Business & Management
Carbon Prices Too Low to Cut Emissions, Says Canadian Professor Mark Purdon at EfD-Mak Seminar
Kampala, Uganda – August 27, 2025
A new study spanning a decade has revealed that the prices currently offered for carbon credits and other climate finance instruments are too low to meaningfully reduce greenhouse gas emissions in developing countries.
The findings were presented by Canadian scholar Prof. Mark Purdon during a seminar at Makerere University, where he launched his new book “The Political Economy of Climate Finance Effectiveness in Developing Countries: Carbon Markets, Climate Funds, and the State.” The event, hosted by the Environment for Development (EfD) Mak Centre, attracted graduate students and academic staff from the Schools of Economics and Agricultural Sciences.
Prof. Purdon, an Associate Professor at Université du Québec à Montréal (UQAM), based his conclusions on a comparative study conducted between 2008 and 2018 in Uganda, Tanzania, and Moldova. His research showed that while carbon markets and climate funds are theoretically designed to reduce emissions, their real-world effectiveness is constrained by the low financial incentives attached.
“Carbon prices during the period I studied were simply too low to drive meaningful emission reductions,” said Prof. Purdon. “They only worked in contexts where governments were already trying to push development initiatives-like Uganda’s forestry projects and the climate finance just helped amplify that effort.”
The research contrasts Uganda’s relatively proactive approach with Tanzania’s limited engagement, attributing the difference not to institutional capacity but to political will.
“In Tanzania, the government just wasn’t genuinely interested in these instruments -they didn’t find the financial incentives compelling. Uganda, on the other hand, saw even the modest funding as worth integrating into its broader development goals,” he added.
Interestingly, Moldova also showed effectiveness similar to Uganda, despite having different levels of state capacity. Prof. Purdon emphasized that success in utilizing climate finance depends more on political interest than institutional strength alone.
The seminar highlighted the importance of domestic commitment in making international climate finance work. According to Purdon, climate finance is unlikely to succeed in countries lacking political interest, regardless of the mechanisms in place.
The professor’s book aims to inform policymakers, development agencies, and researchers about the conditions under which climate finance can effectively contribute to emission reduction. He expressed hope that students and faculty at Makerere University would further engage with the study’s findings.
“This is how ideas turn into action – through forums like this,” he said, noting his appreciation for the strong turnout and engagement at the event.
Prof. Purdon was in Uganda to attend the International Growth Center (IGC) conference later in the week, but used the opportunity to share his latest work with the Makerere academic community.
Uganda to Launch National Climate Finance Strategy as Experts Call for Private Sector Investment in Adaptation
Uganda is set to launch its first-ever National Climate Finance Strategy on September 12, 2025, a milestone development in the country’s climate policy architecture, according to remarks made by Dr. Peter Babyenda, Policy Engagement Specialist at the EfD-Mak Centre.
Speaking on behalf of Prof. Edward Bbaale, Director of EfD-Mak Centre, Dr. Babyenda emphasized that climate finance will only be effective if private sector participation is prioritized especially in adaptation-focused investments.
“The private sector will only invest where there’s a return. We must ask how to make climate investments profitable,” Dr. Babyenda said. “Much of our climate financing currently goes toward mitigation, but Uganda’s needs are more aligned with adaptation especially in agriculture, which remains highly vulnerable.”
He cited his recent consultancy with the International Fund for Agricultural Development (IFAD), which explored strategies for increasing private sector investment in agricultural adaptation. The findings, expected to be published soon, were presented to various donor communities and could shape future financing models in Uganda.
Dr. Babyenda noted that while mitigation efforts like tree planting are easier to quantify and attract funding, adaptation remains underfunded despite its critical relevance for Uganda. He called for targeted strategies to shift this imbalance.
Highlighting the significance of Prof. Purdon’s new book, “The Political Economy of Climate Finance Effectiveness in Developing Countries”, Dr. Babyenda stressed the importance of understanding political will in determining the success of climate initiatives.
“The experiences from Uganda, Moldova, and Tanzania outlined in the book show that effectiveness is possible where there is political interest. It is not just about institutional capacity it is about commitment,” he said.
He further revealed that Uganda’s Ministry of Finance, Planning and Economic Development has already established a Climate Finance Unit, which is now leading efforts to formalize the upcoming strategy.
In addition to national developments, Dr. Babyenda warned of growing international pressure. He pointed to upcoming European Union regulations, including the Cross-Border Adjustment Mechanism (CBAM), which could restrict exports such as coffee unless exporters prove their products are deforestation-free.
“If we don’t have systems like carbon taxes or certified credits, our goods will face fines or lose market access. We must prepare for this global shift,” he warned.
Dr. Babyenda also announced that Makerere and IGC would sign a Memorandum of Understanding, solidifying their continued partnership in climate economics research and policy development.
He closed by encouraging students to engage with the issues raised during the seminar, suggesting they could form the basis of graduate research or postdoctoral work, especially with available funding in climate-related fields.
“Monies are there and these are the issues. Our roads, our crops, our lives are being affected. We need solutions rooted in evidence and action,” he said.
Book Offers Critical Insights for Evidence-Based Policy, Says Reviewer Dr. Byakagaba
Dr. Patrick Byakagaba, a leading Ugandan environmental policy expert and one of the reviewers of the launched book, praised the publication for shedding light on the political economy factors that determine the success or failure of climate finance instruments in developing countries.
Dr. Byakagaba described the work as a timely and evidence-based resource that should inform both policy and practice.
“In my opinion, this book helps us understand the political economy factors that are critical for the effectiveness of the different climate financing instruments,” Dr. Byakagaba said. “It shows what is working, what is not, and what we must do to leverage successful measures.”
He emphasized the book’s relevance not only for academics but also for practitioners and students in economics, environmental science, and natural resource management – many of whom are directly involved in projects funded by international climate finance.
Unlike many theoretical publications, Dr. Byakagaba noted that the book stands out for its field-based evidence drawn from Uganda, Tanzania, and Moldova – countries with shared democratic governance structures but differing levels of engagement in climate finance initiatives.
“This isn’t just theoretical work,” he said. “It gives us a strong theoretical foundation but also backs it up with real-world evidence. That’s exactly what we’ve been missing – research that informs policy in a tangible, practical way.”
He stressed the importance of building on this research to expand the body of evidence needed for crafting effective and locally relevant climate finance strategies.
“If we are going to adopt evidence-based policy instruments, we must continue investing in research that reveals what’s actually working on the ground,” Dr. Byakagaba urged.
The seminar highlighted the growing need to critically evaluate and adapt international climate finance mechanisms to local political and economic realities – a message echoed by both Prof. Purdon and other experts at the event.
Book summary
There is ample evidence that engaging developing countries on climate change mitigation would have significant, positive impacts on global climate efforts. There is much debate, however, on the most effective strategy for unlocking these low cost mitigation opportunities. While the Clean Development Mechanism (CDM) emerged as the main climate finance instrument for engaging developing countries under the Kyoto Protocol, the carbon market approach it embodied would largely be replaced by a new array of climate finance instruments based on climate funds.
In The Political Economy of Climate Finance Effectiveness in Developing Countries, Mark Purdon shows that the effectiveness of climate finance instruments to reduce emissions under either strategy has depended on the interaction between prevailing ideas about how to develop a nation’s economy, as well as state interests in various economic sectors.
Based on multiple field visits over a decade in three countries, the author demonstrates that climate finance instruments have been more effectively implemented when the state treats them as vehicles for addressing priority development issues. Climate finance instruments were more consistently and effectively implemented in Uganda and Moldova than Tanzania, despite differences in state capacity between countries. This pattern held for the CDM,as well as subsequent instruments largely based on climate funds such as Reducing Emissions from Deforestation and Forest Degradation (REDD+) and other national mitigation actions. Contributing to broader debates on international climate cooperation, Purdon’s findings inform international efforts to support national climate plans and catalyze low-carbon development by emphasizing the importance of domestic politics and the state.
The Political Economy of Climate Finance Effectiveness in Developing Countries: Carbon Markets, Climate Funds, and the State
By Mark Purdon
Oxford University Press 2024
Purchase Online: https://global.oup.com/academic/product/the-political-economy-of-climate-finance-effectiveness-in-developing-countries-9780197756836
Jane Anyango is the Communication Officer EfD Uganda.
Business & Management
Makerere University launches two taught PhD Programmes in Management, Accounting and Finance
“New doctoral students urged to pursue research that delivers solutions to Uganda’s socio-economic challenges.”
Makerere University has launched two new taught Doctor of Philosophy (PhD) programmes namely: The PhD in Management (by coursework) and the PhD in Accounting and Finance (by coursework).
The programmes, launched on 4th August 2026, under the School of Business at the College of Business and Management Sciences (CoBAMS), are among the first taught PhD programmes in the two disciplines in Uganda.
The launch was presided over by Makerere University Deputy Vice Chancellor for Academic Affairs, Prof. Sarah Ssali, during a three-day orientation programme for the inaugural PhD students running from 4th to 6th August 2026.
Prof. Ssali challenged the new scholars to pursue evidence-based research addressing pressing challenges facing Uganda and the wider world.
“Choosing to pursue a PhD is not an ordinary decision. It is a commitment to becoming part of an institution with a rich history of research, innovation and knowledge creation,” Prof. Ssali said.
She told the students that the purpose of doctoral training should go beyond acquiring academic qualifications, urging them to focus on solving real-world problems.
“A PhD should prepare you to solve problems. You should ask yourselves: ‘What problem am I trying to solve?’ Research should not simply produce another thesis that sits on a shelf in the library. It should generate knowledge, products, services, policies and innovations that improve people’s lives,” she said.
Prof. Ssali explained that research outputs should not only be physical products, but could also include frameworks, management systems, policies and models that transform society.
“For those in the service disciplines, your product could be a framework, a model, a policy, a management system or a new way of delivering services that changes how society functions. That is why we do research,” she said.
She urged the scholars to remain committed throughout their doctoral journey, noting that persistence and discipline are critical to completing a PhD.
“A PhD requires commitment. It requires discipline. It requires sacrifice. Success in a PhD is determined by persistence,” Prof. Ssali said.
She encouraged students to embrace critical thinking and challenge existing ideas through evidence-based inquiry.
Prof. Ssali implored the scholars to focus their research on areas that can contribute to economic transformation, including agriculture, manufacturing, taxation, supply chains, governance, finance, climate change and technology.
“Uganda faces many challenges, but every challenge is also an opportunity for research. Research should not stop at identifying problems. It should propose practical, implementable solutions,” she said.
Makerere positions graduate training at centre of research agenda
The Principal of CoBAMS, Prof. Edward Bbaale, described the launch of the programmes as a major milestone in Makerere University’s agenda to strengthen its position as a research-intensive institution.
Prof. Bbaale said the PhD programmes represent a strategic investment in developing researchers, innovators and academic leaders.
“Today’s occasion is very significant because it marks the launch of the taught Doctor of Philosophy in Management and the Doctor of Philosophy in Accounting and Finance programmes,” he said.
“These are among the first taught PhD programmes in these disciplines in Uganda, and we are very proud of this achievement.”
He commended the School of Business leadership and faculty for developing the programmes, acknowledging that establishing doctoral programmes requires commitment, teamwork and dedication to academic excellence.
He observed that the programmes align with Makerere’s strategic goal of becoming a research-led university.
“Graduate training must be at the centre of that transformation. Events like this one—the admission and orientation of PhD students—are exactly the kinds of activities that define a research-intensive university,” he said.
Prof. Bbaale encouraged the first cohort students to publish their research in reputable journals and complete their studies within the required period.
“Complete your coursework successfully. Progress through your research diligently. Graduate within the required period. Publish your work in reputable, high-impact journals. Your success will create a strong foundation upon which future cohorts will build,” Prof. Bbaale said.
He guided that doctoral research should provide evidence to guide national decision-making.
“There is a great demand for evidence-based policy advice in Uganda. Government needs researchers who can provide evidence, not simply opinions,” he said. “Your research should generate evidence upon which decisions can be made.”
School of Business welcomes pioneer cohort
The Dean of the School of Business, Associate Professor Godfrey Akileng, welcomed the students and described the programmes as part of the school’s continued growth in graduate training.
“We are delighted to welcome you as you begin this journey with us. We hope that you will stay with us throughout the next three years of your PhD studies,” Assoc. Prof. Akileng said.
He asserted that the doctoral journey would be demanding, but assured students of support from the faculty.
“The programme is demanding, and the research component will be very intensive. Our hope is that we shall walk this journey together and, three years from now, celebrate your graduation as one cohort,” he said.
He highlighted that a PhD is about knowledge creation rather than simply earning a title.
“A PhD is not about being called ‘Doctor.’ It is about becoming a contributor to knowledge. It is about transforming yourself. It is about solving problems. It is about making an impact,” Assoc. Prof. Akileng said.
Assoc. Prof. Akileng advised students to build strong relationships with supervisors while taking responsibility for their own research.
Building research networks
Dr Caroline Twongirwe, Assistant Lecturer in the Department of Accounting and Finance at CoBAMS, urged the new scholars to begin developing research networks early in their PhD journey.
She cautioned students against focusing only on coursework while postponing research preparation.
“If we spend a whole year focusing only on coursework and then begin thinking about research later, the target of completing within three years may not be achievable,” Dr Twongirwe said.
She said collaboration is essential for producing quality research and accessing international opportunities.
“For us to produce quality research, generate new ideas and contribute to knowledge, we need collaboration,” she said.
Dr Twongirwe explained that research networks can provide mentorship, expertise, funding opportunities and greater visibility for scholars.
“Your networking must be intentional. Identify people with whom you share common interests and who can help you move forward in your research journey,” she said.
She encouraged students to attend seminars, conferences and engage with researchers in their areas of interest.
“Research networks introduce you to mentorship and guidance, access to expertise, collaboration opportunities, funding opportunities and greater visibility for your research,” she said.
Academic regulations and research tracking
Dr Alfred Tingo from Makerere University’s Directorate of Graduate Training urged the new PhD students to understand university regulations, complete registration requirements and remain engaged throughout their studies. He called upon the students to maintain communication with their supervisors and university structures.
Dr Tingo highlighted the importance of the university’s Research Information Management System (RIMS) in monitoring students’ progress.
“RIMS helps us track your research progress. Your research topic, proposal development, approvals and supervisor interactions are captured in the system,” he said.
The new PhD programmes are expected to strengthen Makerere University’s contribution to research, innovation and policy development by producing scholars capable of generating knowledge for Uganda, Africa and the global community.
Business & Management
CoBAMS 2026 Orientation kicks off: Mak DVC Academic Affairs underscores excellence, networks, integrity and values
By Ritah Namisango and Monica Meeme
Makerere University College of Business and Management Sciences (CoBAMS) kicked off its four-day orientation programme (4th to 7th August 2026) aimed at equipping first-year students with the knowledge required to smoothly transition into university life.
The programme focuses on familiarizing students with the College’s teaching and learning environment, the academic calendar, university policies and procedures, library and ICT services, scholarship opportunities, leadership platforms and student support services.
Organized by the Office of the Principal, in collaboration with the College Registrar, College Communication Office, and the Student leaders, the first day of the CoBAMS Orientation was a great convening with over 800 students who filled Makerere University Central Teaching Facility to the brim.
Day one (4th August 2026) presented a golden opportunity to the first year students to interact with Prof. Sarah Ssali, the Deputy Vice Chancellor (Academic Affairs) at Makerere University. Introduced to the audience by Prof. Edward Bbaale-College Principal, the Deputy Vice Chancellor (Academic Affairs) delivered a powerful speech filled with words of wisdom, inspiration, and guidance to the students.
The students listened to presentations from the following university officials: Prof. Edward Bbaale-College Principal, Associate Professor James Wokadala-Deputy Principal, Ms Stella Butamanya-Acting College Registrar, Ms Sylvia Martha Munafu-College Librarian, Ms Catherine Tumusiime-IT Specialist, Ms. Evelyn Kharono-Counselling Psychologist at the Counselling and Guidance Centre, Mr. Peter Mubiru-College Bursar, Mr. Blaise Turyasingura from the Makerere University Revenue Office, Ms. Ritah Namisango-Communication Office, Ms Claire Nakaseeta, and Ms Moreen Orikiriza.
Blended with the peer to peer engagement from the student leaders, the first day of the CoBAMS Orientation featured presentations on Guidance and Counselling, Life at Campus, Understanding the academic calendar, Makerere University Tuition Policy, Meeting financial obligations within the stipulated deadlines, Information Technology (IT) Services, and Library Resources.
CoBAMS Reaffirms Commitment to Student Success
Welcoming the first-year students, the Principal of the College of Business and Management Sciences (CoBAMS), Prof. Edward Bbaale, highlighted the College’s commitment to providing students with a supportive and enriching learning environment through its three schools namely the School of Economics, the School of Business, and the School of Statistics and Planning.
“The College’s support extends beyond academics to include mentorship, counselling, and other student support services aimed at promoting holistic growth and success,” he emphasized.
The Principal encouraged the new students to take full advantage of these opportunities as they transition into university life. He affirmed the College’s commitment to equipping students with the knowledge, skills, and support necessary for academic achievement, personal development, and future professional success.
Students urged to pursue Excellence and Integrity
The Deputy Vice Chancellor (Academic Affairs), Prof. Sarah Ssali congratulated the first-year students upon joining Makerere University, and encouraged them to embrace the transformative journey of university education.
Prof. Ssali emphasized that students are the University’s most important stakeholders, noting that every academic programme, service, and institutional activity is designed to support their success.
“Recognize your value within the University community and actively participate in orientation activities and academic programmes, develop into independent thinkers, innovators, and future leaders capable of addressing national and global challenges,” she stated.
Highlighting the significance of business and management education, Prof. Ssali noted that the disciplines equip learners with the knowledge and skills to understand economic systems, create value, lead organizations, and contribute to sustainable development.
The Deputy Vice Chancellor (Academic Affairs) reminded students that university life demands responsibility, discipline, and personal accountability. She urged them to prioritize attending lectures, utilizing library resources, participating in discussions, and making productive use of the opportunities available at the University.
Prof. Ssali called upon the students to appreciate the sacrifices made by parents, guardians, taxpayers, and sponsors who have invested in their education by using their time and resources wisely. She advised students to uphold integrity, avoid academic misconduct, and strive to build a positive legacy throughout their time at Makerere University.
She emphasized the importance of making informed personal decisions, maintaining strong professional values, and cultivating networks that would support both their academic and career aspirations. She reaffirmed her commitment to supporting students throughout their academic journey and challenged them to pursue excellence, leadership, and innovation.
University life, Academic Excellence and Discipline
The CoBAMS Deputy Principal, Associate Professor James Wokadala, encouraged the students to embrace university life as an opportunity for academic excellence, personal growth, leadership development, and professional preparation.
He emphasized that university education extends beyond obtaining a degree, urging students to remain committed to learning, make productive use of their time, and actively participate in academic and co-curricular activities.
To attain academic excellence, the Deputy Principal advised students to complete their online course registration promptly, familiarize themselves with the university environment and attend lectures regularly. “Maintaining academic integrity by upholding high standards of discipline, professionalism, and respect for university staff and property,” he stressed.
He reaffirmed the College’s commitment to supporting students throughout their academic journey, assuring them that the doors of the College administration remain open for guidance and assistance.
Prioritizing Mental Health
Commencing the presentation on “Guidance and Counselling: Life at Campus,” Ms. Evelyn Kharono, highlighted the major adjustments that first-year students face, including managing their own time, finances, academic workload, and social life.
“Develop discipline, plan your schedules carefully, and take responsibility for your academic progress, noting that university life requires greater independence than secondary school,” she advised.
Underscoring the importance of mental health, Ms. Kharono encouraged students to maintain a healthy lifestyle by eating balanced meals, exercising regularly, and managing the use of smartphones and social media to avoid distractions that could affect their academic performance.
Guidelines on Tuition Payment Procedures
Presenting the “Makerere University Tuition Policy,” the College Bursar, Mr. Peter Mubiru, emphasized the importance of using the official payment systems through the University portal and generating Payment Registration Numbers (PRNs) before making any payments.
Mr. Mubiru encouraged students to pay their tuition within the stipulated time to avoid inconveniences during the examination period.
Student Enrolment and Registration
Building on to the presentation on “Makerere University Tuition Policy,” Mr. Blaise Turyasingura from the Makerere University Revenue Office underscored the importance of understanding Makerere University’s enrolment, registration, and fee payment procedures, emphasizing that timely compliance with these processes is essential for a successful academic journey.
He explained that enrolment confirms a student’s intention to study at the University, while registration enables students to select and officially register the course units they will undertake during the semester.
He urged students to use the portal to generate Payment Registration Numbers (PRNs) before making any payments.
Mr. Turyasingura advised students to be vigilant against fraudulent investment schemes and unrealistic business opportunities that promise unusually high financial returns, urging them to exercise sound financial judgment and safeguard their education funds.
Tapping into Orientation activities
Ms. Stella Butamanya, Registrar of the School of Statistics and Planning under CoBAMS, implored the students to participate in the various orientation activities lined up during the course of the week.
She reminded students to work closely with their elected leaders, the Mentor Support Team (MST), and the orientation staff stationed at various tables, as they are available to offer assistance and ensure a smooth transition into university life.
Utilization of Library Resources
Briefing students on the College Library Resources, Ms. Sylvia Martha Munafu called upon students to utilize the library throughout their university education for coursework, research, revision, and independent learning.
“Make full use of both the physical and digital library resources, including books, journals, databases, and other online learning materials,” she advised.
Access to Digital Services
Ms. Catherine Tumusiime from the I.T. Department encouraged the first year students to utilize the ICT resources on the official YouTube channel @DICTSMakerere.
Key highlight
On Day Two (5thAugust 2026), the orientation programme will feature presentations on students’ responsibilities at Makerere University, campus security, health and wellness, digital services, the Gender Mainstreaming Programme, and other student support initiatives.
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