The financial industry has launched new efforts to encourage small and micro enterprises to embrace “climate-smart” operations, amidst growing restrictions on financing. The global and local are increasingly under pressure to target their finances towards projects that contribute to the mitigation of the effects of climate change or help protect the environment.
However, the industry in Uganda and other developing countries has to deal with a public that has yet to fully appreciate the relationship between financing and their own production practices. Now, the Uganda Institute of Banking and Financial Services (UIBFS) is leading the sensitisation drive that also involves identifying and rewarding projects that are compliant with basic climate-smart or green production practices.
This drive has seen the staff of the institute, as well as the Bank of Uganda, the Uganda Microfinance Regulatory Authority, the Deposit Protection Fund, the Uganda Bankers Association, the Uganda Retirement Benefits Authority, the Insurance Regulatory Authority, and the Uganda Insurers Association, save money to award best projects.
Goretti Masadde, the Institute’s Chief Executive Officer said throughout 2023, players in the financial services sector have run a saving challenge where the staff of different organizations have collected money which will go towards boosting the most befitting women or youth-led green smart initiatives.