Remarks by Rwanda Green Fund CFO at Coolease Scheme Launch
Tue, 06/18/2019 - 17:54
Good morning to you all.
I’m very pleased to be here for the launch of Coolease representing the Rwanda Green Fund (FONERWA). I would first like to pass on the regards of the CEO of the Fund, Mr Hubert Ruzibiza, who travelled for the Sustainable Energy for All charrettes in Amsterdam, where he has already received a lot of interest in the Coolease scheme.
The Rwanda Green Fund’s objective is to catalyse investment in green growth - from energy generation and ecosystem restoration to research and development and climate friendly technologies. Catalysing these investments requires a strong institutional framework, the right policies and strategies and the financial tools and mechanisms to make them a reality.
For many green initiatives, the return on investment can take longer than usual or not be a monetary return at all. That’s why it’s important for institutions like the Rwanda Green Fund and BDF to work with partners around the world to develop innovative financial instruments, mechanisms and schemes that allow us to move beyond business as usual and instead promote activities that improve quality of life and the health of our natural systems.
The Rwanda Green Fund is glad to be part of developing the Coolease scheme alongside BDF and BASE. By making it easier for consumers and suppliers to adopt clean cooling technologies, we can promote environmentally friendly appliances and improve energy efficiency.
When businesses use less electricity, they save money and become more competitive on the global market. With these savings, they can reinvest in their own operations, expand their production or the services they provide and create new jobs. This positive cycle is what we need to put in motion to foster Rwanda’s green growth led socio-economic transformation.
In partnership with BDF and BASE, the Fund is committed to supporting the R-COOL initiative to ensure the success of the Coolease scheme. We will continue to be part of establishing the leasing arrangements, sourcing and evaluating providers and developing agreements on the performance and cost-benefit analysis of different technologies.
The Fund will also support in building a pipeline of projects that can utilise Coolease and promote energy efficiency while also raising awareness about the facility to consumers and suppliers.
An important part of the Coolease scheme is the Green Growth Guarantee Fund. Set up by BDF and FONERWA, the guarantee fund will make it possible for companies or individuals utilising Coolease. This gives the certainty and security investors need, and we are happy to play a role in this.
To ensure the success of Coolease, together with BDF, FONERWA will monitor and evaluate results related to investment size, status, energy savings and environmental benefits.
While we are celebrating the launch of the Coolease scheme today, it’s important to remember that the leasing facility as a financial mechanism can be useful for a range of sectors - such as clean cooking,climate smart irrigation among others. Coolease can go beyond cooling and be useful for all kinds of energy efficient equipment. For this to happen, we first need to make it a success for refrigeration and air conditioning technology.
To conclude, I would like to thank the UN Environment’s United for Efficiency initiative, BDF and BASE for leading the development of the Coolease scheme. This is the first climate finance tool of its kind launched in Africa, and we should be proud of what has been accomplished.
Our task now is to ensure Coolease can play its rightful role in greening the cooling sector and other priorities areas. The Rwanda Green Fund stands ready to support these efforts.