Private sector financing of adaptation in Africa only 3%, must be increased: Mohieldin

Ahram Online , Monday 14 Nov 2022

Mahmoud Mohieldin, UN climate change champion for Egypt, urged increasing the participation of the private sector in financing adaptation in Africa as it is currently stands at only three percent.

Mahmoud Mohieldin
Mahmoud Mohieldin, Egypt s climate champion, speaks with The Associated Press at the COP27 U.N. Climate Summit, Monday, Nov. 14, 2022, in Sharm el-Sheikh, Egypt. AP

 

Mohieldin made his remarks during his speech at the World Climate Summit within the framework of the Water Day activities at the 27th UN Climate Change Conference (COP27), being held in the Red Sea city of Sharm El-Sheikh 6-18 November.

Mohieldin further explained that the role of the private sector must be strengthened to advance climate action through a holistic approach that addresses adaptation, mitigation, adaptation, financing and losses and damages

He noted that private sector financing of adaptation in Africa currently does not exceed three percent, while also expressing his hope that the country’s Nexus on Water, Food and Energy programme would enhance the sector’s role, and to find practical solutions to the challenges facing the private sector

The climate champion explained that there has been remarkable progress by the private sector in mitigation projects, especially in the field of green hydrogen.

Mohieldin called for more efforts in decarbonisation, calling on governments and multilateral development banks to move from contributing billions to contributing trillions through better financial frameworks.

There are many promising opportunities for the private sector to invest in early warning systems projects to minimise loss and damages, Mohieldin explained

Mohieldin finally stressed the need to fulfill previous pledges, especially as only seven countries have been committed to their share of the $100 billion Copenhagen pledge, pointing to the promising opportunities for carbon credit markets

 

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