At the Bonn Climate Conference.. Dr. Mahmoud Mohieldin praises the Sharm El-Sheikh Conference for its role in confronting climate change

At the Bonn Climate Conference.. Dr. Mahmoud Mohieldin praises the Sharm El-Sheikh Conference for its role inConfronting climate change

In a discussion session entitled “The Benefit of Finance and Nature in Correcting the Course of Transformation,” the “climate pioneer for the Egyptian Presidency of the Conference of the Parties (COP) to the United Nations Convention on Climate Change COP27”Dr. Mahmoud Mohieldin said: “The initiatives of the climate conference held in Sharm El-Sheikh can contribute to addressing the crises of finance and nature.” Then he said: “The most important of these initiatives are: the Initiative to Promote Nature-Based Solutions to Accelerate Climate Change, the Sharm El-Sheikh Adaptation Agenda, the Africa Forest Restoration Initiative, and the Forest and Climate Leaders Partnership.”

This discussion session came within the work of the “Bonn Climate Conference”, in the presence of Razan Al-Mubarak, “climate pioneer for the UAE Presidency of the Twenty-eighth Conference of the Parties (COP),” and “Claire Everett,” “responsible for the carbon emissions disclosure project in the Marrakesh Partnership.” Mohieldin stressed that the first global assessment of the implementation of the goals of theParis Agreementclimate agreement – in this current year – requires the necessity of accelerating the application of innovative solutions. In order to confront successive climate changes, by mobilizing the necessary funds, so that environmental and development projects can be implemented.

He also explained how the implementation of the recommendations of the Paris Agreement – as well as the Sustainable Development Goals (SDGs) – depend on our success in preservingbiodiversity, and our ability to restore it, and then managing it well; Therefore, the Egyptian climate pioneer believed that avoiding the effects of climate change – which are catastrophic – can only be achieved by restoring lost biodiversity, and this is before the year 2030.

In the same context, Dr. Mahmoud Mohieldin explained the circumstances of the debt crisis, as it is an economic crisis that prevents many countries from financing their activities related to reducing emissions and adapting to climate change. Hence, he explained that two-thirds of climate action financing is still dependent on debt, expressing his deep regret that environmental protection, management and restoration activities do not receive the necessary funding, which confirms the importance of reforming global financing systems.

Because of this funding weakness, Mohieddin stressed the speed of mobilizing funds for climate and environmental action. To address the crises of nature loss and climate change, this is by activating financing mechanisms, diversifying its sources between the public and private sectors, as well as benefiting from debt swaps to treat the two crises related to climate and money at the same time.

Regarding this last point, Dr. Mahmoud Mohieldin stated that these climate funds are insufficient, unfair, and ineffective. Therefore, the “Five Regional Forums for Climate Action Financing Initiative” is a path to implementing serious projects eligible for financing, and this is through the official path, which is the partnership between the Egyptian and Emirati presidencies of the “COP27” and “COP28” conferences. Drawing attention to the fact that the goal of the second edition of the Five Regional Forums Initiative is to reach agreements related to financing between 10 and 15 climate and development projects in the five regions, and this is before the twenty-eighth Conference of the Parties (COP) is held.

At the end of his speech, Mohieldin stressed the importance of climate and development financing, and that it is financing that is no less important than mobilizing it. In order to achieve the goals of climate and sustainable development, he also stressed the necessity of providing an attractive environment for financing and investment in all developing countries, as this environment ensures the flow of investments and financing for climate and development projects in the desired manner. For a sustainable life.