Dr. Mahmoud Mohieldin, climate pioneer for the Egyptian presidency of the Conference of the Parties to the United Nations Convention on Climate Change (COP27) and the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, stressed that the African Carbon Markets initiative represents a good opportunity for investment and financing of climate action in the continent and maximizing its resources to achieve climate goals.
This came during his participation in the “African Carbon Markets Initiative” session within the activities of Abu Dhabi Sustainability Week, with the participation of Damilola Ogunbiyi, Executive Director of the “Sustainable Energy for All” Foundation and the representative of the United Nations Secretary-General for Sustainable Energy.
Mohieldin said that the African Carbon Markets initiative resulted from a great collective effort, and was launched during the 27th Conference of the Parties in Sharm El-Sheikh, in the presence of African heads of state and government, which reflects Africa’s interest in this important mechanism for financing climate action on the continent.
Mohieldin explained that African countries adopted during the regional forum on climate financing in Africa, which was held last summer by the Egyptian presidency of the COP27 conference, and climate pioneers and the regional committees of the United Nations in Addis Ababa, discussed new mechanisms for financing their climate action, including the debt swap mechanism for investment in nature and climate The forum also discussed the need to use innovative financing mechanisms.
Mohieldin stated that the African Carbon Markets initiative contributes to achieving climate goals in the continent, whether in terms of mitigating emissions or adapting to climate change, noting that Africa has a great ambition to double the capital of African carbon markets and increase the number of member states from 7 to 15 by the time of the Conference of the Parties. Twenty-eighth of November.
The climate pioneer pointed out the need to include carbon markets and other innovative financing tools within the political economy mechanisms in Africa to overcome the difficulties in shifting towards new financing mechanisms.
