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 good formulation of climate action financing programs and linking them to basic needs in developing countries is the basis for achieving climate goals in these countries.
Mohieldin said, in an interview with CNBC Arabia on the sidelines of Abu Dhabi Sustainability Week, that overcoming the problems that impede the financing of climate action, foremost of which is the debt crisis, must be done through long-term concessional financing, while reducing dependence on debt to a minimum.
He pointed out that there is a large funding gap between what is available and what is needed to achieve climate goals, explaining that the implementation of climate action in developing countries and emerging markets requires $1 trillion annually until 2025 and $2.4 trillion until 2030.
Mohieldin stated that the availability of financing must be accompanied by the provision of the technology necessary to implement climate projects, explaining that the lack of financing and technology may prompt some countries to resort to easy options with regard to energy generation, such as the use of fossil fuels and other unclean energy sources.
In this regard, the climate pioneer added that the energy crisis in Europe prompted some countries to use coal for energy generation, but at the same time it led to a great interest in investing in renewable energy sources and green energy.
Mohieldin praised the consensus between Egypt and the UAE with regard to development and climate action, as the 27th Conference of the Parties in Sharm El-Sheikh stressed the importance of a comprehensive approach and linking climate action with investment in various areas such as energy, infrastructure and job creation, and not separating the climate crisis from the food security and energy crises, which is The approach adopted by the UAE presidency of the twenty-eighth conference of the parties.