The bank says Uganda needs 3-4 billion dollars for climate finance in the next ten years but that money is not flowing as expected. It says the private sector has contributed only 26 million dollars or 3.4%.
The newly published policy brief titled ‘The vicious cycle: The links between debt crisis and climate crisis’ found that nine countries most vulnerable to climate change including Somalia, Sudan, DRC, Malawi and Mozambique are already in debt distress, while 40 climate-vulnerable countries, including Uganda and Rwanda, are at moderate or high risk of debt distress.
Dr Minchael Mugerwa, General Manager, Uganda Refinery Holdings Lts says the world should recognise Uganda's right to exploit her resources because it is aware of the impact petroleum production can have on the environment.
