KIGALI, Rwanda, Nov. 07, 2022 (GLOBE NEWSWIRE) — From 6 – 18 November 2022, heads of states, high level government representatives and business leaders will gather at the 27th United Nations Climate Change Conference of the Parties (COP27), in Sharm El Sheikh, Egypt for the latest round of international climate talks.
During the conference, a high-profile event will be held to globally launch the Rwanda Sustainable Finance Roadmap which was launched in Rwanda at the end of October 2022. It will be an informative session that will introduce Rwanda’s vision of becoming a sustainable finance hub, through Kigali International Financial Centre (KIFC). The launch event is set to showcase the steps Rwanda is taking towards becoming a leader in green finance; and how this Roadmap will drive the implementation of new sustainable financial structures and instruments to support ESG models and drive sustainability across Rwanda. The event will take place on Wednesday 9 November 2022 at the Rwanda Pavillion.
The Roadmap was developed in partnership with the United Nations Development Programme (UNDP) that continues to play an important role in accelerating the Sustainable Agenda on the continent. KIFC is also a member of the international network of Financial Centres for Sustainability (FC4S), a flagship initiative of the UNDP which aims to accelerate the shift to sustainable finance and achieve the goals of the 2015 Paris climate accord. The network has a collective of 39 international financial centres, representing 82% of the global equity market.
Nick Barigye, CEO of Rwanda Finance Limited, the investment promotion agency that is leading the development and promotion of KIFC, said:
“Sustainable finance is one of our key priorities and Kigali International Financial Centre (KIFC) is taking important steps to steer Rwanda towards becoming a leader in sustainable finance. The Roadmap shows the full range of financial instruments that we are implementing with a target to accelerate the mobilisation of local, regional, and international capital towards green and sustainable projects. It also provides a pathway towards transitioning our local financial sector to ESG best practices.”
Rwanda understands the importance of climate finance and recognises the role that the financial sector needs to play in driving the country’s sustainable growth through capital mobilisation and allocation of economic resources, as well as by recognising and managing risks related to climate change.
COP27 presents a great opportunity for Rwanda to promote global collaboration to address climate change issues and to advance the country’s vision to become a carbon-neutral and climate resilient economy by 2050.
COP27 is also an important opportunity for Africa and African financial centres. The continent produces just 4% of global greenhouse gas emissions however has experienced some of the worst consequences due to increasingly extreme weather conditions. This year’s negotiations need to reach concrete decisions that yield tangible results and advance the implementation of the National Determined Contributions (NDCs), including adaptation and mitigation efforts and delivery of finance to enhance implementation.
About Kigali International Financial Centre (KIFC)
Kigali International Financial Centre is a financial centre facilitating international investment and cross-border transactions in Africa. KIFC positions Rwanda as a preferred financial jurisdiction for investments into Africa and by providing an attractive destination for investors with a legal and regulatory framework fully compliant with international best practices.
About Rwanda Finance Limited (RFL)
Rwanda Finance Limited is the agency leading the development and promotion of Rwanda as a preferred destination for international investment and cross-border transactions in Africa. RFL works closely with key stakeholders to develop and support the Kigali International Financial Centre through investment promotion, policy advocacy and sector upskilling.
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