The Rwandan government on Monday welcomed the outcomes of the 27th United Nations Climate Change Conference, known as COP27.
At the global climate summit which took place in Sharm El Sheikh, parties have agreed on the Implementation Plan which establishes a dedicated fund to provide financial support to the countries most vulnerable to climate change and reaffirmed the shared commitment to limiting warming to 1.5 degrees Celsius.
The decision was reached in the early hours of Sunday morning after weeks of difficult negotiations between all nations of the world.
The Minister of Environment, Dr Jeanne d’Arc Mujawamariya said: "The world has agreed to create a fund to support countries like Rwanda when we face losses and damage from extreme weather disasters due to climate change"."
"Rwanda welcomes this important outcome, and we look forward to seeing developed nations quickly reduce their emissions to limit warming to 1.5 degrees Celsius. At COP27, we were also pleased to advance our partnerships, launch a number of strategic initiatives and position Rwanda as an ideal destination for green investment," said the senior government official
Among other important decisions taken at COP27 is adoption of a framework to track and achieve the goal of doubling funding for adaptation while parties designed a programme of work to speed-up emissions reductions this decade as part of mitigation efforts.
Regarding carbon Markets, nations adopted rules, modalities and procedures for a cooperative approach to carbon markets, including market and non-market mechanisms established under Article 6 of the Paris Agreement.
On the other hand, a work programme was developed to guide the transition to sustainable energy supplies and economies with the goal of ensuring low emission and climate resilient development as part of sustainable transition, it said.
At COP27, Rwanda called for more ambitious climate action and shared the country’s green investment opportunities. The delegation launched a number of initiatives that will shape the future of climate action and the sustainable finance ecosystem in Rwanda, as well as enable the private sector to play a greater role in climate action.