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Mohieldin, who is also the UN Special Envoy for Financing the 2030 Agenda for Sustainable Development, said Egypt and the UAE will work together to strengthen international climate action, building on the outcomes of previous COP sessions.
Mohieldin was speaking on the sidelines of his participation in the Atlantic Council’s Global Energy Forum in Abu Dhabi, where Egyptian Environment Minister Yasmine Fouad, International Renewable Energy Agency (IRENA) Director General Francesco La Camera and Sustainable Energy Corporation Chief Executive officers were also in attendance. For all and Damilola Ogunbiyi, UN Special Representative of the Secretary-General for Sustainable Energy.
The Atlantic Council’s Global Energy Forum is part of the Abu Dhabi Sustainable Development Week (ADSW), which will be held in the UAE from 14-19 January. ADSW is convening Heads of State, policymakers, industry leaders, investors, youth and entrepreneurs for influential dialogue on the transition to a net-zero emissions future.
Mohieldin explained that COP27 managed to keep decarbonization goals at the top of the agenda, in addition to making notable progress on the adaptation document by launching the Sharm el-Sheikh Adaptation Agenda.
“The establishment of Loss and Damage Fund This is the most important outcome of COP27 and represents a diplomatic success for Egypt’s presidency of the conference and all climate action negotiators,” Mohieldin said, adding that the UN Secretary-General hailed the achievement as a great diplomatic success.
Mohieldin highlighted the importance of financing for climate action, explaining that by focusing on local, regional and international dimensions, money and investment can be mobilized and directed towards the right climate actions.
Locally, that means funding efficient climate projects, he said, referring to Egypt’s National Smart Green Project Initiative An investment map was created in each province of the country through a national competition for the best green and smart projects.
Regionally, Mohieldin noted Five regional roundtable initiatives Chaired by the Egyptian COP27 presidency, the UN Regional Economic Commissions and the High Level Champions (HLC), said the initiative has resulted in many very special and diverse projects that reflect regional priorities and represent promising investment and financing opportunities .
“Internationally, just talking about $100 billion Commitments of developed countries at Copenhagen. According to a study by senior experts led by Vera Songwe and Nicholas Stern, climate action will require $1 trillion per year by 2025 and then $2.4 trillion by 2030,” said Mohieldin.
He said financing climate action required the activation of debt relief mechanisms and debt swaps to co-invest in nature and the climate, the activation of carbon markets, and the adoption of soft standards by development banks and financial institutions.
Mohieldin noted that there is a lot of interest in investing in renewable energy and stressed that international financial entities and development banks have a role to play in meeting this interest to help governments de-risk energy projects and thereby encourage private sector participation.
Climate advocates have affirmed the need for unified climate action efforts, saying the high cost of climate action is less than the cost of dealing with the damage of climate change.
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