UK Injects $14m into Uganda Climate Change Projects

British High Commissioner to Uganda (C) Kate Airey and other officials pose for a picture at the launch of the UK funded Climate Finance Accelerator programme in Kampala, Uganda on October 31, 2023. PHOTO/COURTESY

Kampala, Uganda | THE BLACK EXAMINER | The British High Commission is encouraging Ugandans engaged in climate change mitigation projects to apply for the £14.02 million ($14.02 million) fund established by the UK government. The call came during the launch of the Climate Finance Accelerator program, with Ms. Kate Airey, the British High Commissioner to Uganda, emphasizing the role of the private sector in driving green growth, job creation, poverty reduction, and supporting the country’s growing population.

Ambassador Airey stressed the need for impactful growth and praised the private sector for its creativity and innovative ideas. She expressed hope in Ugandan innovators and urged them to access climate financing to invest in projects that combat the effects of climate change, ensuring sustainability and food security for the anticipated large population by 2030.

Amanda Kabagambe, Managing Director of Bethel Advisors, the firm overseeing the funds in Uganda, explained that this global program, funded by the UK government, provides technical assistance to climate-responsive projects. Bethel Advisors has successfully implemented similar projects in several countries, including Colombia, Egypt, Mexico, Nigeria, Peru, South Africa, Turkey, and Vietnam.

Kabagambe noted that the program includes capacity building to strengthen project operations and enhance their ability to access capital for scaling. She also outlined the eligibility criteria for funding and highlighted that around eight projects in various sectors, including energy, water, agriculture, transport, waste management, forestry, and the economy, will be selected at the pre-feasibility stage, with a minimum funding requirement of $1 million (USh3.7 billion).

The selected projects will receive support in terms of technical and financial expertise, assistance with financial modeling, guidance on investor pitching, and the promotion of gender equality and social inclusion, particularly in supporting women and disadvantaged communities.

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ISMA TUKAMUHABWA
ISMA TUKAMUHABWA
The Black Examiner Correspodent in Kagadi, Hoima and Central