KAMPALA – The quest for climate finance solutions has brought together key stakeholders in Uganda for the 2nd Annual Climate Finance Conference. Held at a Mestil Hotel, Kampala, the event aims to bridge the climate finance gap in Africa, with a focus on mobilizing resources and utilizing climate finance effectively.
As Africa grapples with the challenges of climate change, the need for innovative climate finance solutions has become increasingly urgent. With Africa’s climate finance gap estimated to be in the trillions, the conference provides a critical platform for exploring actionable solutions. According to Dr. Maria Nantongo, Director of the Climate Finance and Sustainability Centre at Makerere University Business School (MUBS), Africa can only finance 10% of the resources required to combat climate change.
The conference was hosted by the Climate Finance and Sustainability Centre at Makerere University Business School (MUBS) in conjunction with the Uganda Institute of Banking and Financial Services.
The conference was officially opened by Hon. Songa Lawrence Biyika, MP for Ora County and Chair of the Parliamentary Committee on Climate Change. In his remarks, he emphasized the significance of climate finance at both national and global levels. “Before Africa can address the broader global climate finance gap, it must first tackle the microclimate finance gap at home,” he stressed.
Hon. Biyika also highlighted the role of green, smart solutions in households, stressing that small-scale sustainable practices can collectively contribute to national and continental climate finance efforts. His sentiments were echoed by Dr. Nantongo, who underscored the importance of academic institutions in shaping climate finance policies and training the next generation of financial leaders.
The conference features insightful presentations and panel discussions, with expert speakers drawn from various fields. Mrs. Mona Mugume Ssebuliba, CEO of aBi Finance, spoke on ESG, Greening, and Sustainability, while Dr. Denis Mugagga, from the Climate Finance Unit of the Ministry of Finance, discussed Uganda’s national frameworks for climate finance mobilization.
Other topics covered during the conference include national development aspirations and climate change action, private sector climate finance, nationalizing the loss and damage fund, carbon markets participation, and climate finance progress review. The conference also explores strategies for increasing Africa’s share in the global carbon credit market and developing human capital to effectively mobilize and deploy climate finance.
Mrs. Goretti Masadde, CEO of the Uganda Institute of Banking and Financial Services (UIBFS), emphasized the critical role of the financial sector in addressing climate change. “At the Uganda Institute of Banking and Financial Services, we recognize that the financial sector has a crucial role to play in addressing climate change,” she said. “Under our Green Finance initiatives, we have developed a Green Finance curriculum, championed ESG training, and proudly launched the Green Finance Awards—a first of its kind, recognizing institutions embedding sustainability into their operations.”
The conference also provided a platform for stakeholders to share their experiences and best practices in climate finance. One of the panel discussions focused on the role of the private sector in climate finance, with representatives from various companies sharing their insights on how to mobilize private sector funding for climate action.
Another panel discussion explored the importance of capacity building for climate finance, with experts emphasizing the need for training and capacity building programs to enhance the skills of financial institutions and other stakeholders in mobilizing and deploying climate finance.
The conference is made possible through the generous support of various organizations, including UNCDF, IFAD, MOFPED, aBi, GIZ, BOU, ARCAFIM, DTB, the Danish Embassy, NMG, CSBAG, NREP, GRO Foundation, Ebee Bikes, aRIN, and Frankfurt Business School.
As the conference draws to a close, participants are expected to leave with a renewed sense of purpose and a clear understanding of the role they can play in addressing the climate finance gap in Africa. The event serves as a critical platform for driving meaningful action toward climate finance mobilization and fostering cross-sector collaborations.
The conference organizers are hopeful that the event will lead to meaningful outcomes, including the development of new climate finance initiatives and the strengthening of existing ones. They also hope that the conference will raise awareness about the importance of climate finance and the need for collective action to address the climate crisis.
As one of the participants noted, “Climate change is a global problem that requires a global response. We need to work together to mobilize the resources needed to address this crisis. This conference is an important step in that direction.”
