Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that banks should play a bigger role in transitioning towards green economies by investing in climate projects.
This came during his participation in “Net Zero Banking Alliance (NZBA) Members’ Event: The Role of the Banking Sector in the Transition to Net Zero” in New York, which was attended by NZBA Members, GFANZ, and UNEP FI Representatives.
Mohieldin stated that the banking sector’s fulfillment of its Net Zero commitments will reflect on economies in general and will play a crucial role in involving customers in the emissions reduction process.
He noted that banks are increasingly integrating climate action into their strategies, and making progress in implementing comprehensive climate commitments in finance activities, explaining that the global stocktake will emphasize the urgent need to accelerate mobilizing climate finance by increasing the flow of public and private finance for climate and nature activities.
Mohieldin confirmed the important role of banks in stimulating investment in activities of energy transition, and channeling finance towards addressing the escalating risks of climate change to developing countries and restoring natural capital and biodiversity, stressing that the quality of finance and its efficiency in protecting the most vulnerable communities is no less important than mobilizing it sufficiently.
He added that the Five Regional Roundtables resulted in a large number of climate and development projects that the banking sector can contribute significantly and effectively to their financing and implementation.
Mohieldin also participated in the Digital for Sustainable Development (D4SD) event, Hosted by the UNDP Regional Bureau for Arab States, where he stressed that digitization can contribute to achieving adaptation by providing smart early warning systems for all, and can contribute to reducing emissions by being included in transition towards clean energy resources.
Mohieldin said that the Arab region has great opportunities to harness digital transformation and AI in making great progress in implementing climate action and achieving SDG, explaining that this requires providing finance from its public and private resources, and developing relevant policies.
In this context, the climate champion highlighted the National Initiative for Smart Green Projects (NISGP) in Egypt’s governorates, which aims to support the country's digital transformation and encourage the use of technology in environment and climate projects, saying that the initiative combines digital solutions and environmental goals in a way that paves the way for smarter and more efficient practices to face the risks of climate change.
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