SHARM EL SHEIKH – Dr. Mahmoud Mohieldin, UN climate change high level champion for Egypt and UN special envoy on financing 2030, explained that the role of the private sector must be strengthened to advance climate action through a holistic approach that addresses the files of mitigation, adaptation, financing, losses and damages.
Mohieldin’s remarks came during his speech at the World Climate Summit within the framework of the Water Day activities at COP27.
With regard to the mitigation file, the climate champion explained that there has been remarkable progress by the private sector in this file, and this is evident through many projects, especially in the field of green hydrogen.
In the same context, the climate champion called for more efforts in decarbonization, and also called on governments and multilateral development banks to move from billions to trillions through better financial frameworks, indicating the readiness of GFANZ Africa to provide the necessary support.
With regard to the adaptation file, the climate champion noted that the participation of the private sector in financing adaptation in Africa does not exceed 3%. Mohieldin also expressed his hope to enhance the sector’s role in this regard through the nexus between water, food and energy and to find practical solutions to the challenges facing the private sector.
On the file of losses and damages, Mohieldin explained that there are many promising opportunities for the private sector to invest in early warning systems projects.
Mohieldin stressed the need to fulfill previous pledges, especially that only seven countries have been committed to their share of the Copenhagen pledge, pointing to the promising opportunities for carbon credit markets.
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