Mohieldin: The provision of 100 billion dollars for poor countries to meet climate challenges has not been fulfilled

Dr. Mahmoud Mohieldin, Climate Pioneer of the Cop27 Sharm El-Sheikh Conference, stressed that there are many challenges facing the world as a result of climate, perhaps the most important of which is achieving the sustainable development goals, which requires concerted efforts by leaders to provide financial support to meet the climate challenge, which amounts to about $100 billion for developing countries. It is a promise that has been in place since the Copenhagen Summit and has not been fulfilled, especially for countries in Africa.

This came during a meeting of the American Chamber of Commerce in Cairo, today, in the presence of a number of ministers and leaders of the business community.

Mohieldin added that it is important to fight poverty in Africa by providing jobs, and by heading towards new and renewable energy in Benban, for example and in Zafarana, in addition to Egypt’s orientation, under the instructions of President Abdel Fattah El-Sisi, towards green hydrogen in many projects.

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 the African continent needs innovative mechanisms to finance climate action.

He stated that the Conference of the Parties, which will be held in Sharm El-Sheikh next November, gives a high priority to the file of financing climate action in Africa and emerging markets, whether by discussing innovative financing mechanisms or dealing with problems that hinder investment in climate action.

Mohieldin stressed the importance of fulfilling the pledge of the Conference of the Parties in Copenhagen to finance climate action in developing countries at a value of $100 billion annually, explaining that although this funding represents only three percent of the volume of funding required for climate action, fulfilling it is necessary to open the door to Make new commitments and turn them into actions on the ground.

In this context, he noted the importance of equitably distributing funding for measures to mitigate emissions and adapt to the negative effects of climate change alike. He stated that adaptation measures have a very low financing value, not exceeding $11.4 billion, and the private sector does not participate in this. Financing by more than three percent, stressing the importance of enhancing the participation of the private sector in financing and implementing climate projects.

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