The grant will go towards the development of new bankable climate change adaptation and mitigation projects in view of achieving the national Climate change goals identified under the Nationally Determine Contributions NDCs.
Uganda has secured 7.6 billion shillings from the African Development Bank-ADB to facilitate implementation of obligations to the Paris Climate Change agreement.
The grant will go towards the development of new bankable climate change adaptation and mitigation projects in view of achieving the national Climate change goals identified under the Nationally Determine Contributions (NDCs).
The NDCs are sets of plans at the heart of the Paris Agreement for achieving global climate change goals which encompass efforts by each signatory country to reduce national emissions and adapt to the impacts of climate change.
It is hoped that when successfully implemented, the Paris agreement will tame the global temperature rise within a limit of 1.5 degrees Celsius, which is just enough to prevent catastrophic consequences such as droughts, floods and other disasters with potentials of pushing more than 40 million into poverty.
Dr Olufunso Somorin, the Climate Change Policy Officer for Nationally Determined Partnership said the financial facility was approved two weeks ago after an assessment visit to the country.
Uganda was the first African country to submit its nationally determined contributions for implementation of the Paris agreement which aims at taming global temperature rise to 1.5 degrees Celsius.
Robert Bakiika, the Director of Environmental Management Livelihood Initiative in Uganda says the facility is a huge boost for the flow of climate change finance into the country.
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Bakiika says for maximum impacts to be realized in the country, such funding facility should be complemented with domestic funding initiatives.
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Uganda signed its Nationally Determined Contributions action plan to the United Nations Framework Convention on Climate Change in June in Kampala. The Plan emphasizes adaptation actions, and the commitment to reduce emissions by 22% by 2030 relative to a business-as-usual scenario through actions related to energy, forestry and wetlands.