Rwanda carbon projects generate Rwf2.2 billion in credit sales

Faustin Munyazikwiye, Deputy Director-General of the Rwanda Environment Management Authority (REMA), said on September 16 that 29 carbon projects have been registered in Rwanda.

“So far, REMA has registered 29 projects on the carbon market, which are at different stages of development,” Munyazikwiye said at a press conference ahead of the Carbon Markets Africa Summit scheduled for next month.

The projects cover areas including forestry, agriculture, land conservation, waste management, renewable energy and electric mobility. They are at different stages, with some already generating credits for sale while others are undergoing independent verification.

Carbon credits are tradable units representing verified reductions or removals of greenhouse gas emissions. One carbon credit generally represents one tonne of carbon dioxide equivalent that has been avoided, reduced or removed from the atmosphere.

Munyazikwiye said carbon credits currently sell for between $14 and $45 per tonne, depending on factors including the nature and quality of the project.

Under Rwanda’s carbon market framework, launched in 2023, projects are reviewed by REMA before undergoing verification by accredited independent entities. The process is designed to establish whether claimed emissions reductions or removals have been achieved before credits are issued.

A portion of the revenue generated from credit sales goes to the government.

Rwanda participates in both voluntary and regulated carbon markets and has a cooperation agreement with Singapore allowing the purchase of eligible credits generated by projects in Rwanda.

Environment Minister Bernadette Arakwiye said the market could also create income opportunities for communities, including through activities such as tree planting.

The figures come ahead of the Carbon Markets Africa Summit, which will be held in Kigali from October 13-15 and bring together developers, investors and buyers around projects in areas such as nature-based solutions, regenerative agriculture and waste management.