Mahmoud Mohieldin: Overcoming the obstacles to climate action requires mobilizing the necessary funding

Dr. Mahmoud Mohieldin, Climate Pioneer for the Egyptian Presidency of the Conference of Parties to the United Nations Climate Change Convention COP27 and the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, stressed that overcoming the obstacles to climate action requires the availability of updated data systems, mobilizing adequate funding for climate projects, and the immediate start of The actual implementation of the various obligations and commitments.

During his participation in a discussion session on the obstacles to climate action within the activities of New York Climate Week, Mohieldin said that experience has proven that governments, companies and institutions that have succeeded in achieving growth and made great strides in development paths relied primarily on strong data systems, explaining that developing countries need To be guided by such systems to identify the correct standards and procedures necessary to achieve its development goals.

Mohieldin explained that the insufficient funding available for climate action represents a major obstacle to achieving its goals, and said that Africa contributes only about 3 percent of carbon emissions, but it is obliged to pay a heavy price to deal with the side effects of the phenomenon of climate change as well as to finance its other development goals, stressing The failure to provide sufficient funding for development and climate action in Africa, as well as the failure to provide the necessary technology to confront climate change, will push this percentage to rise over time.

He stated that mobilizing the necessary funding for climate action necessarily requires developed countries to fulfill their pledges related to financing climate action in developing countries, and it also requires the commitment of all actors, particularly the public and private sectors, to work jointly to finance climate projects.

With regard to implementation, Mohieldin noted the role of modern technologies in reducing the cost of using renewable energy sources by 90 percent over the past ten years, which reflects opportunities for achieving comprehensive growth at the level of development goals and at the level of investment alike.

He added that despite the availability of technology, climate action is going in the opposite direction, and instead of working to reduce carbon emissions by 45 percent, we added about 15 percent to it to deviate the world from achieving the goal of addressing global warming by about 60 percent, with developing countries bearing the consequences and the greater cost of addressing it.

Mohieldin emphasized that financing for climate action is insufficient, ineffective, and unfair, because even if current pledges are fulfilled, its value represents only 3 percent of the financing needed for climate action, and ineffective because countries take too long to negotiate financing for climate action. Climate projects instead of investing time in the actual implementation, and it is unfair because developing countries and emerging markets are the least part of the funding, and it is the demand to pay the bill of a crisis that is not the cause of it in the first place.

In this context, Mohieldin stressed that climate action requires strong political will, credibility and commitment, explaining that the availability of these factors in the presence of solutions will contribute to an effective deal with the climate crisis.

The climate pioneer said that working to achieve the goals of mitigating the effects of climate change is achieving good growth in light of the participation of the private sector, companies and non-governmental institutions, as well as the role of the Glasgow Alliance to finance the race to zero GFANZ, explaining that progress in this path needs a push from governments by creating an environment Encouraging private sector participation, in addition to its need to inject more funding.

Mohieldin explained that the path of adaptation to climate change needs great attention by governments in the first place to encourage the participation of the private sector and non-state actors, pointing to the report of the Global Center for Adaptation, which showed that only 3 percent of the volume of financing climate action in Africa is estimated at about 11 billion. Dollars come from the private sector.

Mohieldin pointed out that the four regional climate finance forums organized by the Egyptian Presidency of COP27, the United Nations regional committees and Climate Pioneers resulted in more than 60 projects capable of investment, financing and implementation.

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