The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Uganda Development Bank (UDB) on March 04, launched an shs50 billion climate finance facility, a fund that will make available finance to promote a green economy.
The shs50 billion committed by UDB towards capitalization of the facility will go towards the financing of investments in the sectors of climate-smart agriculture, renewable energy, sustainable waste management, climate resilient infrastructure, low carbon industry and eco-tourism.
Speaking during the launch in Kampala, the Ministry of Finance Permanent Secretary, Ramathan Ggoobi said without appropriate funding, the country cannot build the capacity to adapt to the impacts caused by climate change that are disastrously.
“Providing targeted financing for climate adaptation and mitigation is very critical to significantly reduce the impact of climate change in our country. This could include the development of climate resilient practices, especially in agriculture, mining and many other extractives which are the bedrock of our economy but also promoting renewable energy development,” Ggoobi said.
The Secretary to the Treasury said climate change impact has been seen through the severe drought that hit the country last year and created a food crisis.
