President Paul Kagame has called on developed countries to reduce their emissions and also increase investments in Africa to build sustainable green power. He made the remarks on November 8, while addressing the 27th UN climate conference (COP27) taking place in Egypt. Kagame said the point in prioritizing renewable energy is not to generate carbon credits, so that others can continue using coal, even as Africa is discouraged from exploiting its fossil fuel resources. Carbon credits are derived from a market scheme where an entity that reduces emissions extensively beyond the required levels sells them to those unable to meet their reduction requirements. “The most valuable contribution that developed countries can make is to reduce their emissions faster while investing with Africa to build sustainable green power.” The Head of State noted that despite growing evidence that the damage of global warming will soon become irreversible, there seems to be little sense of urgency. “Questioning whether Africa is ready to make use of climate finance should not be used as an excuse to justify inaction. We have seen the effects of this thinking during the pandemic. Vulnerable nations cannot rely on external financing alone. We need public-private partnerships,” he added. Rwanda continues to manifest its commitments to addressing climate issues by availing different funds to support green projects and attract the private sector in the agenda. These include the recently launched Ireme Invest, a new green investment facility, with over $100 million from domestic and international partners. It is expected to spur the country’s ability to meet the growing opportunities for climate finance in the private sector. “Rwanda remains committed to inclusive and transparent negotiations for a green and climate-resilient future,” said Kagame. Despite the government’s efforts, Kagame says it is imperative to have the private sector fully on board in forming partnerships that encompass effective responses to climate emergencies. Cop27 brings together world leaders, government representatives, experts, representatives of the private sector and civil society, academics, opinion shapers, and policymakers to discuss pressing matters on climate change and effective responses. At Rwanda's pavilion at the conference, the country is showcasing its green investment opportunities, and bilateral meetings and partner visits are taking place to, among other things, accelerate the mobilization of capital for sustainable projects.
