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Mohieldin: Restructuring global finance is one of the most important outcomes of the Climate Summit

The conference dealt with adaptation files and losses and damages as defense lines to confront climate change

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 call to restructure the global financing system so that it becomes more fair and efficient in financing development and climate action is one of the most important Outputs of the Conference of the Parties in Sharm El-Sheikh.

Mohieldin said, during his participation in the briefing session of the Intergovernmental Group of Twenty-Four on the results of the twenty-seventh Conference of the Parties, that financing climate action is the biggest winner in the Sharm el-Sheikh conference, as the conference came out for the first time with effective plans and initiatives for financing climate action, and witnessed the effective participation of the private sector, In addition to activating tools that enhance the capabilities of developing countries to finance climate action and reduce dependence on debt.

Mohieldin explained that the conference witnessed the issuance of the “Mobilization of Finance for Climate Action” report, which includes several important recommendations in the field of advancing climate finance. Debt based on performance indicators.

He stated that during the conference, the results of the five regional forums that were organized by the Egyptian presidency of the COP27 conference were reviewed in cooperation between the Climate Pioneer and the United Nations, which aimed to enhance the regional dimension of climate action and mobilize funding for a number of climate projects. The conference also focused on strengthening the local dimension of climate action by presenting A pioneering Egyptian initiative that can be applied in various countries, which is the National Initiative for Smart Green Projects.

Mohieldin pointed out that carbon markets emerged at the conference as one of the innovative ways to mobilize financing for climate action and reduce emissions. Then, during the conference, the carbon markets initiative was launched in Africa. The greenwashing file also received wide attention, as a report was issued by a high-level group of experts. Commissioned by the Secretary-General of the United Nations to lay the groundwork for non-state actors including corporations, investors, cities and territories to deliver on their promises of achieving net zero emissions.

Mohieldin said that the twenty-seventh Conference of the Parties was concerned with files of adaptation to the phenomenon of climate change and dealing with losses and damages resulting from it as lines of defense to confront climate change in light of the challenges facing emissions mitigation, explaining that the conference recognized for the first time the need to commit to providing the necessary financing through the establishment of a fund Concerned with losses and damages to help developing countries cope with the effects of climate change and the resulting natural and human losses and damages.

He added that the conference witnessed the Egyptian presidency of the conference, in cooperation with climate pioneers, launching the Sharm El-Sheikh Adaptation Agenda, which aims to help 4 billion people face climate change by 2030, as the agenda aims to achieve 30 ways to adapt to the effects of climate change globally within 5 main action axes, which is food Agriculture, water and nature, coastal areas and oceans, human settlements, and infrastructure, while working to provide the necessary financing and planning.

The climate pioneer noted the early warning system initiative announced by UN Secretary-General Antonio Guterres during the conference as one of the most important outputs of the conference, adding that the conference also witnessed the announcement of the Nairobi Statement, which seeks to provide financing facilities of $14 billion to support adaptation in Africa against natural disasters. of all kinds.

With regard to mitigation measures and reducing emissions, Mohieldin stated that the Sharm El-Sheikh conference called for maintaining the goal of keeping the global temperature rise at 1.5 degrees, despite the challenges and complexities that impede the achievement of this goal.

Mohieldin stressed that the Sharm El-Sheikh conference represents a new beginning to link financing and implementation of development work and climate action, saying that failure to achieve the goal of confronting climate change will inevitably lead to failure to achieve other relevant sustainable development goals, including fighting poverty and providing job opportunities.



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