Dr. Mahmoud Mohieldin in COP28: Partnerships Between All Actors are essential to Finance & Implement Climate & Development Action

Smart Green Projects Have a Great Environmental & Developmental Impact & Help Supporting the Egyptian Economy

Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that partnerships & collaboration between all actors is the key to finance & implement climate and development action.

Mohieldin stated, during his participation in the meeting of the Sustainable Finance Integrity Advisory Council at COP28 in Dubai, that the activation of the Loss and Damage Fund, and the success of the second replenishment of the GCF, are positive steps regarding financing climate action, adding that climate action needs more of such effort and collaboration.

Mohieldin emphasized the need to accelerate the reform of MDBs by increasing their capital and adopting more effective policies to finance climate and development action, saying that the efficient contribution of IFIs and MDBs will stimulate the private sector to participate more in the financing and implementing climate and development projects.

He stated that some protective industrial and trade policies in Europe and the United States have negative consequences on developing countries, but they can be used in cooperation, providing technical assistance and finance to decarbonize hard-to-abate sectors in developing countries.

Mohieldin met with a group of winning project owners in the second edition of the National Initiative for Smart Green Projects (NISGP), in the presence of Ambassador Hisham Badr, Assistant Minister of Planning and Economic Development for Strategic Partnerships, Excellence and Initiatives and General Coordinator of the Initiative.

He discussed with the attendees the nature of their projects, their purpose, their environmental, developmental and economic feasibility, and how they benefit local communities in different governorates.

Mohieldin praised the ideas and efforts made in the projects under difficult global economic conditions, saying that the projects revealed by the initiative benefit local communities and can expand on a regional scale.

The climate champion highlighted the local and developmental impact of these projects, and their contribution to the growth of the Egyptian economy as a whole, explaining that those in charge of the initiative are keen on communication and cooperation between project owners, the concerned ministries, the private sector and financing institutions in order to develop them and meet their needs and help them face challenges.

Mohieldin pointed out the importance of developing these projects continuously to keep pace with the rapid technological development, and called on the attendees to transfer their expertise to their employees and other projects to maximize the impact of these projects and extend the benefits from the decentralized level to the national level.