Supporting projects identified by the Regional Platforms for Climate Projects (RPCP) initiative is crucial for developing countries and emerging economies, according to UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, Mahmoud Mohieldin.
Speaking at a session titled “Global Perspective on Accelerating Transition” during COP28 in Dubai, Mohieldin emphasized that implementing the RPCP’s projects requires adequate funding, technical assistance, and capacity-building support. He welcomed the UAE’s announcement at the start of the conference, establishing a fund to finance and support several projects in Africa.
Mohieldin revealed that project owners and various financiers have already reached agreements for 20 RPCP projects, with a total financing value of $1.2bn.
He stressed the need to double concessional financing and the capital of Multilateral Development Banks (MDBs) to address climate finance needs effectively. Additionally, mobilizing private sector investment by around fourfold and promoting local resource mobilization is crucial.
“Financing and implementing climate and development activities require more effective public-private partnerships,” Mohieldin stated. He highlighted the importance of MDBs playing a larger role in supporting governments to develop policies that incentivize climate action and de-risking investments to attract private sector participation.
The Loss and Damage Fund, activated at COP28 just one year after its launch at COP27, serves as a stark reminder of the urgency to ramp up mitigation and adaptation efforts, Mohieldin noted. He commended the timely activation as a model for achieving climate action goals through concrete timelines.
Mohieldin concluded by emphasizing that successful climate action necessitates technological advancements, behavioural changes, policy shifts across all sectors, and the mobilization of sufficient, equitable, and efficient funding.