Uganda has successfully secured investment pledges of more than $400 million at the United Nations climate change summit, known as COP28, which will be held in Dubai, UAE, from November 30 to December 12, 2023.
Acting Deputy Director for Communications and Public Relations at Uganda Investment Authority (UIA), David Rupiny, stated in a statement on Wednesday that these commitments, which include renewable energy, water filtration, and forestry, will last four years.
The pledges come from well-known green investors such as Mandulis Energy, Spouts International, 1MTN, and Nexus Green, all of which are UIA-licensed and are presently involved in various phases of green project development and implementation.
Representatives from these firms, including Mandulis Energy co-founder Peter Nyeko, discussed their ideas during a green investment session hosted at the Uganda Pavilion’s Green Investment Room. Nyeko described Mandulis Energy’s plan to build over 24 off-grid power systems with capacities ranging from 0.5 to 2 megawatts across rural Uganda. These systems are intended to power agricultural processing plants and aid over 120,000 low-income farmers.
Spouts International CEO Daniel Yin revealed that his firm, Africa’s largest maker of ceramic water filters, has committed more than $10 million and aims to invest an additional $80 to $100 million over the next four years. Purifaaya, a ceramic water filter from Spouts International, has already reached 200,000 families, with an aim of serving six million households by 2030.
1MTN, an African developer of nature-based carbon removal projects, has spent $1.5 million and plans to invest another $100 million over the following four years. The firm, directed by CEO Christian Raude, aims to restore one million hectares of damaged land by 2030 through polyculture native bamboo planting.
With the help of the United Kingdom Export Fund, Nexus Green, a solar energy firm, has invested $100 million in its manufacturing. The founder and CEO, Rikki Verma, stated that their mission is to deliver inexpensive solar-powered solutions to the estimated 458 million people in East and Central Africa who lack dependable energy.
Verma further emphasized the simplicity with which one may invest in Uganda, citing UIA as a one-stop shop for crucial investment and business support services.
