Uganda has launched a comprehensive climate finance strategy, positioning itself to tap into global climate funds and accelerate the implementation of its Nationally Determined Contributions (NDCs).
The initiative was unveiled Thursday by State Minister for Environment, Beatrice Anywar, during the high-level launch of Uganda's climate finance strategies and reports in Kampala.
Anywar said climate finance remains central to Uganda's ability to respond to the threats of climate change, ranging from capacity building and technology transfer to adaptation and mitigation.
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"The extent of implementation of our NDCs is directly influenced by the finance available," she noted.
At the launch, Uganda presented four key documents: the National Climate Finance Strategy, the National Green Taxonomy, the Climate Finance Vehicle, and Guidelines for Mainstreaming Climate Action in the Financial Sector.
According to the minister, these instruments are designed to strengthen Uganda's ability to mobilise resources, align public and private investments with climate goals, and position the country to participate in global carbon markets.
Uganda's updated NDC financing gap currently stands at USD 25 billion, down from USD 28.1 billion. Anywar said government, private sector, and development partners are stepping up efforts to close this gap and ensure Uganda meets its climate targets. She warned that without significant adaptation and mitigation investments, Uganda could lose up to 24% of GDP by 2050 due to climate-related shocks in agriculture, water, infrastructure, and energy.
"Adaptation and mitigation investments not only drive climate action but also stimulate economic growth, create jobs, foster innovation, and close infrastructure gaps," she added.
Anywar hailed Uganda's role in hosting the first African regional convening of the Coalition of Finance Ministers for Climate Action in Kampala in 2024, a step she said demonstrated the country's leadership in shaping the continent's green financing agenda.
She further highlighted Uganda's readiness to participate in international carbon markets following the passage of the National Climate Change Regulations 2025, which operationalise Article 6 of the Paris Agreement.
"This makes Uganda ready to engage in carbon markets and benefit from payments for ecosystem services and other market-based approaches," she said.
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The minister emphasised that developed countries must honor commitments made at COP29 in Baku, Azerbaijan, to mobilise at least USD 300 billion annually for climate investments in developing countries by 2035.
"Provision of climate finance is critical to addressing the needs and priorities of vulnerable countries like Uganda," she stressed, urging stronger collaboration between government, private sector, and civil society.
Uganda's climate finance framework is expected to unlock new investment opportunities while safeguarding communities from the worsening impacts of climate change.
Anywar assured stakeholders that the government will continue to refine policies and regulations to ensure affordable access to climate finance and accelerate Uganda's green growth ambitions.
"These efforts highlight the public sector's role in catalysing resource mobilisation while advancing climate action," she concluded.
