Dr Mahmoud Mohieldin , the High Level Climate Change Climate Champion for Egypt and UN Special Envoy on Financing UN Sustainable Development Agenda 2030 , highlighted seven action points for accelerating climate finance,including fulfilling and scaling up the 100 billion euros commitment, enhancing the role of the private sector , attracting more investments and activating innovative financial instruments like debt swaps for investment in nature. This is in addition to developing carbon markets and aligning budgets with sustainable development plans .
These statements were part of Moheildin’s lecture at Geneva Graduate Institute under the title “Introduction to the political economy of climate finance and investment.” This came within the framework of his current visit to Switzerland to attend the fifth regional roundtable on climate finance.
During the lecture, the climate champion stressed the need to adopt a holistic approach that contributes to facing climate challenges within the framework of the sustainable development goals, stressing that this approach also depends on implementation and practical application.
Mohieldin also referred to the need to integrate the regional dimension into climate action, referring to the five regional forums held in cooperation with the Egyptian Presidency of COP27 , the United Nations Regional Economic Committees and Climate champions, which resulted in a number of projects that can be financed, invested and implemented.
With regard to the localization of climate action, Mohieldin explained the need to integrate the local dimension so that citizens feel the fruits of climate action, highlighting the pioneering initiative launched by the Egyptian government in the Egyptian governorates, namely the National Initiative for Smart and Green Projects which puts into consideration the environmental dimension and digital transformation.
With regard to climate finance, the climate champion stressed the need to reduce reliance on debt that burdened developing countries with more economic stress in light of the fact that the world today is facing the so-called fourth wave of debt, especially in Africa.
although Africa contributes the least in harmful emissions, but it is the most affected by the consequences of climate change, which led to the deterioration of the economic and living situation in Africa.
In the same context, Mohieldin explained the need to provide the necessary technology to support climate action in Africa. Mohieldin also referred to the report issued by the Global Center for Adaptation, where the report announced spending 11.4 billion dollars for adaptation measures, of which the private sector’s participation does not exceed 3 percent.
Regarding Copenhagen’s pledge to provide $100 billion annually for climate support in developing countries, only seven out of 23 countries committed to their share of the pledge, such as Japan, Sweden, France and Germany. Mohieldin also praised the concessional and effective financing policies adopted by the International Development Agency, bearing in mind that climate financing is insufficient, unfair and inefficient.