President Yoweri Museveni (R), speaks to the delegation from Austria, at State House in Entebbe. PPU PHOTO

President Yoweri Museveni has reaffirmed Uganda’s commitment to leveraging its vast natural resources to tap into the global carbon market.

At a high-level meeting at State House Entebbe, President Museveni hosted a delegation from Austria-based EcoNetix to explore strategic partnerships aimed at unlocking Uganda’s carbon removal potential.

The delegation, led by Olivia Mugabe Mitterer, included former Consul General Carl-Philipp Wipfler, former Austrian Minister of Environment and Agriculture Elisabeth Köstinger, and EcoNetix founders Jakob Zenz and Paul Nimmerfall.

• Their discussions focused on positioning Uganda as a key player in the international carbon credit market, according to a press release from State House.

Welcoming the investors, President Museveni emphasized Uganda’s readiness to collaborate with European entrepreneurs.

“The Chinese have capital and entrepreneurship, and we have labor and land. So, I am very happy to see some European entrepreneurs exploring opportunities here,” he stated.

• Uganda boasts over three million hectares of forests and 14 million hectares of agricultural land, offering immense potential for carbon removal initiatives. EcoNetix presented an ambitious plan to support high-integrity carbon credit projects aligned with Uganda’s sustainability and conservation goals.

EcoNetix co-founder Jakob Zenz expressed optimism about the partnership, stating, “We are delighted to work with the Government of Uganda to unlock its full carbon removal potential. Our goal is to support farmers and forestry projects while driving economic benefits for communities.”

The initiative is expected to attract up to $500 million in investments, reinforcing Uganda’s efforts in climate resilience and sustainable land management.

However, Uganda’s push for a robust carbon market faces a major hurdle following a UGX 135 billion budget cut in the tourism and conservation sector for the 2025/26 financial year. This reduction slashes the sector’s allocation from UGX 311 billion in 2024/25 to UGX 175.98 billion, raising concerns over the future of conservation programs.

Speaking at the Uganda Media Centre, Minister for Tourism, Wildlife, and Antiquities Tom Butime warned that inadequate funding could stall critical conservation efforts.

• “Environmental conservation is both an ecological and economic necessity. It plays a vital role in our economy and the well-being of our communities. The lack of adequate investment limits our ability to address human-wildlife conflicts, poaching, illegal wildlife trade, and the impact of climate change on biodiversity,” Butime stated.

• He also stressed the need for a holistic, collaborative approach involving governments, financial institutions, businesses, civil society, and local communities to ensure long-term conservation financing.

Despite financial constraints, Uganda remains committed to scaling up carbon credit initiatives to strengthen its role in the global fight against climate change. By implementing sustainable land use practices, Uganda aims to not only mitigate environmental threats but also create financial opportunities for local communities.

With EcoNetix set to become a key implementation partner, the collaboration could significantly boost Uganda’s carbon economy, turning conservation efforts into a lucrative revenue stream while promoting climate resilience and sustainable development.