Eight Ugandan Businesses Graduate from UK-Funded Climate Accelerator Program
Eight Ugandan businesses have graduated from the UK government-funded Climate Finance Accelerator Program, designed to support companies transitioning towards a low-carbon economy by providing affordable and eco-friendly bio-energy solutions.
British High Commissioner Kate Aireh emphasized the UK's commitment to Uganda's sustainable development through various means, including concessional loans, equity investments, and innovative tools like green bonds and insurance. She also underscored the crucial role of the private sector in mobilizing private capital for these green initiatives.
The two-month program equipped eight Ugandan businesses with the necessary skills in finance, technical aspects, and gender equality. Collaboration between financial experts, investors, and project developers is expected to accelerate the transition to a low-carbon economy.
Highlighting the critical role of the private sector, High Commissioner Aireh stated, "We recognize that public climate finance alone is insufficient. This program aims to support the mobilization of private capital where it's most needed."
The UK government has pledged up to £40 million to extend the Climate Finance Accelerator Program from 2024 to 2029, aiming to support 750 low-carbon projects across 16 countries in Asia, Latin America, and Africa.
This collaboration between the UK and Ugandan businesses signifies a significant step towards promoting sustainable development and achieving a low-carbon future.
