Uganda’s economic transformation can only be achieved through sustainable development, according to Patricia Ojangole, Managing Director of the Uganda Development Bank Limited (UDBL).
This statement emphasizes the crucial role sustainable development plays in driving economic growth while mitigating climate change.
Ojangole, who was speaking at the launch of RISE (Reshaping Industries for a Sustainable Economy), a new project by UDBL aimed at bringing innovative solutions that combine scalability, sustainability, and technology for businesses on Thursday, said that the survival of our societies and our shared planet depends on building a more sustainable world.
“Traditionally, addressing such issues was the responsibility of states, world leaders, and international organizations like the United Nations. However, the dynamics have significantly shifted,” Ojangole noted.
She added that; “Today, it is no longer solely up to world leaders—every individual has a role to play. A more prosperous, inclusive, and resilient world benefits us all, whether we are in government, civil society, business, or managing a home. Regardless of our position—whether in school or beyond—we each have the power to contribute to meaningful change.”
She explained that as the country’s national Development Finance Institution (DFI), UDBL is at a critical juncture where the Bank must develop innovative solutions to global challenges like climate change.
“Achieving sustainable development requires every stakeholder in the development chain to rethink their actions, prioritize long-term impact, and embrace strategies that drive economic growth without compromising the future of our planet,” she emphasized.
Why Sustainable Development Matters
Sustainable development is vital for economic growth as it ensures that economic activities are environmentally friendly and socially responsible. This approach enables countries to achieve economic prosperity without compromising the well-being of future generations.
The United Nations’ Sustainable Development Goals (SDGs) also highlight the importance of sustainable development in achieving economic growth and reducing poverty.
Four Key Steps to Sustainable Economic Growth
To achieve sustainable economic growth, four key steps must be taken:
Investment in the right kinds of capital and infrastructure
This involves investing in clean energy, green technologies, and sustainable infrastructure to drive economic growth while reducing environmental impact.
Innovation and systems transformation
This requires transforming key systems such as energy, transport, and industry to make them more sustainable and resilient.
Policies to foster investments, innovation, and transition:
Implementing policies that support sustainable development, such as carbon pricing and regulations, can help drive economic growth while reducing environmental impact.
Finance and international cooperation
International cooperation and financing mechanisms are essential for supporting sustainable development and achieving economic growth.
Uganda’s Path to Sustainable Development
In a bid to foster sustainable development UDBL launched a new project called RISE, which aims to bring innovative solutions that combine scalability, sustainability, and technology for businesses. This initiative demonstrates Uganda’s commitment to sustainable development and its potential to drive economic growth.
Sustainable development is critical for Uganda’s economic transformation. By investing in sustainable infrastructure, innovating systems, implementing supportive policies, and fostering international cooperation, Uganda can achieve economic growth while protecting the environment and ensuring a prosperous future for its citizens.
Speaking at the same function, Arshad Rab, CEO and Chairman of the International Sustainability Council, explained that RISE provides startups, SMEs, large corporations, and platforms with a unique opportunity to connect with lenders and investors from governments, agencies, and the private sector.
This platform, he noted, initiated by UDBL and supported by the Chairman of the Bankers Association, is designed to foster innovation and drive change in industries that the world needs.
He explained that by creating a space for transformative ventures, RISE highlights the essential role of the financial sector in tackling global challenges and shaping future industries.