Wamala said every organisation must be concerned about climate change effects, noting that at 57 gigatons of carbon dioxide emitted globally last year, the speed if increase also increase to 1.3 percent, which he called scary.
The Ministry of Works and Transport will not award a contract to any company unless the bidder clearly and satisfactorily states how they are going to be protecting the environment during the implementation of the works.
Minister Edward Katumba Wamala says that this is because the government recognizes the increasing impacts of climate change on the world as a whole, and particularly Uganda.
Speaking at the Financial Reporting (FiRe)Awards event of the Institute of Certified Public Accountants of Uganda (ICPAU), Gen Wamala cited the cases associated to climate change around the world, including wild fires, floods and drying up of rivers.
His comments were in line with the theme of this year’s event: “Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress.”
He said every organisation must be concerned about climate change effects, noting that at 57 gigatons of carbon dioxide emitted globally last year, the speed if increase also increase to 1.3 percent, which he called scary.
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The ICPAU FiRe Awards 2024, launched in 2011, honor excellence in corporate reporting in Uganda promoting high standards and compliance to the International Reporting Standards (IFRS), on which the Institute recently pronounced itself.
In enforcing ESG (Environmental, Social and Governance) reporting, the aim is to ensure sustainability of operations with organisations showing their level of protection of the environment, care for the communities and governance free of corruption, among others.
This, according to Wamala the Chief Guest, is also being applied in their new projects, including roads, railways, inland ports and airport.
He gave the accountants and corporate fraternity an update of the major construction projects which he said were aimed at improving connectivity in the country for the good of business operations, calling on the accountants to support them.
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However, the Minister appealed to them to support the government bids to raise money and especially through securities, which will enable the government reduce on external financing.
Hailing the introduction of innovative products at the Capital Markets Authority and the Uganda Securities Exchange, Wamala said the innovations are vital for in helping government raise capital from the domestic market
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Dickson Sembuya Director Research and Market Debt at CMA explained the importance of ESG compliance, saying it not only helps in raising the standards of governance, but also attracting capital.
According to him, global investors are now on the lookout for projects are comply with these standards, afraid of destroying the environment, abetting corruption and violating human rights.
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ICPAU adopted the IFRS (International Finance Reporting Standards) in 1998 for use by preparers of general-purpose financial statements in Uganda, and there came a need to monitor compliance with these standards.
An in August, it adopted the IFRS Sustainability report as part of the new international standards.
Ronald Mutumba, the Vice President of the Institute also reminded organisations that the new laws also require that filing of tax returns will now be accompanied by financial returns prepared by a certified accountant.
