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Uganda Attracts UGX 1.5tr at Dubai COP28 :: Uganda Radionetwork

Uganda Attracts UGX 1.5tr at Dubai COP28

The green investment commitments, current and future, are for the next four years in the areas of renewable energy, water filtration and forestry, according to the Uganda Investments Authority.
Uganda has attracted more than 400 million dollars in green investment deals made at the global climate conference (COP28) in Dubai, United Arab Emirates (UAE).

Green investments refer to the allocation of financial resources to projects or companies that focus on sustainable practices, environmentally friendly technologies, and the conservation of natural resources.

The green investment commitments, current and future, are for the next four years in the areas of renewable energy, water filtration, and forestry, according to the Uganda Investments Authority.

The companies, including Mandulis Energy, Spouts International, 1MTN, and Nexus Green, made the announcements at UIA’s green investment session in the Green Investment Room at the Uganda Pavilion.

All four green investors are UIA-licensed and have commenced operations and are at different stages of green project development and execution.

The green investors provided testimonies to an audience of prospective investors and other actors regarding the status of their investments, experiences, and a broader overview of the investment environment in Uganda.

Peter Nyeko, the co-founder of Mandulis Energy, said their company develops renewable energy infrastructure using innovative technology that converts agricultural waste into low-carbon electricity and biogas for households and small businesses.

Mandulis Energy is developing over 24 off-grid power systems across rural Uganda, each 0.5 megawatts, and to be scaled to two megawatts.

They are intended to power agricultural processing facilities and target more than 120,000 farmers in low-income communities.

The Chief Executive of Spouts International, Daniel Yin, said they have invested over 10 million dollars (about 37 billion shillings) and plan to sink in another 80 to 100 million dollars (290 to 370 billion shillings).

Spouts International is the largest manufacturer of ceramic water filters in Africa. 

It produces Purifaaya, a ceramic water filter made from clay and other locally sourced materials. Currently, it boasts of having reached 200,000 households and aims to reach six million by 2030.

“We make sure that all people have access to safe clean drinking water for the lowest price possible, and this empowers communities and also saves trees from being burnt to boil water for drinking”, said Yin.

The co-founder and chief executive of 1MTN, Christian Raude, said they have so far invested 1.5 million dollars (5.6 billion shillings) and plan to invest another 100 million (370 billion shillings) in the next four years.

The 1MTN is a high-quality nature-based carbon removal project developer in Africa.  

Its mission is to restore one million hectares of degraded land by 2030 on the continent through the planting of polyculture native bamboo with an emphasis on biodiversity management.

“There is a lot of bamboo in Uganda and East Africa and not only does it make good investment sense but is also good for the environment and does not need too much water”, said Raude.

Nexus Green manufactures and supplies what they call affordable solar-powered solutions designed for an estimated 458 million people in East and Central Africa without access to reliable energy.

Its founder and chief executive, Rikki Verma, said they have, with financing from the United Kingdom Export Fund, invested 100 million dollars in the factory, while they employ 200 people directly and over 1,000 people indirectly.

Verma said investing in Uganda has been made easy since UIA is now a one-stop centre for key investment and business support services.

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