President Museveni Advocates For Streamlined Access to Climate Change Compensation Fund at UN COP28
KAMPALA (UG)-President Yoweri Museveni has told world leaders at the ongoing UN COP28 Climate Summit in Dubai that whereas Uganda welcomes the creation of a fund to help compensate countries struggling to cope with loss and damage caused by climate change, it should be free from the usual bureaucracies in accessing it.
The President’s call was in a speech read for him by Prime Minister Robinah Nabbanja who led the Ugandan delegation to COP28 in Dubai said on Saturday.On the opening day of the UN COP28 Climate Summit, nations agreed to create a fund that aims to provide financial assistance to nations most vulnerable and impacted by the effects of climate change.
To this, several nations started putting in money right away with the hosts, United Arab Emirates, and Germany each committed to donating $100 million (Shs380.4 billion). The loss and damage fund board will in January 2024 meet to discuss the structure of the fund and Uganda is one of the first seven countries to benefit from it.
Speaking on Saturday, President Museveni said while Uganda’s natural biodiversity presents important opportunities for adaptation and mitigation that can greatly contribute to global reduction of greenhouse gas emissions of up to 24.7% by the year 2030, it is highly vulnerable to climatic shocks.
The president told the leaders that because Uganda is mindful of the rampant degradation and the associated impacts escalating climate change, government has come up with policies to protect and preserve our environment and biodiversity.He however noted that currently, only 10% of climate finance in Uganda reaches the local level, calling for the need to have this changed.