By 2030, Rwanda aims to achieve its nationally determined contributions (NDCs), which are estimated at $11 billion, according to the government.
Financial Agreement for Climate Policy
Rwanda and Italy have entered into a funding agreement worth 50 million euros ($54 million) to bolster Rwanda’s climate policy, as announced by the Rwandan Ministry of Finance on Monday, July 8, 2024. This funding is sourced from the Italian Climate Fund.
This agreement is part of Italy’s Mattei Plan and aligns with broader cooperation efforts involving international institutions such as the International Monetary Fund (IMF), the World Bank, and the European Union.
Climate Vulnerability and Action
Facing significant climate change impacts, Rwanda has made climate action a central element of its development agenda. At COP 27 in Egypt, in November 2022, President Kagame introduced the “Ireme Invest” initiative to promote private sector green investments.
In June 2023, Rwanda secured an additional 300 million euros from the IMF to enhance its resilience and attract private investments through public-private partnerships.
National Climate Goals
This Great Lakes region country is committed to reaching its nationally determined contributions (NDCs), valued at $11 billion by 2030, by continuing its climate change mitigation efforts and attracting international capital, emphasized Yusuf Murangwa (pictured), Rwandan Minister of Finance.
President Kagame’s launch of the “Ireme Invest” at COP 27 serves as a significant step to encourage private sector involvement in green investments, crucial for Rwanda’s climate strategy.
Public-Private Partnerships
The recent 300 million euros funding from the IMF highlights Rwanda’s focus on strengthening its climate resilience and the importance of public-private partnerships in this endeavor.
The cooperation with Italy and international institutions such as the IMF, World Bank, and European Union, demonstrates Rwanda’s strategic approach to meeting its climate goals and securing necessary funding.
Commitment to Sustainable Development
Rwanda’s integration of climate action into its development plans and its proactive approach to securing international funding reflects its commitment to sustainable development and environmental protection.
The combined efforts and funding from international partners aim to enhance Rwanda’s climate resilience, ensuring sustainable growth and development for the future.