Dubai-UAE. 4 December 2023: EnerTech Holding Company, the Kuwait-based innovator, investor and developer of end-to-end sustainability solutions, have signed an agreement with the government of Rawnda on the sidelines of COP28 to establish a fair and effective carbon framework in Rwanda, and accelerate the deployment of renewable energy.
The Memorandum of Understanding (MOU) was signed by Ammar Shihab, CEO of EnerTech Ventures, Her Excellency Dr. Jeanne d'Arc Mujawamariya, Minister of Environment in Rwanda, His Excellency Vincent Biruta, Rwanda's Minister of Foreign Affairs and International Cooperation; and Teddy Mugabo, CEO of Rwanda's Green Fund.
Under the agreement, Rwanda will provide Kuwait with two types of carbon credits. The first category comprises nature-based carbon credits, which are proprietary to Rwanda and available for direct sale. The second category includes non-nature-based carbon credits. Although not owned by Rwanda, these credits are backed by the government's commitment to serve as a 'buyer of first resort' in its carbon market.
This deal signifies a major advancement in establishing an efficient carbon pricing structure in Africa, reflecting a collaborative effort towards addressing climate change and promoting renewable energy.