Climate Champion Mohieldin emphasizes global climate action at COP28

Daily News Egypt
3 Min Read

In a closing address at COP28, Climate Champion for COP27 Mahmoud Mohieldin emphasized the crucial link between climate action and sustainable development. He highlighted the success of several initiatives launched during his tenure, demonstrating how climate efforts can drive economic growth and achieve equity.

Mohieldin, also UN Special Envoy on Financing 2030 Sustainable Development Agenda, spoke at the “Global Climate Action High-Level Event: Uniting on the Pathway to 2030 and Beyond.” He emphasized the need for a balanced approach to climate action, ensuring support for developing countries and achieving fairness.

Mohieldin highlighted the success of the RPCP initiative, a joint effort between the Egyptian and Emirati presidencies of COP27 and COP28, the UN regional commissions, and the High-Level Champions (HLCs). This initiative identified 450 investable climate projects in two years, with a funding requirement exceeding $500bn. Notably, 19 projects have already secured $1.9bn in financing.

Moreover, the HLCs supported various climate action initiatives in Africa, including the Africa Carbon Markets Initiative (ACMI), the Africa Green Hydrogen Alliance, and the Climate Risk Insurance Facility for Adaptation in Africa.

Mohieldin emphasized his focus on local climate efforts through the NISGP in Egypt. This initiative resulted in 12,000 projects across all governorates in two years, creating over 40 partnerships to support their implementation. This serves as a practical model for localizing climate and development action.

Mohieldin acknowledged the role played by the Egyptian presidency of COP27, in collaboration with HLCs, in placing adaptation on equal footing with mitigation. The launch of the SAA serves as a mechanism to implement climate resilience goals by 2030.

Mohieldin stressed the need for rapid and widespread financial support for climate action in developing countries. He advocated for new policies for concessional financing, mobilizing more investments, activating innovative mechanisms, doubling funding for adaptation, and linking financial capital with nature capital.

He also emphasized the need to address unfulfilled financing pledges and develop policies that incentivize mobilizing domestic resources. Mohieldin noted the success of the second replenishment of the Green Climate Fund (GCF), which he facilitated, securing $12.8bn in contributions.

Mohieldin concluded his speech by calling for intensified efforts to achieve shared climate goals, stating that united action will ensure stability, security, and equality for all.

Share This Article
Leave a comment