Deputy Governor Atingi-Ego urges Companies to champion environmental protection

By Peter Ssebulime

6^th March 2024

The Deputy Governor Bank of Uganda, Michael Atingi-Ego has rallied corporate companies to champion environmental protection to avoid the global warming that is indirectly affecting the economy.

Atingi-Ego says that boards and senior management shouldn’t only focus on the companies’ financial performances but also on environmental protection performance as corporate social responsibility.

This was while officiating the KPMG 13^th Annual Directors and Company Secretaries Conference in Kampala on Wednesday under the theme; “Corporate Governance – the Navigation System During Economic and Geopolitical Uncertainty”.

He emphasized that such a conference must prioritize the importance of protecting the environment and moving towards carbon neutrality, social sustainability and improvements in performances.

A new study released this week by the Center for Global Development, a Washington D.C based think tank that focuses on development, warned that Uganda will suffer significant economic loss if global warming is not limited to below 2°C.

According to the study, Production of important food staples such as maize and beans could decline.

The report reviews the patterns and trends of the impact of climate change on socioeconomic indicators, including economic growth, agricultural productivity, poverty, food security, health, water resources, and the energy sector.

Generally, the report says if climate change continues on its current trend, crop production in Africa will decline by 2.9% in 2030 and by 18% by 2050.

In her opening remarks, Jane Okot P’Bitek Langoya, the Chairperson of the Institute of Chartered Secretaries and Administrators Uganda (ICSA) said that there is a need for every company and individual to ensure carbon oxide is reduced in the air, adding that this must be spearheaded by institution directors and governors by planting trees and discouraging deforestation.

However, CPA Stephen Ineget, the KPMG Country Leader advised Company Directors and Administrators to adopt the current digital world to take quick responses on challenges affecting the organizations.

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