Uganda pitches green investment as climate finance landscape shifts

Uganda is positioning its private sector as a key driver in unlocking billions in climate finance, with government officials urging businesses to seize emerging green investment opportunities amid shifting global funding trends.

Officiating at the inaugural National Private Sector Engagement Forum on Climate Change on Thursday, State Minister for Planning Amos Lugoloobi said Uganda must rally its business community to develop bankable climate projects, attract capital, and forge partnerships that fuel sustainable economic growth.

“Uganda is a proud signatory to the Paris Agreement, where developing countries initially committed to mobilise USD 100 billion annually for climate action,” Lugoloobi said. “That goal has since been revised to USD 300 billion under the New Collective Quantified Goal (NCQG) by 2035. The challenge is clear—but so is the opportunity.”

He acknowledged the global decline in official development assistance (ODA) and shrinking climate finance flows, warning that Uganda must now innovate locally to stay competitive in the green economy.

“We see this not as a setback, but as a chance to deepen private sector engagement, strengthen national resilience, and tap into the climate economy,” Lugoloobi added. He emphasized government efforts to provide a predictable regulatory framework, investment incentives, and strategic public-private partnerships (PPPs) to attract green capital.

Delivering remarks on behalf of Permanent Secretary and Secretary to the Treasury (PSST) Ramathan Ggoobi, PPP Director Jim Mugunga said the government views climate finance as a cornerstone of its long-term development agenda.

“This Forum, under the theme ‘Advancing Private Sector Leadership in Climate Finance Mobilisation’, is more than a policy conversation—it is a catalytic platform,” Mugunga said. “It reflects Uganda’s strong recognition that without private sector capital, innovation and entrepreneurship, our climate goals will remain on paper.”

The forum is part of a broader effort to develop a structured National Private Sector Engagement Framework on Climate Change, aimed at aligning Uganda’s investment climate with the global shift toward low-carbon, climate-resilient development.

Analysts say Uganda’s green investment potential remains largely untapped, spanning sectors such as renewable energy, climate-smart agriculture, waste-to-energy solutions, sustainable infrastructure, and water resource management. But unlocking it will require derisking mechanisms, access to concessional financing, and clear returns for investors.

“Green growth is no longer a luxury—it’s a business imperative,” said one private sector participant. “Ugandan firms that pivot early will be the first to benefit from regional and global climate finance streams.”

The Forum is expected to set the stage for bankable project pipelines and influence future government–private sector climate action collaborations.