FONERWA at the forefront of the green investment in Rwanda: A look at key Achievements
The Government of Rwanda has shown strong efforts in protecting the environment, mitigating climate change and adapting to its effects, and tremendous achievements have been recorded in this regard in the last 26 years.
The establishment of the Rwanda Green Fund-FONERWA in 2012 with a mandate to mobilize financial resources to invest in green projects has been a great milestone to ensure the country builds a strong climate resilient and green economy.
In the past eight years since its initiation, the Rwanda Green Fund has significantly been contributing to the national resource mobilization efforts as per the national climate ambitions (NDCs).
In 2018, the Fund received an award from the United Nations for its outstanding achievements in supporting projects to mitigate climate change. This thus supports Rwanda’s efforts in the international scene towards the global green growth.
For instance, the Fund has currently raised $188 million from different sources including domestic and foreign (bilateral and multilateral). This money has been very instrumental in supporting more than 40 different projects that were implemented by public and private institutions as well as non-governmental organizations.
“There is a significant contribution by FONERWA to support the national efforts towards environment protection and climate change mitigation and adaptation through different financed projects across the country. Today, we count 44 green projects ranging from different sectors supported by the Fund,’’ says the CEO Teddy Mugabo Mpinganzima.
‘‘Currently, their impact is not only tangible to the country, but also to the people’s livelihoods,’’ adds the CEO.
Created green jobs
Different green projects supported by the Fund have created more than 144,000 green jobs with thousands of other green jobs created by other green investments over the past eight years.
Click on the link http://www.fonerwa.org/funded-projects to read more on the green projects which were supported by FONERWA.
Additionally, the Fund is also implementing a six-year climate resilient project in the Northern part of Rwanda that will see local residents build their resilient the effects of the climate change. Click on the link: http://fonerwa.org/greengicumbi/content/take-look-green-gicumbi-project-after-1-year-implementation-snapshot-project-key.
Other recorded Returns on Investment
Different investments made by the Fund across the county have also resulted into the following achievements:
- 21,964 hectares of land against soil erosion
- 112,295 people supported to cope with the effects of climate change
- 73,651 households with improved access to off-grid clean energy
- 42,838 hectares of forests and agro-forest coverage
- 93,604 tons of carbon dioxide equivalent to emissions avoided
- 27,889 hectares of watershed and water bodies protected
$11bn for climate ambitions
Though Rwanda has made tremendous achievements in mitigating climate change, its effects is costing the country a lot.
Being a Party to the United Nations Framework Convention on Climate Change the country seeks to contribute to the ambitious goal of limiting temperature rise to 2oC with efforts to reach 1.5oC agreed under the Paris Agreement.
The Nationally Determined Contributions (NDCs) aim at reducing 38% of greenhouse gas emissions compared to business as usual in Rwanda by 2030. In order to achieve these targets over the next 10 years, the combined funding requirement is estimated at USD11Billion, including $5.7 to be spent on climate mitigation measures while over $5.3 billion will be invested in climate adaptation priorities.
Being the national Fund that ensures Rwanda stands strong on these climate ambitions, the Rwanda Green Fund will continue to play a vital role in the country’s resource mobilization efforts. To ensure this is achieved, a resource mobilization strategy was developed and it focuses on areas that have potential to attract domestic and foreign investments.
In its efforts towards the environment and climate financing, the Rwanda Green Fund-FONERWA focuses on the four main investments priorities namely:
- Conservation and Sustainable Management of Natural Resources
- Research & Development and Technology Transfer and Implementation
- Environment and Climate Change Mainstreaming
- Environmental Impact Assessment Monitoring & Enforcement