Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt, speaking during his virtual participation on Tuesday in the Second Edition of the European Regional Forum on "Climate Initiatives to Finance Climate Action and the SDGs" held in Frankfurt.
Mohieldin made this statement during his virtual participation in the Second Edition of the European Regional Forum on "Climate Initiatives to Finance Climate Action and the SDGs" held in Frankfurt on Tuesday.
The forum was attended by officials from international and regional organizations, as well as European development banks, including Esther Wandel, Head of Investment Funds and Sustainable Finance Division at the German Federal Ministry of Finance, Dmitry Mariyasin, Deputy Executive Secretary of the United Nations Economic Commission for Europe, and Daniel Bouzas, UNEP Regional Coordinator to Europe.
Mohieldin stated that the initiative's objective is to identify economically viable development projects that can accomplish the Paris Agreement's objectives. These projects should be bankable, investable, and implementable, offering investors and financing entities promising opportunities.
During COP27 in Sharm El Sheikh, the first edition of the five forums presented various climate action projects in developing nations and emerging economies. These projects attracted the attention of public and private funding entities, international financing institutions, and multilateral development banks, as highlighted by Mohieldin.
Mohieldin emphasized the significance of investing in renewable projects, which play a crucial role in reducing carbon emissions. He also stressed the importance of all European actors participating in initiatives related to Critical Raw Materials (CRMs), instrumental in achieving the transition towards low-emission economies.
The second edition of the European Regional Forum aims to coordinate public and private sector efforts to fund development and climate projects in European emerging economies, according to the climate champion. The forum will identify investment and climate finance opportunities to expedite the transition to green economies and the energy sector.
Mohieldin encouraged investors and financiers to participate in financing climate and development projects in developing nations and emerging economies. He also urged these countries to improve their investment environments to meet the needs and requirements of project owners, investors, financiers, and local communities.
The Five Regional Roundtables Initiative was launched by the Egyptian presidency of COP27 in collaboration with the United Nations' regional economic commissions and HLCs. Its purpose is to identify climate projects globally that are investable, bankable, and implementable.
The second edition of the five forums, organized by the UAE presidency of COP28, aims to connect the projects identified in the first edition with various financiers to initiate their implementation.