- ICOGU stated that Insurance supports Uganda’s energy transition by providing financial stability, mitigating risks, and enabling investment in clean energy projects.
- The Energy Symposium brought together industry leaders, policymakers, and investors to explore solutions for a sustainable and resilient energy future.
Experts at the 2025 Energy Symposium, organised by the Insurance Consortium for Oil and Gas Uganda (ICOGU), have emphasised the crucial role of insurance in supporting Uganda’s energy transition by providing financial stability, mitigating risks, and enabling investment in clean energy projects.
Delivering the keynote address at the Sheraton Kampala Hotel, Richard Scott, Global Head of Renewables at Oneglobal Broking UK, highlighted the necessity of early insurance involvement in financing renewable energy initiatives.
“It’s not necessarily the oil and gas companies that are investing in renewables. It’s independent power producers, small companies, and banks worldwide. Without insurance, these projects would struggle to secure financing and move forward,” Scott stated.
The Insurance Regulatory Authority (IRA) CEO, Alhaj Ibrahim Kaddunabbi Lubega, noted that Uganda’s energy sector is evolving with a dual focus on developing petroleum resources while expanding renewable energy.
He outlined the benefits and challenges of this transition:
- Opportunities: Economic growth, infrastructure development, and job creation.
- Risks: Environmental concerns, project financing uncertainties, and regulatory compliance.
“The industry must innovate to address these challenges. New products tailored for green energy, carbon capture initiatives, and clean technology investments are essential. Strengthening reinsurance capacity and fostering public-private partnerships will also be crucial in ensuring the success of Uganda’s energy transition,” Kaddunabbi said.
Representing the Ministry of Energy, Principal Geologist Tony Sserubiri emphasised Uganda’s commitment to balancing oil and gas development with a growing renewable energy sector.
“Government aims to diversify its energy mix, ensuring that renewables become the dominant source over time. Our renewable energy policy is designed to accelerate this shift by promoting clean energy investments,” he explained.
Sserubiri also stressed that insurance would be instrumental in supporting this transition by:
- Offering project insurance for renewable energy developments.
- Providing liability coverage for developers and contractors.
- Expanding climate risk insurance to address environmental impacts on energy generation.
- Securing political risk insurance to protect foreign and domestic investments.
Jonan Kisakye, CEO of the Uganda Insurers’ Association and Secretary of the ICOGU Technical Committee, reaffirmed the insurance sector’s commitment to supporting sustainable energy initiatives.
“This symposium provides a platform to evaluate emerging risks related to renewable energy, climate change, technological advancements, and policy shifts. By identifying these risks early, we can develop effective strategies to support Uganda’s transition to clean energy,” Kisakye said.
The 2025 Energy Symposium, themed “The Role of Insurance in the Energy Transition,” held for three days until March 23, bringing together industry leaders, policymakers, and investors to explore solutions for a sustainable and resilient energy future.