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Green growth in Uganda could increase annual GDP by 10 per cent, or an estimated USD 3.4 billion by 2020 and US$11.5 billion by 2040 versus business as usual, this is according to a new report from the Government of Uganda and the New Climate Economy partnership in Uganda.
In its analysis of 23 green growth interventions, the report also finds that they could create 4 million new jobs (gross) by 2040 and reduce greenhouse gas emissions (GHGs) by 28 per cent, enough to exceed the commitments Uganda made under the Paris Agreement.
“What this report proves is that the benefits of a green growth transition in Uganda would outweigh the costs by a ratio of three to one,” said Peter Okubal, the Global Green Growth Institute Uganda Country Representative.
“Uganda can build a growth model that delivers economic and social outcomes at the same time as it protects its abundant natural capital and deals with the impacts of climate change” he said
The investment required to unlock the green growth opportunities in this report is US$1.8 billion annually to 2020.
Many of these opportunities, or something similar, are already identified in current government planning. USD 200 million is the estimated requirement for incremental public investment, with an additional USD 250 million needing to be leveraged from the private sector.
Keith Muhakanizi, the Permanent Secretary/Secretary to the Treasury alluded to the fact that “Uganda has demonstrated impressive growth in the past two decades and to build on this progress and reach middle-income status by 2040, Uganda needs to diversify its economy and overcome constraints to inclusive growth. Our current plans already incorporate green growth elements, but we’re looking to go even further to promote an economic transformation.”