Mahmoud Mohieldin.. Facilitating financing for climate projects is necessary for Africa
Mahmoud Mohieldin.. Facilitating financing of climate projects is necessary for Africa
In the beginning, “COP27” was an affirmation of the Egyptian administration’s view of climate action and the necessity of making it a priority and a goal, not only in Egypt, but outside it, regionally and globally. Egypt’s success in chairing this global climate conference was nothing but a reflection of this interest in the issues of sustainable development and combating climate change. Hence, Egypt, with the participation of the parties in this conference last year, issued a number of initiatives.
One of the most important of these initiatives was: the Five Regional Forums Initiative, which coveredEarth Guards Magazine its second edition in May of this year, where its participants discussed the obstacles and challenges of financing climate projects. The Five Regional Forums Initiative was able to prove that there are projects suitable for financing and worthy of investment in them.
Regarding these projects, Dr. Mahmoud Mohieldin, “the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development and climate leader for the Egyptian presidency of the Conference of the Parties (COP) to the United Nations Climate Change Convention COP27,” said: “Financing African climate projects should take into account the debt problems that burden developing countries, and the most important of these projects are projects to adapt to climate change and its effects.” Harmful.”
Mohieldin’s statement about the importance of financing climate action was during his participation in a session entitled “Opening the way for the flow of financing for climate projects in Africa,” with the participation of “Miles Shenk,” partner and director of the Boston Consulting Group office in Nairobi. This session was part of the climate summit activities in the Kenyan capital, Nairobi, which began yesterday, Monday – September 4 – and will remain held until the sixth of the same month.
Mohieldin added that this initiative – the initiative of the five regional forums – has demonstrated that there are climate projects that have facilitating standards for investment and financing, and that this facilitation will enable the government and private sectors – as well as regional and international development partners – to contribute to the strategies and implementation of this financing.
Regarding the private sector, the important party in financing climate action, Dr. Mahmoud Mohieldin stressed the importance of motivating its departments to support climate and development action. Mohieldin also stressed the need to increase the role of international financial institutions and multilateral development banks, through new policies and facilitating financing mechanisms that can provide appropriate interest rates to emerging and developing countries, with long-term repayment and grace periods.
At the conclusion of his speech, the Egyptian climate pioneer – Dr. Mahmoud Mohieldin – stressed the absence of conflict between two types of financing: development financing and climate financing. He explained that mitigation activities and their implementation, and the activities of the Sharm El-Sheikh Adaptation Agenda, are effective steps towards achieving the Sustainable Development Goals (SDGs).
Among these goals, the most important of which – according to the words of Dr. Mahmoud Mohieldin – is the transition to new and renewable energy sources, as well as achieving food and water security, while improving infrastructure, protecting wildlife and marine life, combating poverty, and providing decent job opportunities; So thatsustainable developmentis a path to a safe and healthy world.
