Mohieldin: The next climate summit will witness the presentation of many bankable projects

Dr. Mahmoud Mohieldin: The necessity of enhancing trust and the spirit of pluralism to advance climate and development 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, stressed the need to enhance trust and a spirit of pluralism among all concerned parties by integrating the regional and local dimensions in climate action, in addition to Fulfilling previous pledges, warning against deviating from the desired goals, especially in light of the geopolitical changes and economic challenges facing the world today, which contribute to advancing the climate and development agenda.

This came during his speech at the Marrakesh Partnership meeting within the framework of the Climate Week activities in New York, where the climate pioneer stressed the need to enhance understanding and economic cooperation between different countries.

During his speech, Mohieldin highlighted the priorities of the upcoming climate summit to be held next November in Sharm El Sheikh, which is based on the Paris Agreement and focuses on measures to mitigate the effects of climate change, especially the commitment to limiting global warming by 1.5 degrees Celsius, and adapting to it, as well as the losses and damages caused by Climate change in addition to the financing file.

With regard to measures to mitigate the effects of climate change, the climate leader indicated that there has been remarkable progress in this file and a response from the private sector and non-governmental actors, but there is a need to make more efforts to provide the necessary financing through concessional financing means and reduce debt, as 61% Climate finance in the world depends on borrowing, which exacerbates the debt crisis in light of high inflation rates.

With regard to adapting to the effects of climate change, Mohieldin explained that a number of good solutions had been reached, referring to the outcomes of the four regional forums organized by the Egyptian Presidency of the Climate Summit in cooperation with the United Nations regional committees and climate pioneers. and implementation.

According to Raed Al-Manakh, half of these projects are related to adapting to the effects of climate change and related files, amid positive reactions from representatives of the private sector. Mohieddin also clarified that there are currently many discussions with investment banks and various private institutions regarding financing these projects to be presented at the Summit. Climate coming to Sharm El Sheikh.

In a related context, Dr. Mahmoud Mohieldin stressed the need to mobilize more efforts to confront the losses and damages caused by climate change, pointing to the human catastrophe and the huge losses incurred by Pakistan as a result of climate change. caused by climate change, as the cost of dealing with losses and damages resulting from climate change exceeds $300 billion.

Dr. Mohieldin also stressed the need to link countries’ budgets to the priorities of development plans and implement executable models according to the needs of those countries, pointing to the role of political leaders in opening new horizons for financing and technology needed to promote climate and development work.

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