Mahmoud Mohieldin — Egypt’s High-Level Climate Change Champion at the UN and UN Special Envoy on Financing the 2030 Sustainable Development Agenda — said that the total number of projects competing in the National Initiative for Smart and Green Projects was 6,281.
He added that 2,220 projects were able to meet all conditions and that the final list is being prepared.
This came during his speech in a high-level dialogue dubbed ‘The Potential of Green/Blue Bonds and Co-investment Platforms to Catalyse Climate Finance’ on the side-lines of the 77th session of the United Nations General Assembly in New York.
The dialogue discussed the role of green and blue bonds and co-investment platforms in mobilising climate finance and unlocking access to new sources of finance in the presence of President of Malawi Lazarus MacCarthy Chakwera and Jennifer Morgan — State Secretary of the Federal Foreign Office of Germany and Special Envoy for International Climate Action.
Mohieldin explained that this initiative aims to localise climate action so that citizens feel the fruits of the UN Conferences of Parties on Climate Change. The six categories of competing projects are mega projects; medium projects; small local projects — especially those related to women and the Decent Life Presidential Initiative — start-ups; development projects related to women, climate change, and sustainability; and finally non-profit social initiatives and participations.
In a related context, the climate champion highlighted the importance of integrating the regional dimension into climate action, especially in light of the challenges facing the world today.
He also expressed his happiness with the outcomes of the four regional forums held in Africa, Asia, Latin America, and the Arab region, which resulted in more than 70 projects. Mohieldin added that half of these projects are related to mitigation and the other half is related to adaptation, as these regional forums aim to find solutions to the climate crisis through investable and bankable projects.
This move is in line with the UN’s sustainable development goals (SDGs) and the holistic approach to climate action.
Furthermore, the Fifth Regional Forum is scheduled to be held this October in Geneva. The forums are organised by presidency of the COP27 in cooperation with the UN’s regional commissions and high-level champions.
Mohieldin also referred to the accumulated debt crisis, mentioning the so-called fourth wave of debt — according to the World Bank — a matter that requires the availability of additional and innovative funding sources (Finnovation), such as debt swaps for investment in nature. He also praised the efforts of the World Bank and the International Monetary Fund in terms of debt reduction mechanisms.
Regarding implementation, Mohieldin emphasised that there is a great deal of understanding about what should be done by the private and public sectors as well as civil society, stressing the need for general guidelines to ensure coordination between state and non-state actors.
He also stressed the need to support carbon markets in Africa, adding this support includes financial and technical support.
The climate champion concluded his speech by emphasising the role of political leaders in advancing the climate action agenda, stressing the need to align countries’ budgets to development plans.