Dr. Mohieldin: It Is Necessary to Have Good Planning for Investable Climate Projects

Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, stressed the need for good planning for pipeline climate projects as well as strengthening the financing of climate action within the framework of sustainable development .This is in addition to the localization of regional initiatives.

Mohieldin's remarks came during his speech at a session entitled "Climate Projects: From Concepts to Reality" in the presence of the Minister of Climate Change in Pakistan Sherry Rahman, Shemara Wickramanayake, managing Director and CEO of Macquarie Group, and Dr. Rola Dashti, Under-Secretary-General of the United Nations and Executive Secretary of the Economic and Social Commission for Western Asia (ESCWA), Antonio Pedro, Director of the Regional Office of the economic commission for Africa, and Singman Nam, Director of the Commission on Environment and Development of the United Nations Economic and Social Commission for Asia and the Pacific.

During his speech, the Climate champion referred to the projects that resulted from the five regional forums in cooperation with the Egyptian Presidency of the Climate Summit, the UN Regional Economic Committees and Climate champions, adding that these projects are being negotiated for finance.

Meanwhile, the climate champion explained that mitigation is the first line to confront climate change, and adaptation, losses and damages are the next lines of defense that need more efforts.Strengthening cooperation with the insurance sector is also urged.

For her part, Pakistani Minister Sherry Rehman highlighted the need to deal with the risks related to investing in climate projects, especially that mobilizing investments from the private sector is a difficult matter on the real ground. Rahman also added that her country's priorities are to adapt to long-term measures to combat the repercussions of Pakistan's climate change, and to develop a transparent mechanism that clearly defines climate financing needs.

During his speech, the climate champion highlighted the importance of enhancing the role of non-state actors in the files of adaptation, losses and damages through many partnerships in several areas such as early warning systems. Mohieldin also called for expanding the range of concessional financing means adopted by the International Development Agency (IDA) to include middle-income countries.

In another context, Mohieldin stressed the need to provide all information and details related to the proposed projects for financing in addition to supporting carbon markets, referring to the Africa Initiative for Carbon Markets, which was launched within the framework of the climate summit.