The carbon market conversation has become a new trend in the block as countries, investors, and innovators seek ways of collaborating, investing, and building structures that can foresee the proper implementation of the business.
In a strategic maneuver, the president of Uganda H.E Yoweri Museveni has held a meeting with Austrian investors dealing in Carbon Markets, with an intention to entice them invest in the country’s carbon market space.
The investors who called on him at State House, Entebbe envisioned a worthwhile investment in the country, to develop the sector as well as advance efforts to combat climate change.
Led by Elisabeth Koestinger, the former Minister of Environment and Agriculture of Austria, the delegation observed that the country has great potential to benefit from the sector, if well-crafted decisions are taken. Others on the team included Mrs Olivia Mugabe Mitterer, a Ugandan investment advisor; former consul general Mr. Karl Wipfler;; Jakob Zenz and Paul Nimmerfall, the founders of EcoNetix.
Mr. Museveni urged the Austrian entrepreneurs to exploit the opportunities available in the country, as well as ensure the locals benefit from the different projects undertaken.
“The Chinese have capital and entrepreneurship, and we have labor and land. So, I am very happy to see some European entrepreneurs,” Museveni remarked during the meeting.
The team presented a groundbreaking partnership aimed at positioning Uganda as a leader in the carbon markets in the East and Central African region.
Apparently, Uganda runs at least well above 3 million hectares of forest and 14 million hectares of agricultural land, presenting an enormous potential for carbon removal.
The entrepreneurs from EcoNetix will become one of the Country’s implementing partners raising capacity to elevate the farmers and forestry projects to greater levels of sustainability and business potential.
The enterprise is projected to generate up to $500 million in investments, strengthening the nation’s obligation to climate resilience while driving substantial fiscal benefits for local communities.
The collaboration will focus on scaling up high-integrity carbon credit projects that align with Uganda’s sustainable development objectives.
By Ceasar Mukasa
