Mohieldin: SAA Is An Important Mechanism To Mobilize Global Efforts For Dealing Effectively With Adaptation

Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that implementing climate adaptation activities requires mobilizing adequate finance by all actors.

This came during his participation in the first Sharm El Sheikh Adaptation Agenda (SAA) Steering Committee meeting, with the participation of Razan Al Mubarak, Climate Champion for COP28, Ambassador Hatem Al-Atawy, Deputy Assistant Minister of Foreign Affairs, Ambassador Majid Al-Suwaidi, COP28 Presidency Director General, Dr. Youssef Nassef, UNFCCC Director for Adaptation, Selwin Hart, UN Secretary-General Special Adviser on Climate Action, and Eric Usher, Head of the UNEP Finance Initiative.

SAA was launched by Egypt presidency of COP27 and HLCs during the conference that held in Sharm El Sheikh last November with the aim of promoting global efforts to face climate adaptation challenges.

Mohieldin stated that adaptation is funded fairly by very few institutions and funds, foremost of which is the Green Climate Fund, but financing this important aspect of climate action in general does not exceed 15% to 20% of the contributions of IFIs and MDBs in financing climate action, which must be changed.

Mohieldin added that the private sector is more focused on financing and implementing mitigation activities, while its contribution to financing adaptation activities does not exceed 3%, explaining that the insurance sector can play an effective role in enhancing the participation of private sector in financing and implementing climate adaptation projects.

He noted that public finance for adaptation activities is not at the required level. “In Africa, for example, public finance for adaptation does not exceed $11 billion annually, while the implementation of adaptation activities stipulated in NDCs requires five to ten times this amount.” Mohieldin said, stressing that the NDCs should reflect the real volume of climate action in general and adaptation activities in particular, as well as the real volume of required finance.

Mohieldin stressed the need for philanthropies to play a bigger role in financing and implementing adaptation activities, a role that complements the role of private sector and not just mirroring it.

The climate champion underscored the need for fair and adequate finance for adaptation activities to be reflected on the public budgets of countries and the contributions of private sector and philanthropies, explaining that climate adaptation requires - in addition to finance - providing technical assistance and technological solutions, working on capacity-building, and developing stimulating legislative and regulatory frameworks.