Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 sustainable Development Agenda, said that the finance file contributes to advancing climate action within the framework of sustainable development, stressing the important role that the private sector can play in this regard.
His remarks came during his directing of the COP27 session on mobilizing climate finance, with the participation of Ambassador Wael Abul-Magd, Special Representative of the COP27 president, and representatives of a number of international financial and economic institutions, President of the African Development Bank Group, Dr. Akinwumi Adesina, and Vera Songwe, Executive Secretary of the United Nations economic commission for Africa and Co-Chair of the High Level Expert Panel on Climate Finance, and Nick Stern, Professor of Economics and Governance and President of the Grantham Research Institute.
The climate champion added that the participation of the private sector in adaptation financing in Africa does not exceed 3%, and by delving into the private sector’s contribution, we will find that it comes mainly from institutional investors and charitable institutions, calling for making more efforts regarding to adaptation through scaling up private sector participation.
For his part, the President of the African Development Bank Group stressed that Africa needs compensation, referring to the program launched by the Bank regarding to adaptation, and stressing the need to support carbon markets in Africa.
In his turn, Ambassador Wael Abul-Magd stressed the need to amend financing policies related to efficiency and effectiveness, especially that the developing countries did not make the current crisis but at the same time they are asked to be part of the solution.
In a related context, Mohieldin praised the national platform "NWFE" launched by the Egyptian government as a model for projects that combine development and climatic dimensions, pointing to the existence of partnerships between the public and private sectors and national development banks to implement these projects.
His remarks came during his participation in a session entitled "Africa Priorities and Youth", with the participation of Mary Schapiro, vice chair of GFANZ, and Vera Songwe, Executive Secretary of UN economic commission for Africa and Co-Chair of the High Level Panel of Experts on Climate Finance.
Mohieldin stated that Egypt is witnessing distinguished cooperation between governmental and non-governmental entities in terms of development and climate action, especially in the agricultural, food and energy sectors.
With regard to Africa, Mohieldin explained that the Regional Forum of Africa witnessed good negotiations and resulted in a number of promising projects, some of which will benefit from the funding of the Glasgow Alliance to finance the Race to Zero GFANZ.
He also mentioned the African Carbon Markets Initiative that was launched during the conference, stressing that the establishment of carbon markets in Africa will help the countries of the continent to provide finance for climate action.
He highlighted the importance of localizing climate action, referring in this context to the national initiative for smart green projects launched by the Egyptian government through a competition where a category of projects was allocated to women and youth to enhance their role in development and climate action.
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