Uganda estimates that it will need $28.1 billion to adapt to the effects of climate change and cut emissions until the end of the decade.
The funding, which will be managed through a newly established climate finance unit, is required for adaptation and mitigation measures in sectors such as energy, forestry and agriculture, the Kampala-based Finance Ministry said in a statement on its website. It plans to raise at least $4 billion domestically and source the balance externally.
“Globally, climate-finance mobilization through public sources are proving futile, with most of the financing being provided in forms of loans than grants,” the ministry said. “There will be deliberate efforts to effectively engage the private sector.”
The East African nation is targeting a 25% reductions in emissions by 2030.
