The world needs 10 times the money pledged by the Copenhagen Climate Change Conference ($100bn) to finance various climate projects, according to Mahmoud Mohieldin, the UN climate change high level champion for Egypt.
Mohieldin participated in a session, titled “The 2022 Indonesian Presidency of the G20: Recover Together.. Recover Stronger”, within the annual meetings of the Islamic Development Bank (IsDB) Group Private Sector Forum, held in Sharm El Sheikh, on 2-4 June.
The session was also attended by Egypt’s Minister of International Cooperation Rania Al-Mashat and IsDB President Mohamed Algaser.
Mohieldin explained the frameworks and goals set by Egypt, as the president of the UN Climate Change Conference (COP27), and Indonesia, as the president of G20 in 2022, are almost similar.
“Indonesia aims to achieve digital transition, environmental transition and sustainable financing of SDGs during its presidency of G20, and Egypt sees that dealing with climate change should be done within a wider framework that includes all SDGs and ensures provision of needed climate action financing, we can see then how G20 and COP27 goals are similar and crossing,” Mohieldin said.
Climate champion added that G20 and COP27 goals are short, mid and long term ones, saying that the insistence of the international community on discussing and working on these goals regardless of the COVID-19, war in Ukraine, food and economic crises reflects their importance.
“Recently, I found that governments and representatives of the private sector have a real desire to work on climate change issues,” said Mohieldin, adding that COP27 will gather all stakeholders including governments, businesses, regional and international bodies in the aim of making a real difference in the climate situation.
He explained, in this context, that COP27 will not repeat previous conferences, but it will build on the previous results and move on towards the actual implementation of climate action.
“Dealing with climate change depends mainly on five axis, first of them is adopting a holistic approach where working on climate goals is a part of working on SDGs as whole, not to work on achieving one of these goals in isolation of the others,” Mohieldin clarified, noting that working on decarbonization – for example – should go through an inclusive environmental transition stands on scientific ground.
He said that the second axis relates to the actual and immediate implementation of climate projects, and turning all previous climate conferences pledges into work mechanisms.
“The third axis relates to adding the regional aspect to climate projects, whether from the project benefit, implementation or financing,” he added. The fourth axis is the sustainable finance of climate projects.
Mohieldin highlighted the importance of the engagement of the private sector, businesses, and international entities in financing climate projects in the shape of investment, not loans or debts.
The fifth axis, according to Mohieldin, relates to the localisation of sustainable development projects including climate ones, so that they can benefit every village and city, and transforming all previous climate conferences and summits outcomes into tangible results on the ground.