Africa-Press – Uganda. Uganda’s private sector has been called upon to play a leading role in mobilizing climate finance, as the International Finance Corporation (IFC), the World Bank and the Ministry of Finance officially launched the Uganda Country Climate and Development Report (CCDR) in Kampala on Thursday.
The CCDR, which was released nationally last week, warns that climate change could reduce Uganda’s GDP by up to 3.1 percent by 2050, and push millions of people back into poverty if urgent action is not taken.
Uganda is ranked the 14th most vulnerable country globally to climate change, but stands at 163rd in readiness to respond.
During the Kampala private sector launch, Martine Valcin, IFC Country Manager for Tanzania, Rwanda and Uganda, described the CCDR as more than just a study.
“It’s a call to imagine growth and climate action not as two separate paths, but as one,” she said, adding that Uganda’s climate ambitions will require approximately shs102.7 trillion (about US$28 billion) by 2030.
Dr. Moses Kaggwa, Director of Economic Affairs at the Ministry of Finance, Planning and Economic Development, said the CCDR moves Uganda from aspiration to investment. “Climate change is a direct threat to our national aspirations. If left unaddressed, it could reduce GDP by up to 3.1% by 2050 and push millions back into poverty,” he stated.
He identified four priority investment areas where private sector involvement will be critical: creating climate-resilient jobs for some 14 million youth expected to enter the labor market by 2040; transforming agriculture and natural resource management via irrigation, drought-resistant seeds and wetland restoration; strengthening infrastructure and energy systems to be climate-resilient—especially renewable energy and resilient transport; and planned, climate-positive urbanization as cities expand to house 40 percent of the population by 2050.
In her remarks, Janice Ryu, IFC Resident Representative for Uganda and Rwanda, pointed out that Uganda’s climate financing needs far exceed its national budget.
“Meeting Uganda’s NDC commitments requires about shs 102.7 trillion by 2030. To put that in perspective, the entire national budget is only shs73.3 trillion,” she said, calling on the private sector to shift from being passive observers to active innovators.
The CCDR underscores serious risks: climate shocks already affect about 200,000 Ugandans annually; agricultural yields are threatened by drought; heat stress is reducing labour productivity; and climate‐driven migration could displace up to 12 million people by 2050.
Nevertheless, the report stresses that coordinated action—especially from private firms—can turn these threats into opportunities by aligning economic growth with climate resilience. Valcin summed up the message: “Our shared goal is bold but clear: to end poverty on a livable planet. For Uganda, that means a climate-resilient, low-carbon and inclusive future.”
To support this, IFC has pledged to expand its climate investment portfolio. The Ministry of Finance also committed to fast‐tracking the national climate finance vehicle, aimed at de-risking projects and attracting private capital.
Dr. Kaggwa emphasized that the true test lies in turning the report into bankable projects that deliver real impact. “Uganda’s climate ambition cannot be achieved by government alone. The private sector must lead the charge.”
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