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Uganda aiming for $4B green investments at COP28.

Uganda aiming for $4B green investments at COP28.

Robert Mukiza, the Director General of UIA( Courtesy photo)

In a bid to position itself as a key player in the global push for sustainable development, the Uganda Investment Authority (UIA) is set to make a significant impact at the 28th Conference of the Parties (COP 28) to the United Nations Framework Convention on Climate Change. Scheduled from November 30th to December 12th, 2023, the event will bring together leaders, policymakers, and influencers to tackle the urgent challenges of climate change.

UIA, a statutory Authority responsible for managing scarce natural resources, is gearing up for an assertive promotional campaign during COP28.

The goal is ambitious yet vital: to secure $4 billion in climate-linked investment deals. These investments will be directed towards renewable energy, energy efficiency, sustainable agriculture, waste management, recycling, and green infrastructure.

Robert Mukiza, the Director General of UIA, emphasized Uganda’s potential as a low-carbon investment destination. He highlighted the country’s attractiveness for green investments and adaptive technologies.

Mukiza pointed out Uganda’s untapped resources in solar, wind, and hydroelectric power, aligning with the increasing global demand for clean energy solutions. Additionally, Uganda is emerging as a notable technology hub, with promising prospects in sustainable tourism and hosting one of the world’s largest and environmentally responsible oil and gas projects.

Uganda brags of access to domestic, regional, and global markets. These include the East African Community (EAC) with a population exceeding 300 million, the Common Market for Eastern and Southern Africa (COMESA) with over 600 million people, and the African Continental Free Trade Area (AfCFTA) covering 1.3 billion people in 55 countries with a combined GDP of $3.4 trillion.

Additionally, trade agreements such as Everything But Arms (EBA) with the European Union and collaborations with China further enhance Uganda’s economic prospects.

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