Dr.Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development agenda, stressed the need to enhance trust and multilateralism among all concerned parties by integrating the regional and local dimensions in climate action, as well as fulfilling previous pledges.
Mohieldin also warned against deviating from the desired goals, especially in light of the geopolitical changes and economic challenges facing the world today, which will help advance the climate and development agendas.
These remarks came in Mohieldin’s speech at the meeting of the Marrakesh Partnership, which is part of New York Climate Week activities, where the climate champion called for greater understanding and economic co-operation between nations.
Mohieldin’s speech highlighted the priorities of COP27, due to be held next November in Sharm el-Sheikh, which are based on the Paris Agreement and focus on measures to mitigate the effects of climate change, especially the commitment to limiting the rise in global temperature by 1.5 degrees Celsius, in addition to adaptation and funding.
As for mitigation, Mohieldin spoke of remarkable progress in this file and positive responses from the private sector and non-government actors, but more efforts is needed to scale up funding through concessional financing means and debt reduction. Mohieldin noted that 61 per cent of climate finance worldwide depends on borrowing, which exacerbates the debt crisis.
As for adaptation, Mohieldin spoke of many solutions, which are the outcomes of the four regional forums organised by the Egyptian Presidency of COP27 in co-operation with the regional commissions of the United Nations and the High Level Champion.
The forums resulted in more than seventy investable and bankable projects.
According to the climate champion, half of these projects are related to adaptation and related sectors, amid positive responses from representatives of the private sector.
He also made it clear that many discussions are currently taking place with investment banks and various private institutions on financing those projects, which will be presented at COP27.
In a related context, Mohieldin said more work is needed to address the losses and damage caused by climate change, as is the case with the humanitarian disaster in the wake of flooding in Pakistan as a result of climate change.
Mohieldin spoke of greater cooperation with the insurance sector as the cost of damage exceeds $300 billion.
Countries must bring their budgets in line with priorities for development plans according to their needs, as political leaders can open new horizons for financing and technology to promote climate and development work.
