Dr Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that COP27 due go to be held in Sharm El Sheikh is to focus on implementation, mobilizing finance and enhancing climate projects .
Mohieldin clarified, in an interview with Devex which is a media platform of international development community, that the lack of data and enough finance in addition to ramifications of COVID-19 and the Ukrainian crisis have led to deterioration in SDGs, especially in light of the high poverty rates .
Meanwhile, the climate champion praised the progress in mitigation file, stressing the need to expand the role of private sector in this domain.
As for adaptation, Mohieldin pointed out that there are some good experiments but still independent on public finance , referring to the latest report from the Global Center of Adaptation issued a few days ago in Rotterdam which states that the contribution of private sector is no more than 3%.
Mohieldin also stressed the paramount importance of dealing seriously with loss and damage file in accordance with Paris Agreement.
As for finance, Mohieldin commended the leadership of some countries who fulfilled their commitments in Copenhagen pledge that stipulates offering 100 billion dollars annually to support climate action in developing countries. This amount is no more than 3 percent of developing countries’ demands.
Mohieldin also stressed the importance of activating debt reduction mechanisms, supporting carbon markets in addition to linking investments with projects.
In a related context, Mohieldin stressed the need to offer further support to middle and low income countries, bearing in mind that half of African countries are low and middle income ones .
The climate champion also highlighted the promising economic potentials for investing in climate action in areas related to green hydrogen and clean energy.
