Dr. Mahmoud Mohieldin: The Carbon Markets Initiative is the most prominent outcome of COP27
Dr. Mahmoud Mohieldin: The Carbon Markets Initiative is the most prominent results ofCOP27
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 ChangeCOP27” participated in a discussion session on the “African Carbon Markets” initiative, where he said: “It is an example of the role of regional cooperation in Combating the continent’s environmental problems.” Drawing attention to the fact that it is an initiative with advanced capabilities and enjoys official support, with major participation from the private sector.
In his speech delivered during the activities of the African CEO Forum in the city of Abidjan, Côte d’Ivoire, Mohieldin confirmed that there are concrete steps towards activating the African Carbon Markets Initiative, and explained the extent of the effort made towards this by the Climate Pioneers Team and the Egyptian and Emirati presidencies of the twenty-seventh and twenty-eighth Conferences of the Parties.
Regarding this, the climate leader of the Egyptian Presidency of the Conference of the Parties (COP) to the United Nations Climate Change Convention (COP27) reported that funding for climate and development work in Africa in particular and developing countries in general is considered insufficient, unfair, and ineffective. Therefore, he saw the need to mobilize climate finance as first-class development finance. It is expected that African countries will achieve maximum benefit from establishing this type of carbon markets, as they are markets that help mobilize financing for climate action and development work.
In the same context, Mohieldin explained the need for these markets to have a legislative and regulatory framework that can define the roles of governments, the private sector and all civil society. Stressing that this framework can only be achieved through clear standards for governance of the performance of carbon market parties, with their pledge to absolute transparency.
He also said: “African carbon markets must include climate goals of a general nature, which can take into account the reduction of emissions, to help achieve the goal ofnet zero emissions, in addition to achieving other goals specific to nature, as well as confronting climate change, and dealing with its damages and losses.”
On the other hand, he believed that setting the price of carbon credits in Africa is of great importance. Because it enhances the continent’s ability to finance development and climate action, as well as achieving an integrated picture between these markets and African economic systems. He also saw the need to determine the type of carbon market, and whether it is mandatory or voluntary, as well as controlling the mechanisms for managing cross-border carbon trade, especially when dealing with some systems that deal through regulatory frameworks, such as the European Union.
At the end of his speech, Dr. Mohieldin expressed his overwhelming happiness with the clear support enjoyed by the African Carbon Markets Initiative, which will achieve the Sustainable Development Goals (SDGs).
