SINGAPORE, September 19, 2024 – Rwanda has signed a landmark Collaboration Agreement with Gold Standard and Singapore-based GenZero to develop a pipeline of carbon credit projects in compliance with Article 6 of the Paris Agreement. This partnership, brokered by the Rwanda Green Fund and the Rwanda Environment Management Authority (REMA), is a significant step in enhancing Rwanda’s leadership role in carbon market initiatives across Africa.
The collaboration, which will focus on high-integrity carbon reduction and removal projects, seeks to generate both environmental and socio-economic benefits while contributing to Rwanda’s broader climate and sustainable development goals.
Juliet Kabera, Director General of REMA, emphasized the importance of this partnership in advancing Rwanda’s climate action strategies, “The new agreement between Rwanda’s entities (Rwanda Green Fund and REMA) and GenZero from Singapore is a significant milestone in our climate action collaboration. It builds on our shared commitment to sustainability, enhancing previous initiatives and creating new opportunities for innovation in carbon market mechanisms. By aligning with Article 6 of the Paris Agreement, we will strengthen our capacity to meet our NDCs and foster global cooperation in tackling climate change.”
This agreement expands on the Memorandum of Understanding (MoU) signed between the governments of Singapore and Rwanda in December 2023, which aimed to promote carbon market mechanisms in line with Article 6. Both nations committed to collaborating on identifying and implementing carbon credit projects that would contribute to the achievement of their Nationally Determined Contributions (NDCs).
Under this new framework, Rwanda and GenZero will work together to identify projects aligned with Rwanda’s carbon market goals, ensuring they are eligible for certification by Gold Standard. These projects will deliver numerous benefits, including biodiversity conservation, job creation, and contributions to Rwanda’s green economy. The carbon credits issued from these projects will feature Corresponding Adjustments (CAs) to meet international standards and avoid double counting in emissions reduction claims.
Teddy Mugabo, CEO of the Rwanda Green Fund, highlighted the significance of aligning national investments with climate priorities, stating: “The collaboration will further position Rwanda as a leader in Article 6 projects, both in Africa and globally. By aligning these investments with our national priorities, we will accelerate our ambitious climate action plan.”
The projects identified under this partnership will undergo rigorous due diligence to meet both Rwanda’s national standards and GenZero’s investment parameters. Eligible projects must also adhere to Gold Standard’s methodologies and certification requirements to qualify for investment.
Frederick Teo, CEO of GenZero, underscored the global significance of this partnership, stating: “Climate change is a global challenge which requires collective effort in order to meaningfully move the needle. International collaboration will be integral in accelerating decarbonisation globally. We are excited to explore Article 6-compliant projects in Rwanda using Gold Standard methodologies in this partnership that will enable us to develop high-integrity carbon projects and bring about positive impact to the local communities in Rwanda.”
Margaret Kim, CEO of Gold Standard, also spoke on the cooperative nature of Article 6: “The first-ever Article 6 credits were issued to a project in Rwanda. This new agreement builds on that achievement and will foster further climate action, improve livelihoods, and help Rwanda meet its sustainable development objectives.”
The collaboration between Rwanda, Gold Standard, and GenZero represents a major leap forward in accelerating the global transition toward net-zero emissions. By facilitating cross-border cooperation and developing high-integrity carbon projects, the agreement sets the stage for sustainable development that benefits local communities, conserves biodiversity, and strengthens Rwanda’s role in the international carbon market.