Carbon markets are a step towards achieving the Sustainable Development Goals (SDGs)
Carbon markets are a step towards achieving the Sustainable Development Goals (SDGs)
In a meeting organized by the Egyptian Presidency of the Twenty-Seventh Conference of the Parties (COP) and the Ministry of Environment, Dr.Mahmoud Mohieldin – climate leader for the Egyptian Presidency of the Conference of the Parties (COP) to the United Nations Convention on Climate Change (COP27) and the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development – stated that carbon markets must aim to achieve adaptation to climate change and deal with its losses. And its harms; The role of these markets should not only be limited to reducing harmful emissions.
The participation of Dr. Mahmoud Mohieldin – who was at the headquarters of the Ministry of Foreign Affairs – contributed to supporting the discussion that took place on carbon markets locally, regionally and internationally, and this was in the presence and participation of “Katiana Garcia Kilori” “sustainable finance expert at the World Bank”, “Andrea Abrahams” “Director General at the International Emissions Trading Association”, and “Bogolo Kinwendo” “Special Advisor on the Leaders of the Framework Convention on Climate Change”, Ambassador Mohamed Nasr, “Director of the Department of Climate Change, Environment, and Sustainable Development in the Ministry of Foreign Affairs,” and Sherif Abdel Rahim, “Head of the Central Department of Climate Change in the Ministry of Environment,” in addition to representatives of the private sector, officials of the relevant ministries, as well as heads of chambers of commerce and banking unions.
There, the climate pioneer told the Egyptian Presidency of the Conference of the Parties (COP) to the United Nations Convention on Climate Change (COP27) and the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development: “Carbon and its market in Egypt must be closely linked to regional and international developments, and this requires mobilizing national actors, with a clarification of their roles in this market and its industries. In order to maximize its benefits.”
Mohieldin explained how identifying trends is important before any other action, indicating that the form of the carbon market and its working mechanisms are two very important measures, taking into consideration determining: is it a voluntary or compulsory market, and this is with establishing a regulatory plan for this promising market; So that experts and academics can benefit from it now and in the future, drawing on the successful experiences of Asian countries and other countries of the world, so that this market has a positive impact on multiple sectors and industries, the most important of which are the energy sector and the financial sector, with the need to pay attention to the role of the private sector in a practical framework that takes into account the standards of governance of environmental practices for the private sector and companies, so that the phenomenon of “greenwashing” can be addressed.
On the other hand, Dr. Mahmoud Mohieldin noted the importance of developing plans and strategies when establishing such environmental markets, paying attention to setting national standards, then coordinating them with regional and international standards. For such clear regulatory policies to be a path towards transparency in these markets, through their transformation to digital systems and the establishment of relevant technological partnerships.
In the same context, the climate pioneer – Dr. Mahmoud Mohieldin – praised the Egyptian interest that has become apparent in the government’s approach to establishing a carbon market, calling for the relevant ministries to be involved in establishing this market and helping the various national parties to integrate efforts and define roles. In order to develop policies – before shifting towards actual operation – so that these policies achieve the Sustainable Development Goals (SDGs).
