Financing & Implementing Climate Action Requires More Effective Public-Private Partnerships
Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that supporting projects revealed by the Regional Platforms for Climate Projects (RPCP) initiative is a support for developing countries and emerging economies that are implementing these projects.
Mohieldin said in a session of “Global Perspective on Accelerating Transition”, within the activities of COP28 in Dubai, that the implementation of the initiative’s projects requires the availability of funding, technical assistance and contribution to capacity-building, explaining that the fund announced by the UAE at the beginning of the Dubai Conference will contribute to financing and supporting a number of projects in Africa.
Mohieldin announced that 20 of the initiative’s projects have been reached agreements between the owners of the projects and various financiers with a financing value of $ 1.2 billion.
He explained that climate finance in general requires doubling concessional financing and the capital of MDBs, as well as multiplying the contribution of the private sector by about four times, as well as promoting work to mobilize finance from its local resources.
Mohieldin added that financing and implementing climate and development activities requires more effective Public-Private partnerships, a bigger role of MDBs in supporting governments in developing policies that incentivize climate and development action, and de-risking investment and financing to encourage the private sector to contribute more to financing and implementing climate and development activities.
The climate champion said that the Loss and Damage Fund ring the alarm bell to reconsider the tracks of mitigation and climate adaptation, explaining that the activation of the fund at the Dubai Conference one year after its launch at the COP27 in Sharm El Sheikh is a model for working according to specific timetables to achieve the goals of climate action.
He stressed that climate action needs technology, behavior and policies change at the level of all actors, and the mobilization of adequate, fair and efficient funding.