The Green Climate Fund, a global fund set up to realise the goals of the Paris Agreement, has approved two major investments that will build the climate resilience of vulnerable communities in Rwanda’s Congo Nile Divide through forest and landscape restoration and spur private sector green growth through Ireme Invest – Rwanda’s green investment facility.
The decision to approve the two projects was taken at the most recent Green Climate Fund board meeting, which was held from 23-25 October 2023 in Tbilisi, Georgia.
The project to build the climate resilience of vulnerable communities in Rwanda’s Congo Nile Divide through forest and landscape restoration is worth USD 39.1 million or Frw 48.4 billion and will be implemented in Karongi, Musanze, Ngororero, Nyabihu, Nyamagabe, Nyamasheke, Nyaruguru, Rubavu, Rusizi, Rutsiro district. The project will develop more sustainable management of 278,000 hectares and promote sustainable agroforestry techniques in 2,000 hectares of plantations, reducing demand for fuelwood and alleviating deforestation pressures.
“Rwanda’s vulnerability to the impacts of climate change propels us with no multiple options other than working with the biggest climate fund (GCF) . I am pleased to note that Rwanda’s Project pipeline to GCF is currently the biggest among the National Direct Access Entities’ submitted projects. It is based on the financial needs of Nationally Determined Contributions which was costed USD 11 Billion by 2030,” said Dr. Uzziel Ndagijimana, Rwanda’s Minister of Finance and Economic Planning.
Rwanda has a strong partnership with the Green Climate Fund and was the first country to receive direct access accreditation through the Ministry of Environment. In 2019, the Government of Rwanda secured USD 32 million from the GCF to strengthen the resilience of rural communities in Gicumbi District in the Northern Province.
In 2021, Rwanda signed a funding agreement with GCF and IUCN to transform the Eastern Province through climate adaptation, with a GCF contribution of USD 33.7 million and an additional USD 15.8 million in co-financing from the Government of Rwanda and project partners.
The Green Climate Fund is the world’s largest climate fund, mandated to support developing countries to raise and realise their climate action plans towards low-emission, climate-resilient development. (End)