Mohieldin, who is also UN special envoy on financing 2030 sustainable development agenda, made his remarks during a video conference on Friday during the RAISINA Dialogue 2022 event, which was organised by the Observer Research Foundation in India.
The UAE, which is preparing to host next year’s climate summit, confirmed its commitment to building on the outcomes of COP27 in preparing its climate action road map, according to Mohieldin.
The multiple ongoing crises the world is going through should not be ignored when evaluating the outcomes of COP27 or when predicting the results of COP28, Mohieldin said.
He explained that COP27 had done well by focusing on enforcing pledges made during previous COPs. He also called for a pragmatic approach to integrate climate action with the goals of inclusive economic growth and sustainable development.
The outcomes of COP27 included measures and initiatives that built on the base established by the 2015 Paris agreement and COPs since, Mohieldin added.
The most important outcome of the conference was the creation of a loss and damage fund, which was an unprecedented success that will always be associated with Sharm El-Sheikh conference.
The fund will be established from the start of the new year until COP28 is kicked off in Dubai next November, when a 24-member provisional committee representing developing and the developed countries will provide recommendations on activating and managing the fund.
Among the other achievements of COP27, Mohieldin listed the “the launching of Sharm El-Sheikh Adaptation Agenda that covers food and agriculture, water and nature, coasts and oceans, human settlements and infrastructure."
The agenda includes with the creation of a global early warning system to deal with the effects of the climate crisis, the issuing of the high-level experts report under the guidance of the UN Secretary-General, stressing the necessity of following up its ten recommendations to deal with criteria and procedures relate to NetZero pledges, avoiding greenwashing and regulating sustainable financing markets for a sustainable economy.
The climate champion noted that the need for a just energy transition was highlighted during COP27 through common investments to draw down fossil energy, increase investment in renewables and deal with economic and social impacts of the transition process.
This came in parallel with the announcement of a number of just energy transition programmes, including a $20 million project financed by the programme partners. This was followed up just weeks later by another project in Vietnam worth $15.5 billion involving both the government and private sector.
"In general, in the light of dynamics and ramifications of war in Ukraine, the Sharm El-Sheikh conference was keen to confirm the non-retreat from previous COP commitments regarding emissions reduction, and the completion of mitigation programs according to Glasgow climate alliance outcomes," Mohieldin stated.
He also pointed to initiatives for financing, investment and project development, including the launch of the Africa Carbon Markets initiative. Participants at the conference set its regulatory framework, mechanisms and pricing, and reviewed ways to reduce debt by swapping it for climate investments in developing countries by building on the experiences of Seychelles, Belize and Barbados.