Rédaction Africa Links 24 with Uganda Monitor
Published on 2024-03-04 19:01:20
Green project developers are in a fierce competition for funding worth $90 million from financiers coordinated by the UK government. Out of 160 applicants, eight project teams that graduated from the UK government Climate Finance Accelerator (CFA) are vying for this fund, focusing on sectors such as waste management, transport, energy, agriculture, and forestry.
One of the companies seeking funding is Zembo Motorcycles-SMC Limited, which is targeting the boda boda (motorcycle taxi) industry. Jacqueline Kimotio of Zembo Motorcycles-SMC Limited stated that they are currently at the scaling phase of their business and are in need of $10.8 million to support their growth. She emphasized that 70 percent of Ugandans rely on boda bodas as their main mode of transport, with Uganda investing in 12,000 motorcycles monthly. Transportation costs are a significant concern for African households.
Mr. Isaac Katewanga, the Head of ESG and Sustainability at UMEME, pitched his company’s mission to transition more Ugandans away from biomass (charcoal and firewood) as a source of energy, noting that 95 percent of Ugandan households use this form of energy. UMEME aims to distribute 15,000 pressure cookers to improve the cooking experience, with 600 E-pieces already distributed out of the targeted 1,500. They are seeking funding for 50,000 electric pressure cookers to be distributed nationwide.
According to Kate Airey, the British High Commissioner, public finance plays a crucial role in UK and other countries’ contributions to Uganda’s sustainable development through concessional loans, equity, and innovative financial instruments like green bonds. She acknowledged the challenges that developers face in accessing finance and emphasized the importance of public climate finance in conjunction with private sector involvement.
Ms. Airey highlighted the significance of mobilizing private capital to address climate change and praised the project developers for their innovative ideas. These developers pitched their projects to investors, who provided valuable advice and feedback on how to further advance their initiatives.
In conclusion, the competition for green project funding in Uganda is fierce, with developers showcasing creative solutions to mitigate climate change. The support from financiers, the UK government, and investors is instrumental in driving sustainable development and fostering a greener future. Through collaboration and innovative approaches, these projects have the potential to make a significant impact on environmental conservation and sustainable development in Uganda.
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