Dr. Mahmoud Mohieldin calls for mobilizing financing for climate projects at the African Regional Forum
Dr. Mahmoud Mohieldin calls for mobilizing financing for climate projects at the African Regional Forum
The continent of Africa is preparing to hold the “Second Edition of the African Regional Forum” conference, in implementation of the initiative of the five regional forums, organized by the presidencies of Egypt and the UAE for the twenty-seventh and twenty-eighth Conferences of the Parties, with the participation of the regional economic commissions in the United Nations, and also with the participation of climate leaders; It is a regional conference that will be held in Kenya early next September.
For this reason, a preparatory meeting was held under the title: “On the way to the African Regional Forum and the Twenty-eighth Conference of the Parties (COP): Opening the door to financing flows for African climate projects through innovative financing,” in the city of Abidjan, Côte d’Ivoire, on the sidelines of the African CEO Forum, where the Egyptian Dr.Mahmoud Mohieldin “The Envoy” participated. The United Nations Special Committee on 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 Climate Change Convention (COP27).
Mohieldin said: “The second edition of the African Regional Climate Project Financing Forum aims to mobilize funds and support investments necessary to implement the climate projects that were presented in the first edition of the forum.”
He then went on to say: “The goal of the five regional forums is to stimulate climate projects that are eligible and deserving of support from multilateral development banks and international financial institutions.” It is worth noting that these forums discussed – in their first edition – about 400 projects, and recommended the implementation of 120 of them.
In this same context, he explained that many countries on the African continent are actually suffering from debt crises. Therefore, the countries of the continent must activate innovative solutions immediately, so that we can begin to finance development and climate action in Africa, while making maximum use of debt reduction tools and exchanging them for climate investments.
Dr. Mahmoud Mohieldin also did not rule out the importance of the private sector and its effective role in implementing these climate finances, and he is able – according to his words – to adopt standards for the governance of environmental and social practices that are consistent with the recommendations of the expert report, which was commissioned by the Secretary-General of the United Nations, António Guterres.
Hence, he noted the importance of the document of the Secretary-General of the United Nations, which recommended the necessity of accelerating the pace of financing and implementing various climate actions. This is as a document that focuses on reducing these African debts, then dealing with the damage and losses caused by climate change.
In addition to the above, Mohieldin stressed the importance of activating the “African Carbon Markets Initiative” launched by the participants of the Twenty-Seventh Conference of the Parties (COP) – headed by Egypt – in the city of Sharm El-Sheikh. Regarding this initiative, he believed that it would help shift towards the use of clean energy and reduce harmful emissions, and that it would work to achieve the goals of adapting to climate change around the world.
On the other hand, Mohieldin highlighted the “Smart Green Projects Initiative” launched by Egypt, as the Egyptian government seeks to localize climate and development projects with the help of local parties, and this is by defining the categories of these projects, and there were six categories that included large and small projects. Not only that, but the United Nations Special Envoy concerned with financing the 2030 Agenda for Sustainable Development indicated that the Smart Green Projects Initiative is a way towards supporting community participation, through women’s empowerment projects and enhancing youth capabilities, as well as projects that stimulate small companies and non-profit entities.
At the conclusion of his speech in which he participated in this preparatory meeting, the climate pioneer stressed the idea that financing climate projects is first-class development work and is not an alternative to it, as these climate projects are capable of creating job opportunities. Thus reducing poverty rates. He also pointed out that this type of project is a good energy saver and has advanced capabilities in managing resources and enhancing aspects of life in cities, as well as its ability to achieve Sustainable Development Goals (SDGs).
