Ministry of finance needs 4.1b to tackle climate change
The Ministry of Finance, Planning, and Economic Development needs to mobilize resources to the tune of 4.1 billion dollars every year to tackle the effects of climate change in the country.
Officials at the ministry explain that climate change is the biggest single challenge to not just the environment and human life, but the economy generally, hence the need to give it a priority when allocating financial resources.
Uganda needs up to 28.1 billion dollars to finance climate mitigation measures according to its Nationally Determined Contribution, a commitment it made in line with the 2015 Paris Agreement, for the period of seven years, 2023-2030.
Denis Mugagga, the head of the Climate Finance Unit at the Ministry of Finance, tells media that resources are expected to be obtained from both domestic and external sources, through grants, loans, or both.
Mugagga added that the government is to partner with the World Bank to secure more financial support from the International Monetary Fund to address the effects of climate change.
