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(Ecofin Agency) – As 2030 -the first milestone for most national climate commitments- approaches, countries are multiplying efforts to deliver on their promises.
Rwanda announced it will benefit from €56 million ($62 million) in funding from Germany to finance climate initiatives. According to initial reports, the KfW Development Bank will provide €30 million to the urban development project, Green City Kigali, and €26 million to the implementation of Rwanda’s Nationally Determined Contributions (NDCs).
“Rwanda is a driving force in international cooperation on climate action. Together, we want to move forward into a carbon-neutral and sustainable future,” said Svenja Schulze (pictured), German Minister for Economic Cooperation and Development.
As part of its NDC, Rwanda has committed to reducing its greenhouse gas emissions by 38% by 2030, subject to international support and funding to accompany efforts made with domestic resources. One of the main projects, the “Green City Kigali”, requires green urban infrastructure, recycling, and mitigation that involves high levels of financing. The country hopes to attract other investors, and find agreements on timeframes to prevent the repayment of these funds from creating suffocating debts.
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