Remarks by Minister Biruta at The Lab High Level Endorsement Meeting
Thank you Barbara and team for the invitation to join this year’s Endorsement Meeting. It’s always great to see the breadth and depth of new financial instruments, and this year was no exception.
We are pleased that an instrument from Rwanda was endorsed today. The Solar Securitization mechanism from BRD will address a key national priority: access to affordable clean energy.
It is one of a number of ‘Made in Rwanda’ climate instruments we are developing with local institutions and we are grateful to the Lab for supporting home grown initiatives in Africa.
One of the recurring topics this week has been the importance of bringing everyone on board - governments, civil society, young people and the private sector. With this in mind, I would like to encourage the Lab and its members to explore how we can better bring the private sector into the climate conversation by utilising blended finance.
Our Rwanda Green Fund has set the ambitious target of having private sector investments constitute 40% of its total commitments. This, however, has been a challenge because of the low levels of risk appetite and the high cost of borrowing.
To address this, the fund has set up a Private Sector Facility to support the business community through tailored financial instruments. We are now capitalising these facilities and look forward to working with The Lab and partners to ensure their success.
We are glad to see conversations around the establishment of an Africa Lab progress and hope that the experiences of both the Rwanda Green Fund and DBSA will provide a strong foundation for its success once it gets off the ground.
Finally, I would like to thank all Lab partners for their continued support of climate action, in Rwanda and around the world. We are pleased to be a member of the Lab and congratulate Barbara and the team on 10 years of CPI and 5 years of The Lab.
We look forward to working together over the next decade to realise the goals of the Paris Agreement.
Thank you for your kind attention.