The Ministries of Finance and Water, on Wednesday signed a commitment with development partners to help facilitate the country’s greening recovery.
The signing of the commitment happened at Protea Hotel in Kampala, during a stakeholders dialogue on greening Uganda’s Recovery and the role of innovative financing including carbon markets.
“Uganda is integrating climate resilience into its long term strategy recovery to combat the economic slowdown. In place is an enabling environment to tackle climate change. This is one of government of Uganda priorities,” said Ms. Marris Wanyera, Director Debt and Cash policy at the Ministry of Finance, Planning and Economic Development.
Margaret Mwebesa, a commissioner at rhe ministry of water, said Uganda boasts of being the first country in Africa to launch a result based partnership plan in 2018 and hold an economic advisory initiative in regards to climate change.
“As ministry of water, we are tasked to prepare Uganda’s readiness for article 6. This will help government combat the impact of COVID19 on our economy. We are on the right trajectory for a green economic recovery,” she said.
The need to green Uganda’s Recovery, was precipitated by the advent of the COVID-19 pandemic that ravaged nations and still lingers.
According to a recent World Bank report, an estimated 3.15 million Ugandans could fall even deeper into poverty. These new numbers would be on top of the 8.7 million people currently living below the poverty line.
It is something Dr Ronald Kaggwa from the National Planning Authority (NPA) referred to as he argued for mobilising of resources to help the recovery.
“The COVID19 pandemic disrupted Uganda’s economy. We need to mainstream green financing principles in all government’s give the country a platform for mobilizing support for green fuunding. Uganda needs to mobilise $11Billion for a green recovery,” Dr Kaggwa said.
The dialogue was organised together with NDC Partnership, German Cooperation and the Global Green Growth Institute (GGGI).
The GGGI Country representative, Dagmar Zwebe, said the institute is committed to, “catalyzing green investment for the government. We are setting structures and policy approaches to prepare government of Uganda to venture into different investment opportunities like the carbon markets for the Ministry of Finance.”
