Mohieldin: 28 projects in the Fourth Regional Forum in Beirut represent priorities for climate action

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, confirmed that the regional forum for the Arab region, which was held today, Thursday in Beirut, witnessed the proposal of 28 effective projects in the transport sectors. Energy, agriculture, combating desertification and water management are the priorities for climate action

During his speech at the forum’s closing session, Mohieldin said that the forum was well organized by the United Nations Economic and Social Commission for Western Asia (ESCWA), the Egyptian Presidency of the Conference of Parties and the Climate Pioneers Group, with the participation of the GFANZ Alliance, investment banks and development partners, which reflects the interest of all parties. actors involved in climate action.

Mohieldin indicated that financing climate action and encouraging financing and investment agencies to participate requires the existence of viable projects and financing, which is the goal behind the initiative of the five regional forums, explaining that the process of financing climate action represents a dilemma, as described by Ambassador Wael Abul-Magd in his closing speech, in light of A large gap between what is being provided and what is required to implement climate projects.

Mohieldin stressed the need for the governments of Arab countries to link public budgets to sustainable development goals, as the ministries of finance represent the cornerstone in financing development and climate work, especially measures to adapt to the phenomenon of climate change. He also noted the need for funding to take the form of investment and participation instead of debt, especially with the presence viable climate projects.

He explained that debts may represent investment opportunities if Arab countries reach agreements with lending countries to activate debt swaps. He also pointed out the importance of blended financing as a means to implement climate projects.

At the conclusion of his speech, Mohieldin stressed the importance of Arab countries dealing with investment in development and climate work as an investment in human capital to raise the efficiency and skills of the human element in a way that qualifies it to deal with modern technology on which development and climate projects depend.

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