File photo of UN Climate Change High-Level Champion for Egypt Mahmoud Mohieldin. Photo courtesy of Mohieldin Media Office
Speaking at a seminar entitled Triple Transition: Shaping International Cooperation to Face the Digital, Green, and Social Transitions, Mohieldin highlighted the need for more effort and cooperation to put the implementation of the sustainable development goals on the right track.
The seminar was organized on Wednesday evening by Spain's Ministry of Foreign Affairs and the Organization for Economic Cooperation and Development (OECD) as part of the Spanish presidency of the Council of the European Union.
Mohieldin emphasized the need for adequate and fair finance to overcome obstacles in climate and development action. He also stressed the importance of cooperation between developed and developing countries regarding knowledge sharing and providing technical support.
Boosting national efforts and maximizing the role of multilateral development banks (MDBs) in financing climate and development action -- by increasing their capital and adopting new policies for fairer financing – are of equal importance, he pointed out.
Mohieldin highlighted the importance of debt relief in developing countries and emerging economies while financing their climate and development action. He also proposed activating debt swaps for investment in nature and climate.
He stressed the need for communication and cooperation between countries to develop a new global financing pact that takes into account the priorities of development in different countries.
The seminar brought together ministers and officials from international and regional organizations and multilateral development banks, including José Manuel Albares, Spanish foreign minister, and Martin Seychell, deputy director-general of the European Commission for International Partnerships.