The Government of Rwanda and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH have showcased Rwanda’s Green Taxonomy Working Paper at a side event during the ongoing COP28 UN Climate Change Conference. The event took place at the Rwanda Pavilion and was attended by a range of partners, finance institutions, investors and stakeholders.

Rwanda’s Green Taxonomy is a framework that aims to define sustainability criteria, foster shared understanding and trust on what constitutes a green investment, as well as prevent greenwashing. The green taxonomy working paper and a range of supporting documents have been developed in partnership with GIZ, which provided support on behalf of the German Federal Ministry for Economic Cooperation and Development.

Officiating the showcase, Rwanda’s Minister of Environment, Dr Jeanne d’Arc Mujawamariya, shared the benefits that Rwanda’s Green Taxonomy will bring.

"Rwanda’s taxonomy is a powerful policy instrument that will make a significant contribution to achieving climate goals. The creation of Rwanda’s taxonomy lays a strong foundation for the country’s green transformation efforts. It creates a direct link between the economy and the financial market, it can help a country achieve its NDC Climate Action Plan and it establishes a guide to attract funds from climate-conscious investors,” she said.

The event was also graced by Dirk Meyer, Director General in the German Federal Ministry for Economic Cooperation and Development, who commended Rwanda’s green growth agenda and pledged Germany’s continued support.

“With its green taxonomy, Rwanda once again demonstrates its vision and ambitious reform agenda to implement climate action. Germany will continue to be on the side of Rwanda as a partner in the endeavour to create a sustainable finance system in Rwanda, and in the endeavour to work closely together globally in setting the pace for climate action,” he said.

During the showcase, Hortense Mugende, Chief Strategy Officer at Rwanda Finance Limited, presented Rwanda’s progress in developing a green taxonomy, as well as the impact it is expected to have in attracting greater levels of green investment to the country.

The Rwanda Green Taxonomy Working Paper, FAQs and White Paper are now available online for public feedback.

“We encourage all stakeholders to visit the Ministry of Finance and Economic Planning website to download the working paper and other resources and to share their feedback and inputs. We are on an important journey to develop our green taxonomy and we want to draw on expertise and experience from far and wide,” said Hortense.

Rwanda’s Green Taxonomy is being developed in phases. The first phase includes the four key economic sectors of agriculture, construction, transport and energy that significantly contribute to climate change mitigation and adaptation.

It is expected that, once developed, the taxonomy will enable the adaptation of state policies and fulfilment of international commitments and be used to enhance guidelines for green bonds and loans, disclosure regulations, green budget tagging, the insurance and management of environmental risks and new stock market products.

Learn more about Rwanda’s Green Taxonomy and download the Working Paper, FAQs and White Paper here.