LUCAS MUSISI
Kampala, Uganda –The Uganda Investment Authority (UIA) has announced its active participation in the upcoming 28th Conference of the Parties (COP 28) to the United Nations Framework Convention on Climate Change. This significant event, set to take place from November 30th to December 12th, 2023, is expected to gather global leaders and key stakeholders in a united effort to tackle the challenges of climate change.
Tasked with the responsibility of managing the nation’s scarce and non-renewable resources, UIA is gearing up for an aggressive promotional campaign at COP 28. The Authority aims to secure climate-related investment deals worth approximately US$4 billion. These investments will focus on key sectors like renewable energy, energy efficiency, sustainable agriculture, waste management, recycling, and green infrastructure.
Robert Mukiza, the director general of UIA, highlighted Uganda’s position as an ideal destination for low-carbon and green investments, along with adaptive technologies. “Uganda boasts untapped potential in solar, wind, and hydroelectric power. We are strategically positioned to meet the increasing demand for clean energy solutions,” said Mukiza. He also pointed out Uganda’s emerging status as a significant technology hub, with promising prospects in sustainable tourism and responsible oil and gas projects.
Uganda’s strategic location as a gateway to East Africa, coupled with investor-friendly policies and government support, positions the country as a lucrative option for global investors. The nation’s access to key economic regions guarantees entry into domestic, regional, and global markets. These include the East African Community (EAC) with over 300 million people, the Common Market for Eastern and Southern Africa (COMESA) with over 600 million people, the African Continental Free Trade Area (AfCFTA) encompassing 1.3 billion people across 55 countries with a combined GDP of $3.4 trillion, the European Union’s Everything But Arms (EBA) initiative, and trade agreements with China.
As COP 28 approaches, Uganda is set to showcase its commitment to sustainability and its readiness to embrace green investment opportunities, further strengthening its role in the global fight against climate change.