Dr. Mahmoud Mohieldin: Double funding and private sector participation

Dr. Mahmoud Mohieldin:Doubling financing and private sector participation are necessary to implement climate change adaptation activities

Implementing climate change adaptation strategies requires a significant increase in funding allocated for this purpose. This was confirmed by the “United Nations Special Envoy for FinancingAgenda 2030for Sustainable Development, and the climate leader for the Egyptian Presidency of the Conference of the Parties (COP) to the United Nations Convention on Climate Change COP27” – Dr. Mahmoud Mohieldin – who pointed out the widening gap in the financing mechanisms directed toClimate Adaptation projects, and the need to expand Participation of the private sector in financing and implementing such projects.

This came during his participation in a session entitled: “Stimulating financing for adaptation activities and bridging the political gap,” and this is within the activities of the Conference of the Parties (COP)–COP28– to the United Nations Climate Change Convention, which is currently being held in Dubai. There, Mohieldin explained how the percentage of funding for activities related to climate adaptation declined from 7% to 5% of total global climate financing, and that this is something that requires urgent and comprehensive change.

In the same context,Egyptian Climate Pioneer stressed the importance of increasing the contributions of the private sector, international financial institutions and multilateral development banks in the field of financing activities related to climate adaptation, and also stressed the importance of increasing the capital of these banks, to stimulate participation in financing and implementing climate action; Because a high percentage of the financing of these activities is through government funding.

Also, he stated thatpartnerships between the public and private sectorsare important, in addition to the necessity of cooperation between all parties concerned in the field of climate action. After this, he reviewed the goals and results of the “National Initiative for Smart Green Projects“, and also praised the international platform launched by Bangladesh for climate action, as a platform based on this type of partnerships.

On the other hand, he explained the necessity of providing data and technological solutions. In order to implement plans to combat climate change, and activate methods of adaptation to its effects effectively, while emphasizing that national contributions must reflectthe climate realityand its actual needs.

Also, the “United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development” drew attention to the importance of the Egyptian step represented by the launch of theLoss and Damage Fund during the COP27 meeting in Sharm El-Sheikh last year. Hoping that it will be activated at COP28, as evidence of the necessity of reconsidering pathsemission mitigationand adaptation to climate change.

In a related context, Mohieldin praised the UAE’s initiative to launch a fund to finance climate action, which will be worth $30 billion, as an effective model for financing climate action in a fair and comprehensive manner.

In another session entitled “Harmonizing climate and development financing in order to facilitate the green transition,” Mohieldin stressed that theCOP27 conference called for considering climate action as part of development work, and that financing climate activities is direct financing for the various Sustainable Development Goals (SDGs).

At the conclusion of his speech, Dr. Mahmoud Mohieldin praised the Benban solar power plant in Egypt, as it is a model for partnerships between the public and private sectors, and stressed the importance of improving regulatory frameworks for climate action, and cooperation with development partners; To provide the necessary technical support for climate projects.