UN Climate Change High Level Champion for Egypt Mahmoud Mohieldin. (Photo courtesy of Mohieldin Media Office)
His remarks came on Wednesday during the eighth annual Sustainability Week organised by the Economist Impact, which brings 1,000 attendees, 300 speakers and 50 exhibitors together from 29 to 31 March at the Business Design Centre in London and online.
Mohieldin explained that COP27 in Sharm El-Sheikh highlighted the importance of a holistic approach to climate action within the framework of Sustainable Development Goals (SDGs).
He noted that multiple crises must be resolved to accelerate climate action, cut emissions in half by 2030, double adaptation efforts, activate the Loss and Damage Fund and finance climate action.
“Despite challenges posed by the Ukraine war, COP27 was successful,” Mohieldin said. However, he warned that 60 percent of global climate action financing relies on debt with 75 percent in developing countries and emerging markets, stressing the need for change.
He called for mobilising public and private finance, blending internal and external sources.
Mohieldin also called for activating innovative tools, utilising debt reduction strategies, carbon markets and environmental, social and governance standards (ESG).
He praised the launch of the African Carbon Markets Initiative, supported by African governments, private sector companies and UN organisations.
Mohieldin mentioned Egypt's Five Regional Roundtables Initiative, which identified over 400 projects in about 100 countries, with 120 presented at COP27 as investment models, urging multilateral banks and financial institutions to support their implementation.
He emphasised the importance of the Sharm El-Sheikh Adaptation Agenda, which focuses on five action areas and calls for greater private sector involvement in adaptation financing, currently at only two percent.
Regarding the Loss and Damage Fund, Mohieldin announced upcoming meetings to determine its activation and working mechanisms.