Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that achieving climate and development goals requires setting specific timelines for climate and development action.
This came during his participation in a meeting with the private sector and NGO representatives within the events of COP28 in Dubai, with the participation of Razan Al Mubarak, UN Climate Change High Level Champion for COP28.
Mohieldin stated that activating Loss and Damage Fund in COP28 after only one year of being launched in COP27 in Sharm El Sheikh, and completing the second replenishment of GCF in few months, are good examples of work according to specific timelines to achieve SDGs including climate targets.
He emphasized that implementing climate action necessarily requires data, technology and adequate finance, as well as domestic societies, indigenous peoples and local actors with agreeing on specific accountability criteria to ensure achieving positive results of partnership and collective action.
The climate champion clarified that closing the climate finance gap entails more work on mobilizing domestic finance, which requires bigger engagement from the private sector.
In a session entitled “Bridgetown Initiative Series: Funding Loss & Damage of Climate Change”, Mohieldin underlined the importance of the climate action credibility and fulfillment of climate pledges made by all actors, clarifying that societies and media must play an observatory role to ensure getting climate pledges fulfilled.
The climate champion said that the Loss & Damage Fund changes the dynamics of climate change through ringing the alarm bell to revise mitigation and climate adaptation tracks.
In the end of his speech, Mohieldin pointed out the important role of the private sector, civil society and insurance sector in supporting the fund.
