Mahmoud Mohieldin: 6,281 projects competed in the National Green Projects Initiative.. Photos

Dr. Mahmoud Mohieldin, Climate Pioneer for the Egyptian Presidency of the Conference of Parties to the United Nations Climate Change Conference COP27 and the United Nations Special Envoy on Financing the 2030 Agenda for Sustainable Development, stressed that fulfilling pledges and promises to finance climate action by governments and non-state actors alike is essential before talking For the massive funding needed for climate action now, which will double in the post-2025 climate finance plan.

During his participation in the activities of the New York Climate Week, Mohieldin said that developed countries have not yet fulfilled their pledges at the Conference of the Parties in Copenhagen to finance climate action in developing countries at a value of $100 billion annually, although this funding, if fulfilled, does not represent more than 3 percent of the funding needed for climate action.

Mohieldin explained that despite the above, fulfilling the Copenhagen pledges will be a positive thing because it will open the door to fulfilling more current and future commitments. In this context, 6 to 7 developed countries, including Japan, have committed to fulfill their share of the Copenhagen pledge on financing climate action in developing countries.

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Mohieldin stated the importance of investing the available funds in the climate action tracks that need the most funding, foremost of which are adaptation activities to climate change, given that the private sector and various financing institutions play a good role in financing and implementing projects to mitigate the effects of this phenomenon, stressing the urgent need for attention in a balanced manner. With all dimensions of climate action, namely mitigating the effects of climate change, adapting to the phenomenon, addressing losses and damages resulting from it, and mobilizing the necessary funding for various climate projects.

The climate leader pointed to the importance of the financing component as a means of implementing mitigation and adaptation measures and addressing losses and damages, explaining that financing climate action in developing countries should take the form of investment and partnership to reduce the debt burden on these countries and help them meet their other development commitments.

In this regard, Mohieldin said that it is estimated that 62 percent of financing for climate action in developing countries is based on debt, which has put many developing countries, especially in Africa, on the brink of a debt crisis or what can be described as a debt catastrophe, adding that even in If developing countries have to borrow for climate action, grants and loans should be provided with easy terms, long repayment periods and low interest rates, as is the case with the International Development Association (IDA).

He stated that there are other sources of financing for climate action, including innovative financing tools, such as debt swaps for joint investment in climate projects, blended financing that mixes public and private financing, and the creation of carbon markets commensurate with the economies of developing countries.

Mohieldin explained that the 27th COP, which will be held in Sharm El-Sheikh next November, places financing climate action at the forefront of its priorities, referring to the initiative of the five regional forums launched by the Egyptian presidency of the conference, the United Nations economic committees and the Climate Pioneers Group, which have resulted in four of them so far. For more than 70 projects that can be invested, financed and implemented.

At the conclusion of his speech, Mohieldin stressed that financing climate action should be considered as financing other sustainable development goals, so that climate projects lead to the achievement of a number of development goals, not just climate goals.

Dr. Mahmoud Mohieldin also delivered a speech during his participation in a high-level dialogue sponsored by the Green Climate Fund on the sidelines of the 77th session of the United Nations General Assembly in New York, where the dialogue discussed the role of innovative financing tools and joint investment platforms in mobilizing climate finance and access to new sources of finance, as well as in the presence of the President of Malawi Dr. Lazarus MacCarthy Chakwera, Minister of State and Special Envoy for International Climate Action at the German Foreign Office, Jennifer Morgan.

He announced that the total number of projects that competed in the national initiative for smart green projects reached 6,281 projects, as 2,220 projects were able to meet all conditions, and the final list is being prepared.

Dr. Mohieldin explained that this initiative aims to localize climate action so that citizens feel the fruits of climate action and successive climate summits, as this pioneering initiative targets six categories: large-sized projects, medium-sized projects, small local projects (especially associated with the Decent Life Initiative), and projects submitted by Start-ups, development projects related to women, climate change and sustainability, and non-profit community initiatives and engagements.

In a related context, the climate pioneer highlighted the importance of integrating the regional dimension into climate action, especially in light of the challenges facing the world today, expressing his happiness with the results of the four regional forums held in Africa, Asia, Latin America and the Arab region, which resulted in more than 70 projects. Mohieldin added that half of these projects are related to mitigating the effects of climate change and the other half is related to adapting to those effects, as these regional forums aim to find necessary solutions to climate change through projects that can be financed, invested and implemented in line with sustainable development goals and a holistic approach to climate action. The Fifth Regional Forum is scheduled to be held in Hanif next October. Those regional forums will be organized by the Egyptian Presidency of the Climate Summit in cooperation with the United Nations Regional Committees and Climate Pioneers.

Mohieldin referred to the exacerbation of the debt crisis, referring to the so-called fourth wave of debt, according to the World Bank, which requires the availability of additional and innovative sources of financing, such as exchanging debt with investment in nature, praising the efforts of the World Bank and the International Monetary Fund with regard to debt reduction mechanisms.

Regarding implementation, Mohieldin emphasized that there is a great deal of understanding about what needs to be done by the private and public sectors as well as civil society, stressing the need for general rules to ensure coordination between governmental and non-governmental actors.

Mohieldin also stressed the need to support carbon markets in Africa, as this support includes financial support as well as technical support with regard to modern technology.

Mohieldin concluded his speech by emphasizing the role of political leaders in advancing the climate action agenda, stressing the need to link countries’ budgets to development plans.

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