Remarks of Michael Atingi-Ego, Governor of the Bank of Uganda – as prepared for delivery
Address to the National Private Sector Engagement Forum on Climate Finance
Serena Hotel, Kampala
10 July 2025
The Honourable Minister of Finance, Planning and Economic Development,
Permanent Secretary/Secretary to the Treasury,
Colleagues from the Ministry of Finance and other MDAs,
Esteemed representatives of the private sector,
Development partners,
Distinguished heads of financial institutions,
Ladies and gentlemen,
Good morning.
It is a great pleasure to join you at this inaugural National Private Sector Engagement Forum on Climate Finance. Your presence, especially that of our private sector stakeholders, highlights our shared commitment to advancing the climate finance agenda as a cornerstone of Uganda’s socio-economic transformation.
The significance of this forum
Today’s dialogue is both timely and essential. Climate change is no longer a distant concern; it is a present and pressing reality. It is altering rainfall patterns, disrupting food systems, putting pressure on energy supplies, and affecting prices and financial system stability. For example, in FY 2019/20, Uganda incurred losses of over $154m due to weather-related disasters.
However, this challenge also presents a significant opportunity. This forum provides a structured national platform for dialogue, knowledge exchange, and strategic collaboration. Our shared goal is to accelerate the mobilisation and deployment of climate finance, positioning it as a key driver of Uganda’s tenfold economic growth strategy. Our aim is to bridge the information gap between capital providers and seekers by clarifying opportunities, eligibility criteria, and project readiness.
The Bank of Uganda’s mission in a transforming economy
The Bank of Uganda has updated its mission to reflect the evolving needs of the Ugandan economy: ‘To promote price stability and a sound financial system in support of socio-economic transformation in Uganda.’
This mission aligns with Vision 2040, which aims to transform Uganda into a modern and prosperous country within 30 years. Our role is pivotal in ensuring a stable macroeconomic environment that supports inclusive and sustainable growth. We are committed to guiding the financial sector towards a robust climate finance ecosystem.
Policy actions and the banking sector’s role
As the central bank, we are taking deliberate steps to encourage the adoption of sustainable financial practices:
- Industry ESG framework: Launched in June 2024, this framework guides supervised financial institutions in integrating environmental, social, and governance (ESG) principles into their governance, risk management, and reporting. It draws from global best practices, including the GRI and ICMA Bond Principles, while being tailored to the East African context
- Climate risk guidelines: These guidelines will soon be issued and will provide clear direction on identifying, managing and disclosing climate-related financial risks, thereby embedding them into core risk management practices
- Climate stress testing: In collaboration with the Network for Greening the Financial System, we are developing climate stress testing tools to evaluate the resilience of financial institutions in different climate scenarios
- National green taxonomy: In partnership with the ministry of finance and other stakeholders, we are developing a taxonomy to define eligible green activities, reduce greenwashing and improve transparency in climate finance
- Capacity building: In collaboration with the Uganda Bankers Association and the Uganda Institute of Banking and Financial Services, we are developing the capacity for green finance product development, risk assessment, data governance and reporting. A dedicated green finance curriculum is already being implemented
- The National Financial Inclusion Strategy (NFIS II, 2023–2028) explicitly prioritises the development of an inclusive green finance market, thereby reinforcing our commitment to sustainable development.
The banking sector’s responsibilities
To our colleagues in the banking sector: integrating climate considerations into your business models is not a regulatory burden; it is a strategic imperative. It offers a valuable opportunity to align profitability with sustainability.
We encourage financial institutions to:
- Define the scope of their sustainable finance frameworks in line with national sustainability goals
- Develop exclusion lists to mitigate environmental and social risks
- Use third-party reviewers to provide independent ESG assurance, enhancing the reliability and transparency of your data.
Training has already begun to provide supervised financial institutions with the expertise needed to take the lead in this area.
Call to action
As UN Secretary-General António Guterres rightly said, “Climate finance is not charity — it is an investment.”
It is an investment in resilience, economic stability and the well-being of future generations.
I urge all public and private sector organisations to collaborate more closely, invest more boldly, and plan more sustainably. ESG integration is not an unattainable goal; it is expected to become mainstream in Uganda within the next two to five years.
We call on all partners, including universities, research institutions, policymakers, regulators and development partners, to support this transformation by promoting ESG knowledge and practice.
To our UBA members, seize this opportunity to engage widely and champion the institutionalisation of ESG principles.
At the Bank of Uganda, we are committed to supporting innovative instruments like green bonds, carbon credit markets, blended finance, and climate-resilient insurance.
Aligning our financial systems with the realities of climate change will allow us to unlock new sources of growth, build economic resilience, and secure a prosperous future for all Ugandans.
Thank you, and may God bless you all.
