Uganda Development Bank Limited (UDB), the country’s national Development Finance Institution (DFI), is the lead sponsor of the Ugandan Pavilion, which will form the nucleus of all Uganda’s engagements at the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30), to be hosted between November 10 to 21 in Belém, Brazil.
The announcement was made today at Silver Springs Hotel in Bugolobi during the pre-COP30 National Forum held jointly between UDB, the Ministry of Water and Environment, in collaboration with partners.
During the event, the Bank signed a Memorandum of Understanding (MOU) to formalize the partnership that will, among other things promote Uganda’s investment opportunities by highlighting bankable, climate-aligned projects in renewable energy, climate-smart agriculture, sustainable infrastructure, and green manufacturing.
It is the third year in a row that UDB is participating in the annual UN Climate Conference (COP), in a bid to mobilize funding and build strategic alliances needed to support green projects in Uganda.
During COP30, UDB will showcase flagship projects across renewable energy, climate-smart agriculture, and sustainable waste management. In addition, it will host side events and panel sessions themed: Tackling the ever-increasing costs of operation in the manufacturing and tourism sectors through deployment of energy efficient technology; Promoting Sustainable Waste Management in Cities to Combat Carbon Emission and Environmental Degradation; and Promoting climate resilient agricultural practices and transforming agri-food systems for increased food, nutritional security, and poverty reduction. The sessions are aimed at triggering thought-provoking conversations and cultivating constructive collaborations between UDB and organisations engaged in technology, Solid Waste management, and smart agriculture.
Speaking at the pre-COP30 National Forum, Dr. Patricia Ojangole, Managing Director, Uganda Development Bank, said, “UDB’s mandate is to accelerate sustainable socio-economic development through finance and to catalyse the private sector. COP30 presents a unique opportunity for UDB to amplify this mandate on a global stage.”
The Bank, with support from the Government, has positioned itself to fill the current green financing gap, with a bold ambition to mobilize green finance, increase access to credit, manage risk, and act as a financial intermediary through affordable green products.
“According to Uganda’s Climate Change Policy, the country requires approximately USD 194.5 million annually over the next 15 years to effectively address climate challenges. UDB is therefore championing the Climate Finance Facility (CFF) to scale up its interventions in green sectors and drive more sustainable impact,” said Dr. Ojangole.
Dr. Ojangole explained that by showcasing bankable projects and hosting conversations with multi-lateral development partners, UDB will attract funds critical for project execution.
Another side event, themed ‘Financing Energy Efficiency and Electric Mobility to foster Sustainability’, shall act as a catalyst for tangible partnerships between UDBL and technology, as well as financing partners to enable and foster collaboration on energy efficiency and electric mobility projects.
Uganda’s forest cover reduced from 24% in 1990 to 9% in 2015, despite the slight step up to 12.4% currently, while wetland coverage is at 8.9% down from 13%. The World Economic Forum Report (2020) presents these as top global risks that will affect the world’s economies.
The Bank’s productive engagements at COP29 held in Baku, Azerbaijan, in 2024, resulted in structuring potential projects in energy efficiency, mass transport using e-buses to decarbonize the transport sector, energy generation and transmission projects, as well as promoting agricultural resilience for enhanced agri-food systems development in relatively dry and poor sub-regions.
In addition, the Bank’s participation in the previous 2 COPs resulted in the generation of a funding pipeline of more than USD100 Million, and more funding engagements with UN Climate funds like the Green Climate Fund and the Adaptation Fund, whose accreditation processes have made significant progress.