Dr. Mahmoud Mohieldin, UN Climate Change High-Level Champion and UN Special Envoy on Financing 2030 Sustainable Development Agenda, emphasized the need to enhance the role of the private sector in achieving the just transition to green economy by injecting more investments and adhering to policies that help achieving climate targets.
This came during his participation in the first meeting of the launch of COP27 Business Leaders Group chaired by Sameh Shoukry, Minister of Foreign Affairs and President of COP27. The group is co-chaired by Shoukry and Nassef Sawiris, CEO of the OCI Group working in the field of hydrogen, nitrogen and energy.
Mohieldin said it is necessary to improve capacity building and provide technological solutions in developing countries as indispensable elements to enable the private sector and businesses to play the desired role in the process of just transition.
According to Mohieldin, the private sector and businesses can take a leading role to show that climate action related to adapting to climate change and dealing with the resulting loss and damage can be profitable, along with emphasizing the urgent need to carry out activities related to adaptation and loss and damage, stressing that the failure to achieve adaptation threatens economies and warns that companies in many fields will be out of business.
He explained that the first Global Stocktake, which will be issued in conjunction with COP28 at the end of this year, would encourage the private sector and businesses to show more commitment to contribute to the implementation of climate action.
Mohieldin noted the great role that the COP27 Business Leaders Group can play to encourage private sector participation in implementing the Sharm El Sheikh Adaptation Agenda (SAA) by highlighting investment opportunities and profitability from participating in the implementation of adaptation and resilience activities, integrating these activities into the business of companies in a way that demonstrates the ability of this sector to provide climate solutions.
Mohieldin said that while governments are cooperating to activate the Loss and Damage Fund, launched during COP27 in Sharm El Sheikh, the private sector and companies can play an effective role in this context in order to protect their businesses and customers from the negative effects of climate change, mainly by contributing to financing and operating early warning systems, and providing financial support to communities affected by climate change.
The climate champion called on businesses to participate in the second edition of the five regional roundtables to mobilize financing for climate action, contribute to the provision of climate solutions through innovative technological and financial mechanisms, and explore investment opportunities in projects resulting from these forums and linking them to various funding entities is currently ongoing.
He highlighted also the National Initiative for Smart Green Projects in all Egyptian governorates that launched last year and its results have been showcased during COP27, while its second edition is currently ongoing.
COP27 Business Leaders Group includes many leaders and representatives of major global companies operating in different economic sectors and was established with the aim of supporting the work of the Egyptian presidency of COP27, which gives special priority to communicating with various parties concerned with climate action, including the private sector, to consider ways to support efforts to achieve the goals of climate action, especially with regard to mobilizing climate finance, implementing pledges and supporting mitigation and adaptation efforts.
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