The Uganda Investment Authority (UIA) is poised to make a significant impact at the upcoming 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change. Scheduled to take place from November 30th to December 12th, 2023, in Dubai, United Arab Emirates, the event will bring together world leaders, policymakers, and influencers to address the pressing challenges of climate change.
UIA, a statutory body responsible for managing Uganda’s scarce natural resources, is gearing up for an assertive promotional campaign during COP28. The authority is aiming to secure $4 billion in climate-linked investment deals, which 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, citing its untapped resources in solar, wind, and hydroelectric power, which align 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 also boasts access to domestic, regional, and global markets, including 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. Trade agreements such as Everything But Arms (EBA) with the European Union and collaborations with China further enhance Uganda’s economic prospects.
UIA’s ambitious goal at COP28 reflects Uganda’s commitment to sustainable development and its recognition of the opportunities that climate change presents for investment and growth. The authority is confident that its efforts will attract significant capital to support Uganda’s transition to a green economy and contribute to the global fight against climate change.
