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Global climate fund to boost Rwanda green economy

Xinhua, July 11, 2015 Adjust font size:

Rwanda is optimistic to reach its goals in terms of achieving green economy after being accredited by the Global green climate fund (GCF).

The accreditation by the international green fund will enable the small central African nation to access project-based climate finance from the world's largest climate change adaptation and resilience fund.

GCF is a fund established to redistribute money from the developed to the developing world, in order to assist the developing countries in adaptation and mitigation practices to counter climate change.

Initially Rwanda was advocating for green economy without any aid from the global green climate institution.

The country's ministry of natural resources is among 20 institutions accredited by the Green Climate Fund worldwide on Thursday, and is the only non-financial government institution to receive accreditation status.

Speaking to reporters on Friday, Dr Vincent Biruta, Rwanda's minister of natural resources, said that the accreditation is a milestone in Rwanda's efforts to become a green and climate resilient nation.

"We are honoured to have been recognised and be part of the countries that will benefit from the fund. This will help us to achieve our goal of being a green nation," he noted.

The fund aims 'to make a significant and ambitious contribution to the global efforts towards attaining the goals set by the international community to combat climate change.

"The accreditation will further enable Rwanda to address current and future climate change impacts and accelerate sustainable national development."

The country was recognised as the first non-financial government institution to be accredited by the GCF at its tenth board meeting, which took place in South Korea this week.

The implementation of financial resources will be managed by Rwanda's Fund for the Environment and Climate Change (FONERWA), according to the ministry of natural resources.

The green fund has mobilised 10.2 billion U.S. dollars that can be accessed by accredited entities to implement development and climate project that realise transformative and sustainable national development.

Since Rwanda has been accredited, the country is in position to submit projects to the fund worth an average of 50 million U.S. dollars to advance a green economy.

The GCF is based in South Korea. It is governed by a Board of 24 members and initially supported by an Interim Secretariat.

In April this year, Rwanda was ranked among top 20 world greenest places for 2015, according to World Travel Guide, an international travel guide for adventurous travellers.

A research, conducted by Rwanda Environment Management Authority in 2011 showed that the country faces a problem of air pollution caused by vehicular emissions resulting from poor maintenance and use of second hand vehicles.

The post-genocide country in 2008 passed a law that banned the importation and use of polythene bags, while possession or smuggling them into the country attracted heavy penalties. Endi