File Photo: Mahmoud Mohieldin
The paper intends to direct money to the activities, sectors and countries that are most in need, and push developed countries toward fulfilling their climate related pledges.
Mohieldin made the remarks via video at Benha University's first annual conference of humanities postgraduate studies.
The climate champion said that the five regional forums initiative launched by Egypt's presidency of COP27, UN regional economic commissions and HLCs, aims mainly to link regional projects, investments and finance entities in unprecedented ways in order to find projects that can benefit from the $130 trillion GFANZ finance and other sources of financing.
Mohieldin said that the National Initiative for Smart Green Projects launched by Egypt is an unprecedented initiative across all countries that hosted the previous COPs, and it aims to localise climate action and scale up the participation of local actors such as governorates, municipalities, volunteer work entities, NGOs, universities and scientific research centres.
He explained that local actors have registered 6,281 projects, the best 18 of which will be selected based on compatibility with environmental and climate goals and making the most of digitalisation and technology development.
Twenty-seven projects will be selected by governors (one for each governorate) to represent the governorate, and the competition will be held annually as it succeeded in setting an investment map across Egypt’s governorates.
Mohieldin said the priorities of COP27 include adopting a holistic climate action approach that balances mitigation and adaptation measures, addresses losses and damages, and mobilises sufficient finances for climate activities, turning pledges and commitments into actual implementation, enhancing local and regional aspects of climate action to integrate with the global effort, and applying the previously mentioned mechanisms of financing climate action.