Dr. Mohieldin: GCF Plays Vital Role in Mobilizing Finance for Climate Action

Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt, UN Special Envoy on Financing 2030 Sustainable Development Agenda and Replenishment Facilitator of Green Climate Fund (GCF), said that the second replenishment process (GCF-2) is gaining momentum among potential contributors and beneficiaries alike, and is catching the attention of the international community as one of the most important processes to mobilize finance for climate action.

Mohieldin, during his participation in the 36th meeting of the GCF board that took place in South Korea, added that many European countries showed commitment to contribute to the Fund’s replenishment process as an important tool to stimulate climate finance, which reflects their serious commitment to global climate action and multilateralism.

He reported that the second consultative meeting of the GCF-2, which was held last April, witnessed in-depth and intensive discussions among participants on the policy of contributions. Participants in the meeting were also informed of the early pledges made by the Czech Republic and Austria for the replenishment of the Fund, which were followed by pledges from Germany and Monaco in the last couple of months, thanking these member states for their commitment to the Green Climate Fund and the broader climate action agenda.

Mohieldin explained that during the last period, he held meetings with officials of a number of institutions and multilateral development banks, including the Islamic Development Bank, where fruitful discussions took place on development partnership and cooperation with private sector. He also held meetings with COP28 UAE officials in which they discussed enhancing climate finance.

The climate champion added that he used his participation in the spring meetings of the International Monetary Fund and the World Bank, as well as the Bonn Climate Conference and the Paris Summit for a New Global Financial Pact, to support the replenishment of the Green Climate Fund. During the upcoming regional and international events, he will also give the process more momentum and work on increasing contributors from countries that can help financing climate action and beneficiaries from the most needy countries.

He started that the GCF-2 will receive special attention during this year’s UN General Assembly with many countries announcing their commitments and pledges to climate action.

Mohieldin expressed his confidence that the GCF plays a vital and distinctive role in financing global climate action, explaining that this role can be maximized by paying attention to the regional presence of the fund, enhancing the positive socioeconomic impact of climate action, raising level of cooperation and partnership with the private sector, and enhancing communication with actors, stakeholders and potential partners.