Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Mohieldin: Mobilizing Adequate, Efficient and Fair Finance is Necessary for Climate Action

Tue 19 Sep 2023 | 11:18 AM
Basant Ahmed

Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that promoting climate action at the local and regional levels help achieve climate justice and better address climate change.

This came during his participation in a session entitled “Financing the Green Economy - Financing climate justice: Taking stock for a sustainable future”, with the participation of Dominique Isabelle Hyde, Director of External Relations at UNHCR, and a number of heads of relevant organizations.

Mohieldin stated that localizing climate action and increasing cooperation between countries at the regional level will help channel finance to the priority climate action areas for each community and region separately, enabling these communities and regions to address climate change according to the type of climate risks to which they are exposed, pointing out that the COP27 in Sharm El Sheikh has given high priority to strengthening the regional and local aspects of climate action.

Mohieldin stressed the importance of providing adequate, fair and efficient finance to support efforts of reducing emissions and thus reducing the level of global warming to 1.5 degrees Celsius, as well as the implementation of adaptation activities through relevant action programs, foremost of which is Sharm El Sheikh Adaptation Agenda, and the activation of early warning systems and dealing with climate risks and their impacts through the Loss and Damage Fund launched during COP27.

He confirmed that mobilizing climate finance necessarily requires reforming the global finance architecture, rapidly changing the policies of MDBs and developing their performance so that they can increase their capital and thus meet the financial and technical requirements of climate projects in different countries.