Uganda Development Bank Rallies Partners for Climate Action at COP 29

The Uganda Development Bank (UDB) hosted a Climate Finance Breakfast Roundtable on Friday, November 15, on the sidelines of the 29th Conference of the Parties (COP 29). The meeting sought to foster partnerships to combat climate change and integrate climate considerations into development finance across Africa.

The event, led by UDB Managing Director Patricia Ojangole, brought together government officials, financial institutions, and international organisations from Africa and other developing regions. Discussions focused on mobilising financial resources for climate-friendly projects, with participants sharing strategies and opportunities for collaboration.

Ojangole highlighted the critical role Uganda and other developing nations play in addressing climate change. She described UDB’s Climate Finance Facility as a tool to mobilise green investments and guide projects aimed at reducing emissions and enhancing resilience.

“The Bank established the Climate Finance Facility to coordinate green financing initiatives, provide technical support, and assess low-carbon and climate-resilient investments. The goal is to finance interventions that reduce emissions and build resilience among Ugandans,” Ojangole explained.

She also underscored Uganda’s supportive policy environment, which attracts climate-conscious investors. “We have developed a robust policy framework to support our engagements with governments, funders, partners, and other stakeholders,” she said.

Ojangole stressed the importance of working with the private sector to create bankable projects, ensuring capital mobilisation becomes seamless. “When you build a pipeline of structured projects, it becomes easier to engage partners,” she noted.

Global and regional perspectives on climate action

Keynote speaker Ibrahima Cheikh Diong, Executive Director of the Fund for Responding to Loss and Damage, acknowledged that some climate impacts, such as extreme floods and wildfires, exceed what people can adapt to. He urged African governments to see climate challenges as opportunities to advance sustainable development.

“Governments must create the right incentives to attract private investors and ensure public-private partnerships are viable,” Diong said.

Joseph Ng’ang’a, Vice President for Africa at the Global Energy Alliance for People and Planet (GEAPP), advocated for a regional approach to attract international partners and achieve scale. “Private capital needs a suitable risk-return ratio to be attracted. Thinking from a systems and regional perspective is critical,” he stated.

Ng’ang’a praised Uganda for its leadership in green investment, citing its high-grade funding system designed to expand electricity access to underserved areas.

Collaborations for sustainable development

Other speakers highlighted the importance of partnerships in achieving Sustainable Development Goal 7, which ensures access to affordable and sustainable energy. Lanre Shasore of Sustainable Energy for All (SEforALL) emphasised collaborative efforts with the United Nations, governments, financial institutions, and philanthropies to accelerate progress.

She pointed to currency risks as a barrier for African economies and called on domestic banks and pension funds to play a role in mitigating these challenges.

Marco Serena of the Private Infrastructure Development Group (PIDG) stressed the need for climate-resilient infrastructure in Africa, further aligning with the event's theme of driving sustainable development through climate finance.

The roundtable showcased Uganda’s proactive role in climate action, positioning the country as a leader in mobilising partnerships for green development.