The Ministry of Energy and Mineral Development has said it optimistic the country will achieve the 2065 target for net zero carbon emissions.
Speaking during a meeting organized by Centenary Bank to announce its green financing products at Onomo Hotel in Kampala, the Principal Energy Officer in the Ministry of Energy, Eng. David Birimumaso said as the country transitions to renewable and clean energy, there are set targets that will have to be met.
"We want to transition to net-zero emissions and as Uganda, we have set a target of 2065. There are timelines but the earlier we achieve them, the better. However, I am optimistic that we will hit the target of net-zero emissions by 2065,"Eng.Birimumaso said.
He however described it as a long journey which requires collaboration with every stakeholder, including the consumers, suppliers of technology, research institutions and development partners.
Centerary bank's green financing
At the same function, Centenary Bank announced that households, educational institutions and businesses are to benefit from a clean energy financing product that will enable them to acquire clean energy technologies for lighting, cooking, and practicing climate smart agriculture among others.
Abdul Kyanika Nsibambi, Centenary Bank's manager of the housing and renewable energy business said the funds are available across the entire supply chain.
"Back in the days, schools and hospitals used boilers to cook but these are nowhere to be seen as firewood has taken over. We want to help these institutions acquire renewable energy.We have around shs50 billion in loans for renewable energy and this financing is available for the entire supply chain including importers, distributors wholesalers, retailers and the end users," Nsibambi said.
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He revealed that just this year, the bank has dished out more than 1000 loans for renewable energy, noting this is part of their environmental social and governance agenda to protect the environment.
He said the shs50 billion is part of funds provided by the African Guarantee Fund(shs20 billion) and Uganda Energy Credit Capitalisation Company( shs10 billion) among other partners to support the bank's green financing agenda.
"These are low interest loans that will be promoted by the bank. We shall be giving loans from as low as shs100,000 to individuals up to as much as shs20 billion to large institutions like factories and importers," Nsibambi said.
