Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, participated in the High Level Event on Global Climate Action, within the events of COP28 in Dubai, with the participation of Antonio Guterres, UN Secretary General, Adnan Amin, COP28 CEO, Razan Al Mubarak, COP28 Climate Champion, and Ambassador Wael Aboulmagd, Special Representative of COP27 President.
The session witnessed the announcement of the success of the second replenishment of the Green Climate Fund (GCF), which Mohieddine coordinated in his capacity as climate champion for COP27, by raising the financing of the fund at its second cycle to $12.4 billion, after 29 countries announced their contributions to the financing of the fund.
During the session, Mohieldin praised the efforts made by the Egyptian and Emirati presidencies of COP27 and COP28 to find and implement climate action solutions. He also praised the support of the UN Secretary General, his team, Germany, which hosted the meetings of the GCF last October, and the Executive Secretary of the fund in South Korea for the replenishment of the fund.
Mohieldin said that this significant support for the fund’s replenishment process is a success for efforts aimed at contributing to climate finance.
Mohieldin referred to the initiative of Regional Platforms for Climate Projects (RPCP) launched by the Egyptian Presidency of COP27 in cooperation with the UN regional commissions and the HLCs, in which the UAE Presidency of COP28 participated in its second edition this year, explaining that the initiative issued the "From Assets to Flows" report that showcased more than 400 climate projects of different size in various countries of the world in the fields of renewables, emission reduction, water, agriculture, food production and climate adaptation.
He also mentioned the National Initiative for Smart Green Projects (NISGP) in Egypt, as a model for localizing climate and development action, saying that 18 winning projects in the second edition of the initiative will be presented during COP28 in Dubai.
Mohieldin stressed that the efforts of the Egyptian and Emirati presidencies of COP27 and COP28 are integrated to encourage emission reductions, keep the level of global warming at 1.5 degrees, and intensify climate adaptation activities through the Sharm El Sheikh Adaptation Agenda (SAA). Adding that the activation of the Loss and Damage Fund during the Dubai Conference after its launch at the Sharm El Sheikh conference is a model of building on the recommendations of previous versions of COPs and continue working to achieve climate goals.
Mohieldin explained that COP27 emphasized the importance of the holistic approach that considers climate action an integral part of development action, while COP28 focuses on the importance of investing in nature and biodiversity as a line of defense against climate change.
The climate champion stated that the implementation of climate action requires the availability of adequate and fair finance, the reliance on scientific and technological solutions, and the developing of policies and regulatory frameworks that incentivize climate action.
Mohieldin highlighted the need to use all possible tools to bridge the climate finance gap, pointing to the importance of reforming IFIs and MDBs so that their capital is increased and new concessional financing policies are adopted.
He also stressed the importance of activating debt swaps for investment in nature and climate and establishing carbon markets as tools that help developing countries and emerging economies finance their climate activities.
Mohieldin praised the UAE announcement of the launch of a $30 billion climate financing fund, explaining that the fund aims not only to finance climate activities but also to build capacity and provide technical support for climate projects.
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