Government is in urgent need of USD 28.1bn to finance climatic change adaptability and mitigation.
This has been disclosed by the Permanent Secretary of the Ministry of Finance, Planning and Economic Development, Ramathan Ggoobi during the 15th Annual CEO Summit held in Kampala on Friday.
He noted that this fund has to be raised within this Financial Year to mitigate climate change.
Ggoobi however says if actions being implemented continue to harm the environment, the goal will be pushed to 2050 and this will mean that the amount of money needed will have to increase.
The International Monetary Fund indicates that the global investment requirement to fund climatic action ranges between Sh3 trillion to Sh6 trillion by 2050.
The Managing Director of Centenary Bank, Fabian Kasi used this event to call upon the private sector to commit to enhancing sustainability and collaborate with each other and embrace stakeholders’ engagements to protect the environment.
The head of CEO Summit Uganda, Steven Mukasa appealed to all stakeholders to come up with plans on what can be done to ensure that their operations don’t harm the environment.
The 15th Annual CEOs summit has been driven under the theme; “Only One Earth, Our Purpose and Mandate”.
By Olivia Nabaggala
13th Sept 2024
