Rwanda Green Fund marked its 10th anniversary, a remarkable milestone of transformative impact in Rwanda in a colouful event held On November 23, at the Kigali Conference and Exhibition Village.
Established in 2012, the Fund has played a pivotal role in advancing the country's climate action agenda and fostering a greener, more resilient future.
The fund has a mandate to invest in public and private projects with the potential to create transformational change, build an ecosystem to incubate, accelerate, and provide growth capital to high-impact green ventures, and play a catalytic role in attracting climate finance and green investment.
The fund's purpose is to unlock the power of green finance to achieve sustainable development. Its strategy is to provide unprecedented technical and financial support to the best public and private projects that align with Rwanda's commitment to a green economy.
The 10th-anniversary celebration brought together key stakeholders, government officials, partners, and environmental advocates to reflect on the achievements of the past decade and look ahead to an even brighter and greener future.
"As we celebrate a decade of impact, we recognize the role the Rwanda Green Fund has played in advancing our nation's ambitious environmental and climate action goals. We thank all the partners who have made the Fund's work possible. This milestone marks a new chapter in our journey, one where we continue to innovate and lead in the pursuit of a green, sustainable, and climate-resilient Rwanda," said Teddy Mugabo, Chief Executive Officer of the Rwanda Green Fund.
Over the past 10 years, the Rwanda Green Fund has proven to be a catalyst in mobilizing and managing funds dedicated to addressing climate change, promoting environmental conservation, and fostering strategic financial partnerships.
The fund has, so far, mobilized $274 million. The impact of the Fund's investments is seen across communities, ecosystems, and industries, contributing significantly to the nation's green growth goals.
The fund is expected to help Rwanda achieve an ambitious climate action plan to reduce greenhouse gas emissions by 38 percent by 2030 compared to business as usual. Achieving this will require an investment of approximately $11 billion, made up of $5.7 billion for mitigation and $5.3 billion for adaptation. It is expected that this funding will come from both domestic and external sources.
As part of the celebration, the Rwanda Green Fund also unveiled its new brand identity as well as its strategic roadmap for the next decade. This includes a new vision, mission, and core values that reflect the Fund's evolving role in shaping the future of climate finance in Rwanda.
Partners recognized
The celebration featured an exhibition of the fund's flagship projects and recognized partners who have supported the fund to fulfill its mission. The World Bank was recognized as an innovation partner.
Its efforts in advancing financial tools for Rwanda's private sector are groundbreaking, as over $5 million in support has fueled transformative strategies.
UNDP was recognized as the anchor partner for their unwavering support in institutionalizing the Fund and aligning with global climate goals.
KFW Development Bank was honored as a climate vanguard, given that their remarkable $100 million contribution and support for Rwanda's Green City initiative is a milestone in climate finance. GGGI was awarded as an architect partner considering that their strategic support in restructuring the fund and securing $32 million for the Gicumbi Project is commendable.
The fund proudly celebrated the Swedish International Development Cooperation Agency (SIDA) as its Inclusivity Champion, stating that their advocacy for gender mainstreaming and civil society support with over $5 million in funding is truly inspiring.
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UK Aid was honored as a Pioneer Partner. Their initial investment of £22.5 million laid the foundation of the Rwanda Green Fund. Minister of Environment, Jeanne D'arc Mujawamariya commended the fund's partners, donors, and founders for playing a role in the fund's success.
She said the Rwanda Green Fund is a unique homegrown solution - one born out of the need to finance the country's bold environmental targets and respond to growing threats faced by our environment.
"Establishing a dedicated financing vehicle to invest in transformative projects to protect our environment and respond to climate change was nothing short of inspired, and we owe a debt of gratitude to those whose wisdom and foresight led us to where we stand today. Over the past decade, the Rwanda Green Fund has indeed had a transformative impact on our country," she said.
