UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda Mahmoud Mohieldin called for handling the finance gaps to transfer from the stage of pledges to implementation via boosting partnerships of the public and private sectors within the framework of a comprehensive co-operation tendency.
This came in Mohieldin’s virtual participation in a session organised by the World Economic Forum under the rubric “road to COP27, means of bridging the gap of climate finance” in the presence of Chief Executive Officer of the Nature Conservancy Jennifer Morris and Chief Sustainability Officer (CSO) of Standard Chartered Marisa Drew.
The participation of the private sector in the file of funding adaptation in Africa does not exceed 3 per cent of 11.4 billion dollars, he said.
He pointed out to the importance of supporting risk management via multi-party development banks, getting all parties concerned to get engaged and supporting innovation related to climate and nature on the basis of debt swap.
In his word, Mohieldin pointed out to the efforts exerted to create a state of joint understanding, especially in light of paying attention to the private sector within the past four or five years.
He said that there are several promising opportunities to support climate action within a co-operative framework involving those concerned in addition to providing necessary technology and finance.
