Green developers pitch for $90m funding to mitigate climate change

Green project developers are battling for funding to their projects to a tune of $90 million from financiers coordinated by the UK government.
The eight project teams that graduated from the UK government Climate Finance Accelerator(CFA) out of 160 applicants are all looking to qualify for the fund targeting sectors which include; waste management, transport, energy, agriculture and forestry.

 Among the companies pitching for funding is Zembo Motorcycles-SMC Limited targeting the boda boda (motorcycle taxi) industry.
Zembo Motorcycles-SMC Limited's Jacqueline Kimotio said they are  currently at the scaling phase of their business and they are looking for $10.8 million to be able to finance that growth.

“Part of the reasons you should consider investing or engaging in our industry, is that 70 percent of Ugandans use boda bodas as their main mode of transport and Uganda itself, invests in 12,000 motorcycles on a monthly basis and transport costs is major conversation held in African households,” Ms Kimotio said.

Mr Isaac Katewanga, the Head of the ESG and Sustainability at UMEME while pitching said his company sought to wean more Ugandans off biomass (charcoal and firewood) with 95 percent of Ugandan households using that form of energy
"We are looking at 15,000 pressure cookers to enhance the cooking experience. We have already started distribution of 600 E- pieces out of the 1,500 and we are looking at scaling this up,” Mr Katewanga said.

Mr Katewanga said they are sourcing for funding for 50,000 electric pressure cookers to be distributed across our 47 service centres across the country but on top of that with the ability to roll out full scale.  
According to Ms Kate Airey, the British High Commissioner, public finance is a core part of the UK, and others’ contribution to Uganda’s sustainable development through concessional loans, equity and innovative instruments like finance and green bonds.
She explained that the UK recognises and shares frustration with challenges in accessing finance in the ways which you need.

“We also recognize that public climate finance is not enough on its own, and the private sector’s role is crucial. That is why this programme aims to support the mobilisation of private capital to where it’s needed most,” Ms Airey said.
UTILITY;
The project developers pitched their innovative ideas to mitigate climate change to investors who also provided advice and feedback on the projects.
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