Pushing for green investments: A closer look at FONERWA’s contribution at COP26
From 1 to 13 November, Rwanda joined the rest of the world at the 26th UN Climate Change Conference in Glasgow, Scotland. The Rwanda Delegation which included senior leaders from government institutions, the private sector and civil society called for ambitious action to address the climate crisis.
During the 2-week summit, the Rwanda Green Fund - FONERWA was at the forefront as Rwanda shared green investment opportunities and its bold vision to be climate resilient and carbon neutral by 2050.
The Fund was represented by CEO Teddy Mugabo, Bright Ntare (Head of Business Development), Nathalie Mutalikanwa (Climate Finance Specialist) and Sandrine Kamikazi, the Advisor to the CEO.
As we reflect on COP26, let’s take a closer look at the role of the Fund from Glasgow.
Active engagements during events
The Rwanda Green Fund team participated in several events at COP26. CEO Teddy Mugabo shared the work of the fund and the importance of climate finance in achieving Rwanda’s ambitious goals.
One of the key events the delegation organized took place at the NDC Pavilion where Rwanda, in partnership with the UNDP Rwanda and NDC Partnership showcased green investment opportunities in the country’s plans to address climate change.
During the event “Financing Rwanda’s Climate Action Plan”, CEO Teddy Mugabo pointed to the development of the Green Investment Facility as a key vehicle for Rwanda’s move towards a blended finance model which leverages the potential of private and public sector funding.
“Rwanda is ready for a significant increase in investment, and we are working with our partners to make it easier for the private sector to access climate finance” she said, highlighting the country’s strong track record of climate action.
Another key moment from Glasgow was the launch of the Energy Compact on Clean Cooking. Rwanda teamed up with Sustainable Energy for All (SEforALL) to launch the compact, making a critical step in advancing the transition towards a cleaner, greener, and more sustainable future.
Commenting on the initiative, CEO Teddy Mugabo also shared why Rwanda is a great destination for green investments and why Rwanda is confident that it can achieve its clean cooking goals.
She said, “At an economy wide level, Rwanda has put in place the right institutions, laws and policies to promote investment and has a strong track record of ensuring strong returns - for both people and planet.”
As Rwanda’s financing vehicle and catalyst for green investments, the fund believes in the power of partnerships to advance climate finance. COP26 was a great opportunity to forge new collaborations and strengthen existing ones.
From speaking at events to hosting bilateral meetings, the Rwanda Green Fund’s team made the most of available opportunities. The team shared success stories of Rwanda’s journey to address climate change and why effective international collaboration is key to tackling this global issue.
The following are meetings attended by the Fund’s delegation during this year’s UN Climate Change Summit:
- Meeting with Dr. Philipp Behrens, Head of Division International Climate Initiative, Federal Ministry for the Environment, Nature, BMU Germany
- Meeting between the Minister of Environment, Hon. Dr. Jeanne d’Arc Mujawamariya and the Israeli Minister of Environmental Protection, Hon. Tamar Zandberg
- Meeting with Julie Monaco, Managing Director; Global Head, Public Sector Coverage, Corporate and Investment Banking, Citi
- Bilateral Meeting with Baomiavotse Vahinala Raharinirina, Madagascar’s Minister of Environment and Sustainable Development
- Bilateral meeting with the Adaptation Fund
- Bilateral meeting with Sandra Lindstrom, Head International Climate Cooperation Unit, Swedish Energy Agency.
At COP26, the Delegation benefited from having the Rwanda Green Fund stand. The team welcomed delegates at the stand where they learnt about some of the Fund’s key investments, Rwanda’s natural beauty, and the dreams of young Rwandans for a carbon neutral and climate resilient nation.
Rwanda has positioned itself as a preferred destination for green investment and climate action, and there is an opportunity to build on this to attract greater investment in priority sectors through green bonds, grants, concessional finance and other instruments. As we look ahead, the Rwanda Green Fund will continue to play its critical part in the country’s resource mobilization initiatives.