Prime Minister Edouard Ngirente has reminded Commonwealth governments and business leaders, gathered at the CHOGM high-level side event on climate change, of the need for innovative ways to access climate financing and carbon market 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, particularly 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 said 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 to do more, Ngirente made the case.
He 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 quickly. This is why Rwanda has put the environment and climate change at the heart of our Vision 2050. We are working to be 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
He disclosed that there will be a discussion on how vulnerable Commonwealth nations can benefit from mechanisms like the carbon market.
Carbon credit on carbon market is a permit which allows a country or organization to produce a certain amount of carbon emissions and which can be traded,
The carbon market would allow nations to finance carbon-cutting projects in other countries and count the avoided emissions towards 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 Environment 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 businesses which pollute the atmosphere but they can fund projects in Rwanda, for instance, that plant forests which reduce carbon emissions. Rwanda is seeking such funds through the carbon market.," she said.
She noted that a price per tonne of carbon emissions will soon be set up adding Rwanda will have set up a platform for selling carbon emissions ahead of COP27 to be held in Egypt.
"We will set our own carbon price because we need funds for reforestation, we need funds to reduce carbon emissions from transport among others. We need to set up a carbon 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 was announced, during CHOGM, that the UK has doubled its funding to £10m for NDC Partnership's new Partnership Action Fund (PAF) , which will support developing countries implement and enhance their climate commitments outlined in their Nationally Determined Contributions (NDCs).
According to Rwanda's Minister in Charge of environment, Rwanda seeks $11 billion to implement NDCs.
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She 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 said that the Commonwealth has an important role to play in delivering the Glasgow Climate Pact, and keeping global warming to 1.5 degrees alive.
"It comprises both major emitters and some of the most climate vulnerable countries in the world. So, it is clearly in our collective interest to work together to take action and tackle the challenges we face.
We should also recognise the economic growth opportunities the green transition has for job creation and sustainable development. Our collective voice can be a powerful force and it is time to honour the promises that we made in Glasgow, and turn commitments into action," he said.
