Dr. Mahmoud Mohieldin calls for creating a new mechanism to finance climate action projects
Dr. Mahmoud Mohieldin calls for creating a new mechanism to finance climate action projects
These days, the world's attention turned to the "New Global Finance Pact" summit held in the French capital, Paris. Here, Dr. Mahmoud Mohieldin, "the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, and the climate pioneer for the Egyptian Presidency of the Conference of the Parties (COP) to the United Nations Convention on Climate Change COP27," stressed the extent of the world's need To a financial financing mechanism with new standards and considerations; Drawing attention to the necessity of this new mechanism relying on investments, and not on debt, to finance climate projects, especially in developing countries.
Regarding this urgent need to activate a new financing mechanism, Dr. Mahmoud Mohieldin said on the Al Arabiya channel on the sidelines of this summit: “Achieving the Sustainable Development Goals (SDGs) requires abundant funding on an annual basis.” Regarding the amount of this financing, he went on to say: “Confronting climate change requires about 2.5 trillion dollars annually, and half of this financing will be paid by developing countries, and international financial institutions - in addition to the private sector - will contribute about one trillion dollars of this financing.”
Regarding the importance of this new financial system, the climate pioneer - Dr. Mahmoud Mohieldin - stated that the whole world stands before the threshold of great ambitions, through which the debts and burdens of developing countries can be reduced, and it can also help them combat climate change. Then he explained the unjustified degree to which countries rely on debt to finance climate action, as he stated that the percentage of our reliance on debt to address this type of issue has reached 65% globally and 75% in developing countries alone. Pointing out that this is completely unfair, explaining that developing countries are not the cause of the global climate crisis.
At the end of his speech, he urgently pointed out the necessity of directing climate action funds towards the renewable energy and agricultural sectors, with attention paid to adaptation activities related to the management of water resources, projects to combat desertification and its effects, as well as protecting forests. For a sustainable world.
