Uganda and other least developed countries have not been well represented on the international carbon market in the past and for the most part have not developed the capacities needed in using new market-based mechanisms which could help them achieve their climate and development goals. Uganda has hosted more than 25 programmes and project activities under the Clean Development Mechanism. While this number appears small in comparison to countries such as China and India, it is the largest number in East Africa. A climate change bill is currently being drafted to supplement the National Climate Change Policy adopted in 2013. The consultation process linked to this legislation provides a chance to work towards more conducive conditions for carbon market instruments.
The Global Carbon Market project supports the development and implementation of carbon market instruments in Uganda as well as in the wider East African region. It sensitizes policy makers to carbon market mechanisms and provides training for delegates from the African Group who negotiate within the UNFCCC. Capacity building on carbon markets and specifically on Article 6 of the Paris Agreement is an important part of the project. It also encourages greater private sector involvement in climate change mitigation and carbon markets by supporting commercial stakeholders in identifying and developing project ideas. Under the Global Carbon Market project, carbon market instruments such as Standardized Baselines are being developed to enable not only emission reduction calculations but also monitoring, reporting and verification of climate action. Harmonization of carbon markets and emission trading systems in the region is also promoted. Last but not least, the Global Carbon Market project also supports the East African Alliance with regard to carbon finance and carbon pricing activities.
November 2018 In Preparation for COP 24