Environment Ministers of Rwanda and Costa Rica have signed a Memorandum of Understanding to deepen collaboration on key environmental conservation programmes in the two countries.
Specifically, the MoU seeks to enhance partnership on innovative financial mechanisms for environmental conservation including Payment for Environmental Services (PES) for water, Natural Capital Valuation and Natural Capital Accounting (NCA).
Costa Rica is considered a success story in forest restoration and protection using PES, a mechanism in which beneficiaries of services delivered by forests such as fresh water pay for watershed conservation. The country has a forest fund that collects US$33 million annually for forest conservation.
The MoU also seeks to enhance capacity building and sharing of lessons for management of protected areas, tourism and ecotourism, forest and biodiversity conservation as well as enhance South-South cooperation to promote best practices in relation to Sustainable Development Goals.