A team of investors from Austria has met President Yoweri Museveni to discuss plans of investing in the country’s carbon market.
A statement from State House said the meeting which took place February 10 at his official home in Entebbe.
“President Yoweri Kaguta Museveni received an Austrian-based delegation this afternoon who called on him at State House Entebbe to discuss, among other issues, Uganda’s carbon removal potential,” the statement said.
According to the statement, the delegation which met the President was led by Olivia Mugabe Mitterer, a Ugandan investment advisor; former consul general Karl Wipfler; Elisabeth Koestinger, the former Minister of Environment and Agriculture of Austria; Jakob Zenz and Paul Nimmerfall, the founders of EcoNetix.
The President is said to have welcomed the Austrian entrepreneurs and urged them to exploit the opportunities available in the country.
“The Chinese have capital and entrepreneurship, and we have labor and land. So, I am very happy to see some European entrepreneurs,” the President said.
State House said the delegation presented “a groundbreaking partnership aimed at positioning Uganda as a leader in the carbon markets. With over 3 million hectares of forest and 14 million hectares of agricultural land, Uganda has enormous carbon removal potential.”
As part of this collaboration, EcoNetix is set to become one of Uganda’s implementation partners, helping to elevate the country’s farmers and forestry projects to new levels of sustainability and economic potential.
“EcoNetix is delighted to work with the government of Uganda to unlock its full carbon removal potential,” said Jakob.
The initiative is expected to generate up to $500m in investments, reinforcing the nation’s commitment to climate resilience while driving significant financial benefits for local communities, State House noted.
“The collaboration will focus on scaling up high-integrity carbon credit projects that align with Uganda’s sustainable development objectives.”
