Two major investment programmes in need of investments of more than $600 million will be presented to the Climate Investment Funds (CIF) at their board meeting in Washington DC next week.
Hubert Ruzibiza, the Chief Executive officer of Green Fund (FONERWA) said climate resilience and forest investment programmes were identified during the Green Growth Week that concluded on Friday with a Green Walk through the city of Kigali.
CIF which has an investment of $8.3 billion is targeting to attract an additional $58 billion which will support 72 developing and middle income countries with urgently needed resources to manage the challenges of climate change and reduce their greenhouse gas emissions.
CIF has four programmes which include: $5.6 billion clean technology program for transfer of low carbon technologies in renewable energy and sustainable transport, $1.2 billion pilot program for climate resilience, $780 million program to scale up renewable energy in low income countries and $775 million to reduce deforestation and promote sustainable forest management.
The two major projects that Rwanda will submit for funding are coordinated by FONERWA.
The programmes aim to facilitate Rwanda to mobilize the resources necessary to implement the country’s Green Growth and Climate Resilience Strategy as well as the National Strategy for Transformation with the ultimate goal to support Rwanda’s vision of becoming a developed, low carbon nation by 2050 according to officials.
“In 2015, the International Green Climate Fund accredited our Ministry of Environment, and we are working tirelessly to develop proposals to attract funding,” he said.
He said the climate resilience programme includes four investment areas such as agriculture driven prosperity, water security for all, resilient human settlements and stable and sustainable landscapes.
Meanwhile the forest investment programme include investment areas of agroforestry and sustainable agriculture, sustainable forest and landscape management, improved efficiency and added-value in wood supply chain which aims to not only build climate resilience and boost incomes but also reduce Rwanda’s greenhouse gas emissions.
“This exercise of green growth week is just one example of the need to scale up investments in climate resilience by finding innovative ways to access public finance and attract private capital. Training such as green growth week is thus timely as it will raise awareness on the international climate finance landscape and strengthen our expertise in accessing global climate funds,” he said.
According to a 2009 study called ‘Economics of Climate Change’, the economic cost of climate change is estimated to be $300 million per year to effectively address climate change impacts in Rwanda.
It shows that Rwanda could lose over 1% of its GDP each year due to climate change related losses by 2030
“We work hard to be equipped to unlock the much needed capital for mitigation and adaptation investments, and that we will be in a good position to draw up a climate finance capacity development roadmap”, he added.
Speaking during the closure of the Green Growth Week, the Minister of Environment, Vincent Biruta, said that a team from the ministry was going to come up with plan of organising the Green Growth Week every year.
“During the week, we launched various activities such as the e-Waste recycling plant, waste water treatment projects, green building activities, clean industries initiatives and other activities for adaptation and mitigation to climate change. Such activities should not concern only the ministry of environment but it is for everyone to think responsible and work for the socio-economic and health benefits that are for short and long-term periods,” he said.
He added that the next green growth week could have some awards for the best practices in protecting the environment among many categories in the sector.