Zembo Bike

Uganda targets $4 billion in green investment deals at COP28 in Dubai

Picture: An electric bike by Zembo, a UIA green investment licensee.

The Uganda Investment Authority (UIA) is participating in the 28th Conference of the Parties (COP 28) to the United Nations Framework Convention on Climate Change with an ambitious target of clinching four billion dollars in green investment deals.

This pivotal event, scheduled to take place from November 30 to December 9, 2023, at the Dubai Expo in the United Arab Emirates, brings together world leaders, policymakers, and influencers to address the pressing challenges of climate change.

As a statutory body, UIA is charged with making provisions for scarce and non-renewable natural resources like minerals, water, and wildlife by attracting technology, skills, and investment for their prudent use in line with government policies, laws, and international obligations.

The Director General of UIA, Mr. Robert Mukiza, said the authority’s mission at COP 28 is to target four billion dollars in green investments.

“We will run an aggressive promotional drive during the COP 28 to generate four billion dollars in climate-linked investment deals and pursue future leads in renewable energy, energy efficiency, sustainable agriculture, waste management, recycling, and green infrastructure,” said Mukiza.

According to Mukiza, Uganda, while a low-carbon investment destination, is ideal for green investments as well as adaptive technologies.

“Uganda offers untapped potential in solar, wind, and hydroelectric power, capitalizing on the growing demand for clean energy solutions.

“We are also a growing but significant technology hub with attractive prospects in sustainable tourism and the location of one of the world’s largest and most responsible oil and gas projects” he said.

Uganda is located strategically as a gateway to East Africa with a proven record for its investor-friendly policies and dedicated government support as well as one of the fastest growing economic regions in the world, guaranteeing access to domestic, regional, and global markets (quota-free and tariff-free).

These include; the East African Community (EAC) with a population of over 300 Million people, the Common Market for Eastern and Southern Africa (COMESA) with a population of over 600 Million people, the African Continental Free Trade Area (AfCFTA) with a population of 1.3 Billion people in 55 countries with a combined GDP valued at $3.4 Trillion, Everything But Arms (EBA) with the European Union and Trade agreements with China.

For further information and inquiries, please email us at: tkomuhangi@ugandainvest.go.ug