Uganda Development Bank commits UGX 200 million to COP31
The bank will sponsor the Ugandan Pavilion for the second year, aiming to boost climate action and attract investment.
Uganda Development Bank (UDB) announced its commitment to climate action by sponsoring the Ugandan Pavilion at the upcoming Conference of the Parties (COP31) in Antalya, Türkiye, with UGX 200 million. This marks the bank's fourth consecutive participation in the annual UN Climate Conference. The announcement came during a Pre-COP31 National Forum held in Kampala.
Minister of State for Environment Beatrice Anywar stated that the forum was key to consolidating Uganda's priorities in seven negotiation areas, including adaptation, mitigation, and climate finance. She emphasized the need for reliable water sources and predictable weather forecasts for Uganda's agricultural sector. UDB's Director of Economic Research and Knowledge Management, Dr. Francis Mwesigye, highlighted the sponsorship as an investment in showcasing Uganda's climate investment potential.
UDB has established a dedicated Climate Finance Facility (CFF) and Climate Finance Unit, mobilizing over USD 200 million to date. Launched in 2023 with UGX 50 billion in seed capital, the CFF aims to finance bankable climate investments, assess risks, and support projects contributing to emission reduction and economic resilience.
Why it mattersUganda's farmers will benefit from efforts to secure reliable water sources and predictable weather forecasts amidst climate change threats.