Prime Minister Edouard Ngirente has recalled the Commonwealth and business leaders, meeting the need for innovative ways to access climate financing and carbon markets to achieve our goals.
“There is a lot Commonwealth Member States can do together to achieve the goals of the Paris Agreement. Many Commonwealth members, especially developing states, are especially vulnerable to a warming world. The larger economies are major emitters, and have much work ahead to reduce emissions, ”he said.
He says that this puts the Commonwealth in a unique position to work together and deliver a common future that is clean, green and climate resilient.
Last year, the world delivered the Glasgow Climate Pact, and numerous multilateral agreements on forests and financing.
But, with emissions continuing to rise, it is clear that we have done more, Ngirente made the case.
It is noted that in Rwanda, the average temperature has already increased by almost 1.5 degrees Celsius – the upper limit scientists keep reminding us of.
“The resulting extreme weather events including floods and landslides, are taking hundreds of lives every year. The economic costs are rising rapidly. This is why Rwanda has put the environment and climate change at the heart of our Vision 2050. We are working to become carbon-neutral, by the middle of the century, ”he said.
According to the Prime Minister, achieving these goals requires significant investment.
“Bilateral and traditional climate finance, and technology sharing, will continue to play an important role in this process. However, it is clearly not enough. This is why today’s focus on innovative climate finance is so pertinent., ”He said.
Rwanda on carbon market
It is disclosed that there will be benefits from mechanisms such as the carbon market.
Carbon credit on carbon market
The carbon market would allow nations to finance carbon-cutting projects in other countries and count their emissions to their own climate targets.
“The Kigali Principles on Carbon Finance can support this effort, and we are keen to advance this agreement with member states. We look forward to a strong call for climate action, in the final Communiqué of the Commonwealth Heads of Government Meeting, ”he added.
Juliet Kabera, the Director General of Rwanda’s Environmental Management Authority (REMA) told The New Times that Rwanda is setting up a taskforce to work on Rwanda’s carbon market.
“There are corporations that have pollute the atmosphere but they can fund projects in Rwanda, for instance, that plant forests that reduce carbon emissions. Rwanda is seeking such funds through the carbon market., ”They said.
It is noted that Rwanda will have a platform for selling carbon emissions ahead of COP27 to be held in Egypt.
“We will need our own funds for reforestation, we need funds to reduce carbon emissions from others. We need to set up a green price in commonwealth countries, ”she said adding the initiative will create green jobs.
The move could help Rwanda implement projects that are in line with Rwanda’s 10-year climate pledges known as “NDCs”.
It has been announced, during CHOGM, that the UK has doubled its funding to £ 10m for the NDC Partnership’s new Partnership Action Fund (PAF), which will support developing countries implementing and enhancing their climate commitments in their Nationally Determined Contributions (NDCs).
According to Rwanda’s Minister in Charge of environment, Rwanda seeks $ 11 billion to implement NDCs.
Said that Rwanda Climate Fund (FONERWA) has so far mobilized over $ 250 million saying the climate finance is still limited.
Rwanda seeks to reduce carbon emissions by 38 percent in 2030.
Keeping 1.5 degrees alive
Alok Sharma was the President for COP26, the 26th United Nations Climate Change Conference that took place in the UK last year in November alive.
“It covers both major emitters and some of the most vulnerable climate countries in the world. So, it’s clearly in our collective interest to work together and take the challenges we face.
We should also recognize the economic growth opportunities the green transition has for job creation and sustainable development. Our collective voice can be powerful and it is time to honor the promises that we have made in Glasgow, and turn commitments into action, ”he said.