Uganda has launched Sustainable Finance Curriculum designed to steer the country’s financial sector toward inclusive growth, environmental protection, and climate resilience.
The program 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.
Speaking on behalf of Bank of Uganda Governor Dr. Michael Atingi-Ego, the central bank’s head of bank supervision, David Kalyango, hailed the initiative as a landmark in efforts to align Uganda’s financial systems with the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement on climate change.
Kalyango said the global financial system is at a crossroads where responsible, sustainable growth must take precedence over short-term profits. “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.
He noted that Uganda’s heavy dependence on agriculture, which employs more than 72 percent of the workforce, leaves the economy highly exposed to climate shocks such as prolonged droughts and severe flooding. Research indicates that without urgent investment in climate adaptation, Uganda’s GDP could 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, urging banks to integrate climate and social risks into their operations.
A 2022 Bank of Uganda study found that while 22 of the 30 supervised financial institutions had introduced ESG-related products, none were conducting environmental and social stress testing. Kalyango described this as a critical regulatory blind spot that could undermine financial stability.
He added that the central bank has introduced a new focus on “finance emissions” — the greenhouse gas output linked to loans and investments in carbon-intensive industries. Institutions with high finance emissions, he warned, could face rising borrowing costs and restricted access to international capital markets. “The future of finance is one where profit and purpose are inextricably linked,” he said. “Let us build a financial sector that is not only profitable, but also principled, purposeful, and profoundly sustainable.”
According to Kalyango, the Bank of Uganda is committed to ensuring that sustainability moves from awareness to institutional practice. The central bank has already introduced an ESG framework and is developing key instruments such as the National Green Taxonomy, the National Climate Finance Strategy, and a Green Bond Framework to guide sustainable investments.
aBi Finance CEO Mona Muguma-Ssebuliba said the new curriculum aims to close a major skills gap by training financial institutions, regulators, and development partners on integrating ESG principles into lending, investment, and risk management decisions. “This curriculum is a strategic blueprint for transformation,” she said. “Our goal is to build a financial sector that mobilizes capital for projects that protect natural systems, uplift communities, and foster economic resilience.”
The curriculum — the first of its kind in Uganda — comprises 11 thematic units covering sustainable investment classification, climate risk assessment, social inclusion, governance standards, green financial products, and financial technology innovation. It also includes training on monitoring, reporting, and verification to prevent greenwashing, a growing global concern in sustainable finance.
Goretti Masadde, CEO of the Uganda Institute of Banking and Financial Services, said the program comes at a crucial moment for Uganda’s financial sector as global finance shifts toward sustainability. “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 added that the program was developed through a collaborative process involving key regulators, including the Bank of Uganda, the Insurance Regulatory Authority, the Uganda Microfinance Regulatory Authority, and the Capital Markets Authority, alongside the Uganda Bankers Association and the National Curriculum Development Centre.
Delivered through blended learning over four months, the certification combines classroom sessions, digital modules, and case studies emphasizing practical tools, local experiences, and global best practices. It targets professionals in banking, insurance, microfinance, fintech, government agencies, non-governmental organizations, and sustainability consulting.
The curriculum aligns with Uganda’s broader development agenda, including Vision 2040, the National Climate Finance Strategy, and the Green Growth Development Strategy.
Officials say it will help bridge the financing gap for green projects and climate adaptation, at a time when demand for sustainable investment is rising but financial literacy and regulatory guidance remain limited.
The launch drew representatives from government, academia, financial institutions, and development partners, who praised the program as timely and forward-looking.
Jesper Pedersen, Head of Cooperation at the Royal Danish Embassy, said Denmark’s support demonstrates its commitment to helping Uganda “build financial systems that serve both people and the planet.”
Uganda’s economy remains highly dependent on agriculture and natural resources, sectors increasingly threatened by climate change.
Advocates of sustainable finance argue that the financial system must evolve to channel resources into renewable energy, sustainable agriculture, and climate-smart infrastructure.
aBi Finance, a development finance institution supporting agribusiness and green growth, said the new curriculum will also serve as a training and certification framework for financial institutions adopting sustainable finance practices.