Rwanda is seeking $12 billion in investment to cut greenhouse gas emissions by 53 per cent by 2035, Prime Minister Dr Justin Nsengiyumva announced on Thursday, November 12, at the COP31 climate summit in Antalya, Türkiye, speaking on behalf of President Paul Kagame.
The scale of the commitment is substantial. At $12 billion, the climate investment requirement represents approximately 65 per cent of Rwanda's projected 2026 gross domestic product of $18.4 billion and more than twice the country's entire 2026/27 national budget of 7.8 trillion Rwandan francs, equivalent to roughly $5.2 billion. However, the government emphasised this is a multi-year requirement rather than spending planned for a single financial year. The 53 per cent emissions reduction target forms part of Rwanda's third Nationally Determined Contribution, the country's climate action plan under the Paris Agreement, and compares projected emissions in 2035 to what would occur under a business-as-usual scenario.
A critical challenge is funding. The government said 80 per cent of the required $12 billion depends on international support, making access to climate finance essential to meeting the 2035 target. Nsengiyumva called for predictable, accessible and adequate financing for both climate adaptation and emissions reduction. He argued that developing countries needed better access to capital, noting that viable projects were often constrained by the perception that investments in the Global South carried greater risks. Quoting President Kagame's recent remarks at the Commonwealth Heads of Government Meeting, he stated that this perception was misplaced, saying investments should be judged on their merits rather than location. He urged governments and the private sector to collaborate in making projects investable, deepening markets and mobilising financing on affordable terms without increasing unsustainable debt.
Rwanda's climate strategy is anchored in Vision 2050 and the Green Growth and Climate Resilience Strategy, which establish a long-term pathway combining economic development with environmental protection. Nsengiyumva also highlighted the Kigali Amendment to the Montreal Protocol, which aims to phase down hydrofluorocarbons, powerful greenhouse gases used in refrigeration and air conditioning. Rwanda recently hosted the 38th Meeting of the Parties to the Montreal Protocol, marking a decade since the amendment's adoption. Of the protocol's 198 parties, 175 have ratified the amendment. If fully implemented, it could prevent up to 0.5 degrees Celsius of global warming by 2100, potentially reaching one degree when combined with energy efficiency improvements, Nsengiyumva said.
Rwanda is preparing to assume the chairmanship of the G77 and China in 2027, a group representing developing countries in international negotiations. Nsengiyumva said Rwanda would use the position to strengthen cooperation among developing nations and advance unresolved climate negotiation issues, particularly indicators under the Global Goal on Adaptation relating to financial needs and climate finance provision. He concluded that COP31 should be judged not only by commitments made but by practical action delivered.