Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that the Global Stocktake process witnessed unprecedented engagement of businesses, investors, cities and regions, youth, indigenous peoples and communities worldwide and how they stand ready to support national governments and contribute to an ambitious GST response.
This came during his participation in the “Global Stocktake (GST) High-Level Event – Means of Implementation” within the events of COP28 in Dubai, with the participation of Dr. Yasmine Fouad, Minister of Environment on behalf of President Abdel Fattah El-Sisi, and a number of leaders of states and governmentsl.
Mohieldin stated that this response from all parties to the GST process must be translated into specific transformative actions, including a commitment to keep the level of global warming at 1.5 degrees, to ensure the world’s resilience to climate change, with the need to recognize that climate action and economic growth will either be achieved together or will not be achieved.
Mohieldin underlined the importance of focusing on the operationalization and implementation of climate activities, recognizing that non-party actors are key partners in accelerating and supporting climate action, with the need to strengthen international cooperation at the level of all parties and sectors on the basis of climate justice.
The climate champion stressed the necessity of enhancing the credibility of climate action among non-party actors, with affirming their commitments through clear systems and standards. Mohieldin confirmed also the paramount importance of mobilizing fair finance for climate action.
Mohieldin said that adequate, effective and accessible financing must be provided in order to implement just transition and protect people and the earth from the risks of climate change, noting that concessional finance tools must be accessible for developing countries in order not to burden them with more debts to implement climate action, with promoting high-quality, affordable investments in climate projects, with attention, in this regard, to the investable projects reached through the initiative of Regional Platforms for Climate Projects (RPCP).
Mohieldin added that MDBs need to activate credit cards enhancement and credit guarantee tools to encourage the private sector to participate more in climate action. He underscored the need to activate innovative finance instruments, swap debt for investment in nature and climate, and the establishment of carbon markets.
He stressed the importance of linking financial capital to nature capital, because of the important role of nature in reaching net zero emissions, he also noted the need to activate the Loss & Damage fund, reconsider the climate commitments that have not been fulfilled in a way that undermined trust among the parties of the international community, and work to ensure the success of the second replenishment of the Green Climate Fund to raise the level of ambition and aspirations regarding the implementation of climate action.
Mohieldin stressed the need for the technology transition process to take into account the national context of different countries, with the importance of implementing the capacity-building process in a long-term sustainable manner.