Mahmoud Mohieldin: Climate finance needs of developing countries must be reformulated


Mahmoud Mohieldin said that the reformulation of the climate financing needs of developing countries should begin at the upcoming climate summit in Sharm El-Sheikh next November, in order to exceed the outdated and unmet $100 billion limit, which the rich countries pledged to provide every general.

In an interview with Reuters, Mahmoud Mohieldin said that with food and energy price inflation already high due to climate concerns and war in Ukraine, the world will need to provide more funding to help developing countries transition to clean energy and their ability to adapt to climate challenges. Drought and sea level rise.

Mohieldin continued, saying that the climate finance structure is insufficient, ineffective and unfair, noting that the pledge of $100 billion made in 2009 will expire in 2025, and only part of it has not been fulfilled.

Mohieldin added that the financing gap can be addressed through measures aimed at mobilizing private sector financing, reducing the debt of poor countries, providing multilateral financing with highly concessional loans, and creating dedicated carbon markets in Africa.

He said countries are working to change the perception that climate-related investment in developing countries is too risky by putting together a set of viable climate projects that could be presented at the November summit. He said that there are a total of 33 projects that have been identified, covering 19 from Africa.

He added that he hoped the “loss and damage” agenda would be discussed at the summit COP 27 that you will host it Egypt in Sharm El Sheikh last November. These efforts call for the establishment of a separate fund to compensate developing countries for damage caused by climate disasters such as severe floods.

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