Mohieldin: It is important to focus on sustainable financing mechanisms

Wed 09 Nov 2022 | 10:41 a.m.

Mahmoud Mohieldin, UN High-Level Champion on Climate Change for Egypt and UN Special Envoy for Financing the 2030 Agenda for Sustainable Development, stressed that climate finance is development finance and action change should improve the achievement of the Sustainable Development Goals.

This happened during her participation in the session on the report of the High Level Independent Panel of Experts on Climate Finance, commissioned by the Egyptian and British Presidencies of the COP27 and COP26 climate conferences, in the presence of Vera Songwe , Executive Secretary of the United Nations Economic Commission for Africa and Nick Stern, Professor of Economics and Government, President of the Grantham Research Institute, and Alok Sharma, President of COP26.

The climate champion added that the most important feature of this report is that it focuses on the modalities and mechanisms of implementation within a holistic approach that integrates climate action within the framework of development. sustainable.

Mohieldin also expressed its aspiration that the Egyptian Presidency of the Climate Summit, represented by Foreign Minister Sameh Shoukry, will continue to cooperate with relevant partners in order to move into the implementation phase by strengthening partnerships, mobilizing the necessary financing from the public and private sectors, and formulating the necessary policies.

He also underscored the need to adopt an integrated approach that takes into account the economic dynamics of the African continent to ensure that the desired objectives are achieved and that they reach their beneficiaries.

It should be noted that the expert panel met in Cairo last month to discuss a draft report that identifies the most significant climate finance gaps, determines their causes and offers recommendations. to mobilize the finance needed to support climate action while emphasizing the vitally important role of multilateral development banks and development finance institutions as a whole to participate strongly Not only in creating the conditions for investment but also in risk management, reduction and sharing.

Michael J. Birnbaum