Ministry of Finance launches climate financing to boost clean energy
Ministry of Finance launches climate financing to boost clean energy
Kampala, Uganda - Thursday - 10th July
The Ministry of Finance, Planning and Economic Development has launched the 1st National Private Sector Engagement Forum on Climate Finance (NaPSEF 1), at the Serena Hotel, Kampala, signaling a major step towards mobilizing private investment for climate action.
The forum, officially opened by the State Minister for Finance, Planning and Economic Development, Hon. Amos Lugolobi, brought together business leaders, government officials, and development partners to explore financing strategies for green growth.
“The role of the private sector in complementing our efforts through capital mobilisation, innovation, and enterprise is not only welcome but essential,” said Lugolobi, adding that, “Government remains committed to creating an enabling environment through regulatory certainty, incentives, and strategic partnerships.”
On behalf of the private sector, the Board Chairman of the PSFU - Humphrey Nzeyi, highlighted the sector’s impact through the Uganda Clean Cooking Supply Chain project, a collaboration with the World Bank and Government of Uganda, that has sold 73,000 improved cook stoves, supported seven new clean energy enterprises, and achieved a 31.5% reduction in household emissions, surpassing PSFU's 20% target. (Speech attached)
“The private sector is at the forefront of Uganda’s climate strategy—delivering innovation, investment, and real impact,” Nzeyi said.
Representing the Permanent Secretary and Secretary to the Treasury, Ministry of Finance - Mr. Jim Mugunga, also the Executive Director Public Private Partnerships Unit, lauded the private sector associations, under PSFU - particularly the Uganda Manufacturers Association (UMA), for advancing sustainable industrialization.
"In 2024, UMA launched the green industry agenda 2025 to 2036, a sector-wide strategy to transform manufacturing into low carbon, resource-efficient growth engine. This agenda will significantly support Uganda's commitment under the Paris agreement and revised National Determined Contribution (NDC) 2022, towards reducing emissions by 24.7% by 2030," said Mugunga in a keynote address
The Governor Bank of Uganda - Dr. Micheal Atingi-Ego, called upon the banking sector to embrace climate action, saying that: "Integrating climate change into your business model is not merely a regulatory burden, but a strategic imperative and an indispensable opportunity,"
Dr. Atingi-Ego added that trainings are already underway to equip the financial institutions with the necessary expertise in green finance products development, risk assessment, data governance, and reporting systems.
Private Sector Foundation Uganda
pdf Speech by Chairman PSFU at the Climate Financing Forum (174 KB)
