Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Mohieldin: Climate Action Financing Flows Reached $632 Bln in 2019/ 2020

Sat 23 Jul 2022 | 02:19 PM

Dr Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt, said that NSAs play a vital role in activating Paris agreement GST through highlighting opportunities for implementation, enhancing climate action and international cooperation that help domestic policymakers and non-Party stakeholders to achieve climate goals.

His remarks came during his participation on Thursday in the activities of the Latin America and Caribbean Climate Week (LACCW), hosted by Dominican Republic on 18-22 July.

Mohieldin added that NSAs can break down silos, unify efforts of different parties that participate in climate action, and offer practical systemic and sectoral solutions, beside incorporating regional and national perspectives of climate projects especially in developing countries.

He confirmed the commitment of HLCs to make GST, which aims to make Paris agreement applicable in different communities and countries, successful.

Mohieldin added, in this context, that HLCs aim to enhance regional cooperation in a way that helps delivering the needs of developing countries to achieve climate goals, convene non-party stakeholders to crystalize the sectoral opportunities that can help domestic policymakers in each community to achieve climate goals, alongside mobilizing non-party stakeholders to participate in climate action in a collaborative framework in which all parties look forward to a better future.

"Having non-party stakeholders deliver on their pledges and work together with national governments, this will enable countries to come up with most ambitious outcome for the GST." Mohieldin said.

"We have a unique opportunity to use the GST process to drive implementation of climate projects through an inclusive, holistic approach that takes into account the needs of developing countries." He added, stressing the necessity of translating the signals from the GST into clear set of messages that help ministries, domestic policymakers and implementers to find best solution for implementing climate projects.

He confirmed, in this context, the HLCs commitment to help make the next technical dialogue at COP27 in Sharm El-Sheikh next November success.

In a relative context, Dr Mahmoud Mohieldin said that mobilizing private sector finance for climate action in general, and in LAC as well, needs a lot of work to do, clarifying that global climate finance flows in 2019/2020 reached USD632bn, and only 35bn of the finance flows tracked into the Latin America & the Caribbean region ($18 bn from public sector, $17 bn from the private sector).

"Current NDCs are far from being on track to limit global temperature rise to 2°C, let alone 1.5°C, to achieve emissions targets consistent with the Paris temperature goals, LAC should derive 60 to 70 percent of its electricity from zero-carbon sources by 2050." The HLC said.

"Implementing NDCs and mobilizing more private sector finance for climate action require coordinating and collaboration between public and private sectors in implementing NetZero strategies, and removing barriers from the way of private finance flow to climate projects." Mohieldin concluded.