Debunking the Myth: Climate Finance only refers to Funding for Renewable Energy Projects

𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻

The (Africa Center for Strategic Studies (2024) Mapping a surge of disinformation in Africa. 13 March.) reports a significant rise in documented disinformation campaigns across at least 39 African countries. East Africa ranks second in the number of recorded disinformation campaigns on the continent and has the highest percentage (over 60%) of domestically originating campaigns. These campaigns frequently target critical issues, including democracy, peace, climate change science etc.

𝗧𝗵𝗲 𝗜𝘀𝘀𝘂𝗲

The widespread belief in climate myths, misinformation and disinformation undermines public support for necessary climate policies, weakens the mandate for urgent climate action, and hampers progress toward global climate goals.

𝗢𝘂𝗿 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗲

The Debunk Green Falsities (DGF) is a digital media innovation dedicated to debunking myths, disinformation and misinformation surrounding climate change, environmental issues and sustainability.

Our approach is based on digging deep into credible literature and collaborating with ecosystem stakeholders to provide timely, accurate and first-hand counter-information that promotes climate literacy and accelerates desired climate action.

𝗧𝗵𝗲 𝗘𝘅𝗽𝗲𝗿𝘁𝘀

To verify and validate the facts and falsities of the claim, we engaged authoritative voices in climate finance, individuals whose expertise, experience, and leadership provide deep, evidence-backed insights into what climate finance truly is.

• Kenneth Legesi, CFA, CEO/Chief Investment Officer at Ortus Africa Capital, has vast expertise spanning financial advisory and strategic investment, with a strong focus on impact investment and unlocking capital for African startups. His involvement extends to actively authoring stories on climate finance, further establishing him as a thought leader in the field.
• Rebecca Alice Ajok, Global Sustainability and Partnerships Consultant at Brilliant Minds Planet, possesses deep expertise in bridging the gap between businesses and global impact investors. She has worked extensively on high-level projects that align climate finance with sustainable economic growth.
• Flavia Namugambe, Development Team Lead at Green Stories Uganda, a distinguished media and communications expert, has extensively covered green innovations, reporting on how climate finance is deployed into social enterprises and impact startups.

These experts whose knowledge is both demonstrable and authoritative provide invaluable perspectives in this story.

𝗖𝗼𝗻𝘁𝗲𝘅𝘁𝘂𝗮𝗹 𝗕𝗮𝗰𝗸𝗴𝗿𝗼𝘂𝗻𝗱

𝗪𝗵𝗲𝗿𝗲 𝗗𝗼𝗲𝘀 𝗧𝗵𝗶𝘀 𝗠𝘆𝘁𝗵 𝗖𝗼𝗺𝗲 𝗙𝗿𝗼𝗺?

Climate finance has gained traction in Uganda, but a common misconception persists, many Ugandans believe it is solely about funding renewable energy projects. This misunderstanding is not surprising, given the booming clean energy advocacy initiatives and the prominence of investments in the sector by public and private sector players.

To gauge public perception, we conducted an independent open poll, revealing that 56% of respondents (15 persons) believed that climate finance is exclusively about funding renewable energy projects. This prompted us to engage subject matter experts in the field to clarify the broader scope of climate finance and set the record straight.

𝗧𝗵𝗲 𝗘𝘅𝗽𝗲𝗿𝘁 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀

𝗪𝗵𝗮𝘁 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗥𝗲𝗮𝗹𝗹𝘆 𝗖𝗼𝘃𝗲𝗿𝘀!

The origins of climate finance date back to 1992 with the establishment of the United Nations Framework Convention on Climate Change (UNFCCC). Recognizing the need for financial support to help developing nations combat climate change, the UNFCCC laid the groundwork for climate finance mechanisms. (Stephanie Hodge, UN Partnerships Specialist (2023) Understanding Climate Finance: History, Funds, and Access, 20 June)

Over the years, various funding channels, such as the Green Climate Fund (GCF), the Global Environment Facility (GEF) and others, have emerged to support mitigation and adaptation projects worldwide.

Climate finance encompasses both public and private financial flows aimed at combating climate change. According to the UNFCCC’s Standing Committee on Finance, these funds are essential for reducing emissions and helping nations build resilience against climate-related challenges. (UNFCCC Standing Committee on Finance, 2014 Biennial Assessment and Overview of Climate Finance Flows Report, Pg-15).

Climate finance also refers to financial resources mobilized to support projects and initiatives that address climate change mitigation (reducing greenhouse gas emissions) and climate change adaptation (building resilience to climate impacts) (Kenneth Legesi, CFA (2025) What Is Climate Finance and Why Is It Crucial for Africa? 3 January.)

Climate finance is not limited to funding renewable energy projects. While financing clean energy sources like solar, wind, and geothermal is an important part of climate finance, its scope is much broader. (Rebecca)

𝗞𝗲𝘆 𝗔𝘀𝗽𝗲𝗰𝘁𝘀 𝗼𝗳 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗲:

• Mitigation: Funding initiatives that lower greenhouse gas emissions, such as renewable energy projects, energy efficiency programs, and reforestation efforts.
• Adaptation: Financial resources directed toward helping communities adapt to climate impacts.
• Financial Mechanisms: Funds are mobilized through global agreements, multilateral development banks, and private sector investments etc.
• Developing Countries: A major focus of climate finance is to ensure that developing nations receive adequate support to implement climate policies and projects effectively.

Additional Resources;

• Soubeyran, É. and Macquarie, R. (2023) What is climate finance? 22 February
• UNFCCC- What is climate finance?
• UNDP (2023) What is climate finance and why do we need more of it? Explainers. 2 October.

𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗜𝗻𝘀𝘁𝗿𝘂𝗺𝗲𝗻𝘁𝘀 𝗶𝗻 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗲

While these energy projects are crucial for reducing carbon emissions,

• Large-scale renewable energy projects, such as the Lake Turkana Wind Farm in Kenya.
• Transitioning to electric buses and public transportation systems to reduce emissions.
• Enhancing energy efficiency in manufacturing and residential buildings through better insulation and smart grids.
• Clean cooking energy solutions, such as improved cookstoves and biofuels, to reduce indoor air pollution and dependence on traditional biomass.

Climate finance extends far beyond renewable energy, supporting a wide range of initiatives that address both climate mitigation and adaptation.

• Sustainable land-use and forestry initiatives, including afforestation, reforestation, and preventing deforestation.
• Carbon pricing and finance mechanisms, including emissions trading and carbon capture technologies.
• Waste management and circular economy projects, such as recycling programs and waste-to-energy initiatives to reduce landfill emissions.
• Building flood defenses and coastal protection infrastructure to safeguard vulnerable areas.
• Climate-smart agriculture to enhance food security and improve drought resilience.
• Developing early warning systems for extreme weather events to enhance disaster preparedness.
• Climate-resilient infrastructure, such as roads, bridges, and water systems that withstand climate impacts.
• Climate disaster response initiatives, such as the Loss and Damage Fund, to help vulnerable nations recover from climate-related catastrophes.

Green Stories Uganda, has covered stories that showcase how climate finance is driving impact beyond the energy sector, supporting projects in Climate Smart Agriculture, E-Waste Management, Sustainable Water Solutions, Financial Solutions, Plastic Recycling, Regenerative Agriculture, E-Mobility etc. (Flavia).

𝗩𝗘𝗥𝗗𝗜𝗖𝗧: 𝗧𝗵𝗲 𝗖𝗹𝗮𝗶𝗺 𝗶𝘀 𝗙𝗮𝗹𝘀𝗲

The belief that climate finance is only about funding renewable energy projects is a misconception. While renewable energy is an important component, climate finance encompasses a much wider range of activities.

𝗧𝗮𝗹𝗸 𝘁𝗼 𝘁𝗵𝗲 𝗘𝗱𝗶𝘁𝗼𝗿

If you have any feedback, corrections, or additional perspectives to contribute, we encourage you to reach out. Your insights help ensure that we continue to deliver accurate, well-rounded, and impactful reporting, patrick@greennarrativesug.org | WhatsApp +256 755 854 225.