UDB signs MoU to promote Uganda’s climate-aligned, bankable projects

KAMPALA: Uganda Development Bank (UDB) has signed a Memorandum of Understanding (MoU) with the Ministry of Water and Environment and key partners to advance Uganda’s bankable, climate-aligned projects in renewable energy, sustainable infrastructure, and green manufacturing.

The MoU was formalised on Wednesday during the pre-COP30 National Forum, with the partnership aimed at highlighting investment opportunities in renewable energy, climate-smart agriculture, sustainable infrastructure, and green manufacturing, thereby driving climate resilience and sustainable development.

The collaboration underscores UDB’s commitment to fostering strong alliances that unlock climate finance, accelerate innovation, and deliver tangible impact across Ugandan communities. Attendees included UDB representatives, government ministries, departments and agencies, members of the UGCOP30 delegation, development partners, civil society leaders, and private sector representatives.

Speaking at the forum, Mr. Denis Ochieng commended the Ministry of Water & Environment for convening the strategic platform. He emphasised that climate action is both an environmental and economic priority for Uganda, reinforcing UDB’s role in promoting sustainable, inclusive growth.

“At the Uganda Development Bank, we recognise that addressing climate change is not just an environmental imperative, it is an economic and development priority. Our strategic priorities now integrate climate finance, green investments, and sustainable industrialisation as cross-cutting themes. The Bank has established a dedicated Climate Finance Facility to mobilise green finance, structure sustainable interventions, and support low-carbon, climate-resilient investments.”

Mr. Ochieng highlighted the importance of partnerships in advancing Uganda’s climate agenda:

“We have a huge ambition to mobilize green finance, increase access to credit, manage risk, and act as a financial intermediary through affordable green products to close the financing gap. Alone we can only do so little, but with our partners, we are making big strides. I am grateful to the Government of Uganda, our shareholders, the Board of Directors, Development Partners, our clients, the private sector, and other non-state actors for all the support—from financial resources to technical assistance.”

Looking ahead to COP30, he urged stakeholders to position Uganda not only as a recipient of climate finance but as a proactive driver of green growth:

“As we look to COP30, our collective goal should be to position Uganda not only as a beneficiary of climate finance but also as a proactive driver of green growth and investment. UDB remains committed to working closely with the Ministry of Water & Environment and all partners to ensure Uganda’s presence at COP30 is well-organised, visible, and results-oriented.”