Mohieldin, who is also the UN special envoy on financing the 2030 Sustainable Development Agenda, stated that Egypt and the UAE will work together to enhance international climate action by building on what had been achieved at the previous COPs.
Mohieldin's remarks came during his participation in the Global Energy Forum held by Atlantic Council in Abu Dhabi, with the participation of Egypt’s Minister of Environment Yasmine Fouad, Director-General of the International Renewable Energy Agency (IRENA) Francesco La Camera and CEO of Sustainable Energy for All and the Special Representative of the UN Secretary General for Sustainable Energy Damilola Ogunbiyi.
The Atlantic Council’s Global Energy Forum is part of Abu Dhabi Sustainability Week (ADSW) the UAE is hosting 14-19 January. The ADSW is convening heads of state, policymakers, industry leaders, investors, youth and entrepreneurs, for impactful dialogues on the transition to a net-zero future.
Mohieldin explained that COP27 succeeded in keeping the goals of decarbonisation on the top of the agenda, in addition to achieving notable progress in the adaptation file by launching the Sharm El-Sheikh Adaptation Agenda.
"The establishment of Loss and Damage Fund is the most important result of COP27, which represents a success for the diplomacy of Egypt presidency of the conference and all climate action negotiations parties," Mohieldin said, adding that the UN secretary general praised this achievement as a great diplomatic success.
Mohieldin highlighted the importance of finance for climate action, explaining that mobilising finance and investments and directing them to the right climate action could be achieved through focusing on local, regional and international aspects.
Locally, thus means financing efficient climate projects, he said, referring to Egypt’s National Initiative for Smart Green Projects that has created an investments map across the country’s governorates through a national contest for the best green and smart projects.
Regionally, Mohieldin pointed to the five regional roundtables initiative held by Egypt’s presidency of COP27, UN regional economic commissions and high level champions (HLCs), saying that the initiative resulted in a number of very special and various projects that reflect the regional priorities and represent promising opportunities of investment and financing.
"Internationally, it is not enough anymore to talk about the $100 billion pledged by developed countries in the Copenhagen conference. According to a study conducted by high-level experts under the leadership of Vera Songwe and Nicholas Stern, climate action requires $1 trillion annually until 2025 and then $2.4 trillion until 2030," Mohieldin said.
Financing climate action requires activating debt reduction mechanisms and debt swaps for co-investing in nature and climate, activating carbon markets and the adoption of soft criteria by the development banks and finance institutions, he said.
Mohieldin noted that there is a big interest in investing in renewables, stressing that this interest should be met with a role of international financing entities and development banks to help governments in reducing energy project risks and – therefore – encouraging private sector participation.
The climate champion affirmed the necessity of unifying climate action efforts, saying that the high cost of climate action is lower than the cost of treating damages of climate change.