Dealing with climate change helps in addressing world political and economic crises

Dr Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt, said that dealing with climate change challenges could represent a key to solve other political and economic crises the world is suffering from.

He added, during his participation in a meeting held by the Regional Center for Sustainable Finance, that addressing climate change requires combining all efforts not only of governments and international organizations, but also within every country and society through the participation of different sectors, CSOs, financing bodies, private sector and investors.

Mohieldin stressed on the importance of finance mobilisation for climate projects before COP27 as a goal that climate champions and organizers are working to achieve, “We also target the flow of money from north to south in shape of investments that make public benefits through facing climate challenges, as well as making private benefits for investors and different financing entities.” He added.

The climate champion explained that Egypt aims to make COP27 a conference for fulfilling commitments of previous conferences, saying that implementing climate projects is a fertile field for investment.

Regarding the climate action finance crisis, Mohieldin said that the previous financing commitments didn’t get fulfilled to the moment, including the $100 billion pledged by Copenhagen conference, he referred also to GFANZ launched in Glasgow last year which faces difficulty to convert the financing sum of $130 trillion from assets into financial flows.

He pointed in this context to the importance of the private sector participation in climate action according to specific criteria to avoid mismanagement of climate projects and overcome “green washing”.

In the end of the meeting, Mohieldin asked all climate actors and stakeholders to get in a dialogue with climate champions, where they can present their proposals and plans for climate action and the ways of financing and implementing climate projects, saying that a number of regional and international meetings will be conducted before COP27 with the aim of getting the best outcomes of Sharm El Sheikh conference in November, and achieving the goals set by the Egyptian presidency of the conference especially the actual and immediate implementation of climate projects.

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