Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt, stressed the importance of integrating policies towards climate action and SDGs that seek to improve people’s living standards within the framework of Paris Agreement and Agenda 2030 for sustainable development, a matter that makes states’ budgets more aligned with climate action.
These statements were part of Mohieldin’s speech via video at the closing session of LAC regional roundtable on finance, climate action and energy transition hosted by Chile with the participation of Ambassador Wael Aboulmagd, Special Representative of COP27 President.
The climate champion also praised the discussions held in LAC roundtable In collaboration of latin America colleagues. He added that such discussions are a vital step to reach fruitful partnership in fields related to policy ,solutions and implementation of the projects required to go forward. This also contributes to the success of COP27 due to take place in Sharm El Sheikh this November.
On a positive note, Mohieldin pointed out that the regional roundtables in Africa and Asia resulted in 39 projects. Regarding the engagement of International Financial Institutions (IFIs), Mohieldin stressed the importance of focusing on the efficiency of climate finance and the length during which funds reach the countries. He also warned of relying on debt-based financial instruments.
According to the climate champion, the history of Latin America and concerns coming from developing economies revealed that funds reaching them through debts have led to debt management problem and crisis, especially in the wake of COVID19 and Ukrainian conflict.
Meanwhile, Mohiledin highlighted the available investment opportunities in climate finance, hailing the concessional financial policies of the International Development Association (IDA). He went on to say that this file will be discussed in the upcoming few weeks at the annual meetings of the World Bank and the International Moentary Fund.
The LAC roundtable is part of the leading initiative to catalyse climate investments through holding five regional roundtables ahead of COP27. The first roundtable took place in Addis Ababa in August 2-4. Bangkok hosted the second roundtable on 25 August for the Asia-Pacific region.
Beirut will host the Arab world roundtable on 15 September, while Geneva will host the last roundtable on 20 September for Europe.
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