In a major environmental commitment, the world’s largest global climate fund has pledged $39.1 million to support Rwanda in its fight against climate change by revitalizing the country’s last remaining montane forests.
The $12.8 billion Green Climate Fund, headquartered in South Korea, has initiated this substantial investment with the aim of enhancing the climate resilience of vulnerable communities situated in Rwanda’s Congo Nile Divide. The project’s focal points encompass comprehensive forest and landscape restoration, alongside the promotion of private sector green growth via the Ireme Invest, a green investment facility. The Rwandan Finance Ministry made this announcement in a statement released on Wednesday.
This extensive endeavor is set to establish more sustainable management practices across an expansive 278,000 hectares (687,000 acres) and champion sustainable agroforestry techniques within 2,000 hectares of plantations. Such efforts are expected to reduce the demand for fuelwood and ease the pressure on deforestation in the region, marking a significant stride in environmental conservation.
The significance of preserving Africa’s forests has grown exponentially in the fight against climate change. Trees, as vital carbon sinks, absorb and store carbon dioxide, thereby mitigating the adverse impacts of greenhouse gas emissions. In the case of the Congo Nile Divide forests, these wooded havens serve as the habitat for endangered chimpanzees and play a crucial role in stabilizing the local climate. This climatic moderation is essential for the successful cultivation of agricultural crops such as tea, which stands as one of Rwanda’s primary exports.
The agreement between the Green Climate Fund and Rwanda underscores the international community’s commitment to addressing climate change by supporting environmentally significant initiatives that contribute to the global fight against environmental degradation and its far-reaching consequences.
Photo (MINECOFIN)
26th October, 2023
Delino Gayweh
Serrari Financial Analyst
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