Rwanda is preparing to host a series of meetings focused on reducing greenhouse gas emissions and expanding the carbon market, as the country seeks to strengthen its participation in efforts to combat climate change.
The discussions are expected to focus on how countries can reduce carbon dioxide emissions, expand carbon markets and share experiences on climate action.
The Minister of Environment, Dr. Bernadette Arakwiye explained that the carbon market provides a way of measuring a country’s efforts to reduce greenhouse gas emissions or prevent them from being released into the atmosphere.
She said these efforts are measured through what are known as carbon credits, which represent the amount of emissions that a country or project has avoided or reduced. Countries can receive financial compensation for such efforts when the credits are purchased.
Forests are among the activities that can contribute to carbon credits because they absorb carbon dioxide from the atmosphere and can therefore support Rwanda’s participation in the carbon market.
“There is a measurement called a credit that is used to measure the amount of emissions a country has prevented from entering the atmosphere or has reduced, and countries are rewarded for those efforts,” Arakwiye said.
Carbon-credit generation is not limited to forests. Other initiatives, including the use of electric vehicles, can also contribute to reducing emissions and creating opportunities for Rwanda in the carbon market.
Singapore is currently among the countries purchasing Rwanda’s carbon credits. According to current data, the price of a single credit ranges from $14 to $45, depending on the buyer.
Rwanda has so far earned $1.5 million from the carbon market.
The planned meetings are expected to provide an opportunity for stakeholders to discuss ways of increasing climate action while exploring opportunities to expand the market for carbon credits.
