Kampala, Uganda | THE INDEPENDENT | Uganda on Tuesday launched a new national Sustainable Finance Curriculum aimed at reshaping the country’s financial sector toward inclusive growth, environmental protection, and climate resilience. The initiative, unveiled at the Sheraton Hotel in Kampala, was developed by aBi Finance Ltd in partnership with the Uganda Institute of Banking and Financial Services (UIBFS), with support from the Royal Danish Embassy, the European Union, and Impact Fund Denmark.
David Kalyango, head of bank supervision, who represented Governor Dr. Michael Atingi-Ego described the curriculum as a landmark in Uganda’s effort to align its financial systems with the United Nations Sustainable Development Goals and the Paris Agreement on climate change.
He emphasized that the global financial sector is at a crossroads where responsible growth must take precedence over short-term profit.
“Previously, environmental, social and governance factors were often viewed as well-intended add-ons or burdens on the balance sheet. This mindset is economically obsolete,” he said.
Kalyango underscored Uganda’s acute vulnerability as a predominantly agricultural economy, noting that the 72 percent of the workforce rooted in farming faces systemic shocks from climate volatility, prolonged droughts and catastrophic floods. Research indicates that without decisive climate-focused investment, Uganda’s gross domestic product stands to contract by more than 3.1 percent by 2050.
“The guiding question for every financial institution must evolve from, Is this transaction profitable? to Is this investment responsible and sustainable?” Kalyango said.
While Uganda’s financial sector has demonstrated resilience, a 2022 Bank of Uganda analysis revealed a critical gap: While 22 of 30 supervised financial institutions offered ESG-related products, not a single bank was performing environmental and social stress testing.
“This gap represents not just a regulatory blind spot, but a strategic vulnerability threatening the very stability we have worked to achieve,” Kalyango said.
He said that the central bank introduced a key focus for regulatory oversight: finance emissions. When institutions extend credit to carbon-intensive clients, they become financially connected to that company’s greenhouse gas output, known as Scope Three emissions.
Kalyango warned that institutions with high finance emissions face immediate risks, including difficulty accessing international capital and a higher cost of capital. “The future of finance is one where profit and purpose are inextricably linked. Let us build a financial sector that is not only robustly profitable, but also principled, purposeful and profoundly sustainable,” he emphasized.
The Bank of Uganda’s mandate is now to ensure financial institutions move beyond awareness to institutionalize ESG principles. The central bank has provided an ESG framework and is constructing the necessary infrastructure for success, including the National Green Taxonomy, the National Climate Finance Strategy and the Green Bond Framework.
Mona Muguma-Ssebuliba, Chief Executive Officer of aBi Finance told reporters that the program seeks to close a critical skills gap by equipping financial institutions, regulators, and development partners with tools to integrate environmental, social, and governance (ESG) principles into lending, investment, and risk management decisions.
“This curriculum is a strategic blueprint for transformation,” said Ssebuliba. “Our goal is to build a financial sector that is profitable, principled, and purposeful — one that mobilizes capital for projects that protect natural systems, uplift communities, and foster economic resilience.”
The curriculum, a first of its kind in Uganda, comprises 11 thematic units covering areas such as sustainable investment classification, climate risk assessment, social inclusion, governance standards, green financial products, and innovation in financial technology. It also includes modules on monitoring, reporting, and verification to help institutions identify and prevent greenwashing — a growing global concern in sustainable investing.
“We see this as an investment in the country’s human capital — in the people who will drive sustainable development for decades to come,” Muguma-Ssebuliba said.
According to Goretti Masadde, CEO of the Uganda Institute of Banking and Financial Services, the launch comes at a pivotal moment for the country’s financial sector. “The global financial landscape is changing. It is no longer enough to fund growth — we must finance the future,” she said. “This curriculum will help Uganda’s banks, insurers, and investors embed sustainability into the DNA of their operations.”
Masadde said the program reflects a collaborative process that brought together key regulators, including the Bank of Uganda, the Insurance Regulatory Authority, and the Uganda Microfinance Regulatory Authority, as well as private-sector players such as the Uganda Bankers Association and the Capital Markets Authority. The National Curriculum Development Centre also contributed to ensuring that the program meets national education standards.
Delivered through blended learning, the four-month certificate program combines classroom sessions, case studies, and digital learning platforms, emphasizing practical tools, local case studies, and global best practices. It is designed for professionals in banking, insurance, microfinance, fintech, and government agencies, as well as non-governmental organizations and sustainability consultants.
The curriculum also aligns with Uganda’s broader policy framework, including Vision 2040, the National Climate Finance Strategy, and the Green Growth Development Strategy. Officials said it would help bridge the financing gap for climate adaptation and green projects in Uganda, where demand for sustainable investment is rising but financial literacy and regulatory guidance remain limited.
The launch drew representatives from the government, development partners, financial institutions, and academia, who praised the initiative as a timely response to the growing need for responsible investment. Jesper Pedersen, Head of Cooperation at the Royal Danish Embassy, said Denmark’s support reflects its commitment to helping Uganda “build financial systems that serve both people and the planet.”
Uganda’s economy, heavily reliant on agriculture and natural resources, faces increasing vulnerability to climate change, with recurring floods and droughts threatening livelihoods and infrastructure. Advocates of sustainable finance argue that the country’s financial system must evolve to channel resources toward renewable energy, sustainable agriculture, and climate-smart infrastructure.
aBi Finance, a development finance institution founded to support agribusiness and green growth, said the new curriculum will also serve as a training framework for financial institutions seeking certification in sustainable finance practices.
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