Dr. Mohieldin: COP27 Focuses on Substance of Files, Especially Adaptation

Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, explained that the most important feature of COP27 is its focus on the substance of the files, especially the adaptation file, referring to adaptation initiatives in the agricultural sector.

Mohieldin’s remarks came during his speech in a session on integrity of voluntary carbon markets within the framework of the activities of the Agriculture and Adaptation Day at COP27.

During his speech, Mohieldin referred to the launch of the Carbon Markets Initiative in Africa, which witnessed the presence of four presidents, including Kenyan President William Ruto, Malawian President Lazarus McCarthy Shakwera and 15 ministers. He added that the most important feature of this initiative is that there are solutions and answers to many questions.

According to Mohieldin, carbon markets could create about 30 million jobs by 2030. Mohieldin highlighted the need to achieve fair distribution and transparency with regard to the revenues of carbon markets, taking into account the dynamics of Africa's economy in order to attract investment.

Mohieldin highlighted the promising opportunities for investment in carbon markets as these markets are expected to provide carbon credits equivalent to 3 million dollars every year by 2030 and are expected to reach 1.5 billion by 2050.

In another context, Mohieldin explained that there are 13 action programs to support carbon markets, stressing the importance of developing integrated financing frameworks.

Mohieldin also highlighted the projects that resulted from the discussions that took place in Addis Ababa last August. Such projects need financing through better financing methods , including debt-reduction mechanisms and debt-swaps for investment in nature .

With regard to innovative financing, the climate champion emphasized the need to link these innovative mechanisms with needs, a matter that would contribute to finding viable solutions.