EGYPT: Dr Mahmoud Mohieldin has warmed that the delay of climate projects implementation will cost the whole world more bigger harm
No country has the capacity to finance and implement climate projects on its own, he said on Thursday adding that the UN Climate Change Conference (COP27) in Sharm El Sheikh due in November will concern mainly about the actual implementation of climate projects, away from useless promises and pledges.
Dr Mahmoud Mohieldin is the UN Climate Change High Level Champion for Egypt.
Mohieldin remarks came during his participation in a session entitled “Road to COP27: Transitioning to a Green Economy”, within the activities of the Annual Meetings of The Islamic Development Bank Group (IsDB) held in Sharm El Sheikh, in attendance and participation of Ambassador Sameh Shokri, Minister of Foreign Affairs, and Dr Hala Elsaid, Minister of Planning and Economic Development.
Mohieldin stressed that the world has had enough of promises and pledges, but it needs urgently to start working on climate projects on the ground.
“If we want to stay at 1.5 degrees or less of global warming by 2050, then we have to start working on this goal today, not tomorrow.” He explained, saying that the delay of climate projects implementation will cost the whole world more bigger harm.
Dealing with climate change crisis, according to Mohieldin, depends on three main factors: Data availability, obvious implementation strategies on scientific basis, and the financing of those strategies.
Mohieldin said that Copenhagen climate change conference pledged 100 billion dollars for climate projects but this have not been fulfilled to the moment. “Even if this have been fulfilled today, the world will need ten doubles of this sum to finance plans and projects that aim to curb the impacts of climate change.” He explained.
“I think that we will have to revise the financial allocation by 2025 in order to set the suitable sum to finance climate projects.”
Mohieldin stressed that no country has the capacity to finance and implement climate projects on its own, asking for more cooperation between developed and developing countries in financing those projects in shape of investment, not loans and debts.
He referred, in this context, to the importance of expanding the role of international and regional finance organizations, such as WB, IsDB and AfDB, alongside the businesses in financing developing countries climate projects.
The climate champion said that countries, organizations and businesses that will start immediately in transitioning to green economy, investing in and implementing climate action will start to get positive results in the next few years. “on the opposite side, late starters will suffer big losses, and those who prefer to wait today will keep waiting forever,” he added.
Mohieldin stated that the successful climate action must be done on three axis, first of them is inclusive policies set by governments in order to transit to green and decarbonized economy – alongside other SDGs – in a comprehensive way.
“These policies should allow wider participation of businesses, private sector, banks, NGOs, regional and international organizations in setting, financing and implementing climate projects.,”he said.
Second axe, according to Mohieldin, is setting obvious implementation strategies for climate projects with clear and specific schedule. while Third axe is finding ways to finance those projects in shape of investments.
“Implementation, implementation and implementation.” Mohieldin said, answering a question about what would make COP27 different.
“Sharm El Sheikh conference will concern mainly about the implementation of climate projects. No more useless promises, pledges and buzzwords” he added.
Mohieldin clarified that preparation for COP27 is going on three tracks, first of them is the official one where the Egyptian government is making big efforts for good organizing and achieving its goal from hosting that bringing climate action to life will start from Egypt and Africa.
He said that the second track relates to NGOs, business leaders, regional and international entities that really keen on making big difference in the climate situation, while the third track relates to youth and amplifying their role in setting and implementing plans that take them to brighter future. “Youth will play a vital role in making successful climate change conference in Sharm El Sheikh,” he added.
He explained also that COP27 will concern about linking the implementating entities for climate projects to the financing entities, saying that the African Union – for example – has five major climate projects but they lacks of financing, and here come the role of COP27 to bring together the AU and the financing entities under one roof to achieve the climate goals.
He explained that Sharm El Sheikh conference aims to increase awareness among all stakeholders and climate actors about the climate change crisis, the necessary projects to curb the crisis impacts and the needed finance to implement these projects.
“COP27 aims to gather all parties in Sharm El-Sheikh, to listen to everyone’s visions and plans, without exclusion or exception, in order to come up with the best projects and the best work mechanisms to face climate change impacts.” Mohieldin stated.
In the end of his speech, the climate champion said that COP27 aims to raise awareness among all parties to take on local, national, regional and global dimensions for sustainable development projects – including climate projects – in comprehensive and equitable ways in order to ensure the achievement of its ultimate goal, which is to reach a world capable of facing climate change.
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