The country was a part of the steering committee of the COP26 Presidency’s Ministerial Meetings on this issue.

The British High Commissioner to Rwanda, Omar Daair, noted that Rwanda has long been a leader in mobilising climate finance through its award-winning Green Fund, FONERWA, which the UK helped establish.

However, he said: "we recognise that accessing climate finance can often be slow, complex or not well coordinated, and so I’m really excited that Rwanda will now be a pioneer of the new approach launched through this Taskforce. This will help channel investments more effectively into Rwanda’s ambitious green priorities, and will be an important part of the work Rwanda and the UK take forward together to deliver on the promises of COP26.”

Rwanda needs over $11 billion to implement the measures between 2021 and 2030 to mitigate and adapt to climate change.

It is expected that $4.155 billion will be sourced from domestic financing, while $6.885 billion will be sourced from external financing.