Uganda Forms Joint Team to Boost Carbon Market Participation

Uganda is set to enhance its engagement in the burgeoning carbon market through a newly formed joint technical working group. This collaborative body, comprising representatives from key government ministries, the National Planning Authority, development partners, and private sector entities, will tackle critical challenges impeding the sector’s growth.

The agreement emerged from the East Africa Carbon Markets Forum, a two-day event focused on expanding Uganda’s role in carbon trading. Kenneth Muhangi, Chairperson of the Carbon Markets Association of Uganda, highlighted the forum’s significant outcome: a government commitment to partner with the private sector in advancing carbon markets.

This working group is designed to provide a structured platform for identifying and resolving practical obstacles faced by carbon projects. Muhangi emphasized the need for close cooperation in this relatively new industry, stressing that associations like the Carbon Markets Association offer a vital channel for communication between the private sector and policymakers.

The initiative comes in response to concerns about attracting credible investment without sufficient technical capacity, reliable data, and broader awareness. Agnese Alksne Bensons, a board member of Sustainability Partners Ltd, pointed out that investors require traceable data to verify the environmental benefits of carbon projects. She stressed the importance of strengthening local technical, scientific, and knowledge capabilities to meet international standards.

Furthermore, stakeholders recognized the necessity of including local communities in the carbon market to realize Uganda’s full economic and environmental potential. Shafiga Wanyenya, Vice Chairperson of the Parliamentary Committee on Climate, noted that many rural communities are unaware that activities like tree planting and conservation can generate income through carbon credits.

To address these issues, action groups will be established to tackle identified knowledge and financing gaps, working towards developing high-integrity carbon projects and attracting investment. The success of Uganda’s carbon market hinges on translating these forum resolutions into tangible actions that benefit communities, developers, and investors alike.

Source: Nile Post