By The Government of Uganda has called for greater private sector involvement in climate finance mobilisation, citing the need for shared responsibility in restoring the country’s degraded natural resources and mitigating the effects of climate change.
Speaking at the first-ever National Private Sector Engagement Forum on Climate Finance held at Serena Hotel in Kampala, the Minister of State for Planning, Hon. Amos Lugoloobi, stressed that the battle against environmental degradation cannot be won by government alone.
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“Uganda needs close to $4.1 billion every year to meet our Nationally Determined Contributions under the Paris Agreement,” Hon. Lugoloobi said. “This includes commitments to restore wetlands, forests, and natural capital, and reduce carbon emissions.”
The forum, held under the theme “Advancing Private Sector Leadership in Climate Finance Mobilisation,” brought together key players from business, finance, government, and development partners to explore ways to raise and deploy funds to combat climate change.
The minister noted that the private sector particularly industrial players must take accountability for the environmental damage caused by pollution and unsustainable practices. He urged companies to channel part of their profits into environmental restoration initiatives as part of corporate social responsibility.
“Many forest reserves have no trees. We want to see the private sector step up and plant forests, restore wetlands, and contribute to a greener Uganda,” he added.
According to the minister, Uganda and Africa as a whole have underutilised global climate financing opportunities due to lack of awareness and capacity within the private sector. “We have global environmental funds out there, but our private sector has not been active in accessing them. This must change,” he said.
The government plans to build capacity and guide private players on how to tap into international climate finance. Hon. Lugoloobi also highlighted the role of various ministries including Energy, Agriculture, and Water in ensuring all projects comply with environmental standards.
Uganda is currently co-chairing the Global Coalition of Finance Ministers for Climate Action, and aims to lead by example in mobilising resources and promoting sustainable development.
“This forum is a first step toward ensuring that climate finance becomes a shared goal,” Hon. Lugoloobi concluded. “Everyone — from government to businesses to local communities must take action if we are to protect Uganda’s natural environment for future generations.”
