Mohieldin, who is also the UN special envoy on financing 2030 Sustainable Development Agenda, made his remarks during the Africa Climate Summit in sessions on investing in Global South-led science and innovation and carbon markets for the Global South.

The initiative was launched during COP27 in Egypt in November, Mohieldin explained. It is supported by African countries, as well as multiple regional and international financing institutions including the “private sector, civil society and philanthropies,” he added.

Financing and technology for development, climate projects, and infrastructure improvement are crucial to fight poverty, he stressed. They require information and data as well as the legislative framework for making such decisions, he further affirmed.

Mohieldin highlighted the importance of making optimal use of local financing sources in developing countries in African countries and not relying on external sources alone.

It is necessary to stimulate the participation of private sector in financing and implementing climate and development action in the continent, he added.

Additionally, Mohieldin stressed that the ACMI needs to properly address the challenges facing the establishment of carbon markets.

These challenges include the criteria set by influential parties such as the European Union (EU) on carbon trade as well as the challenges of transboundary carbon, he added.

The form of the market and its contributions are also paramount, he further affirmed.

Therefore, the high level champion called on all relevant actors to intensify their work in order to create a long-term sustainable carbon market in Africa that suits the continent's priorities including their economies and objectives of environmental and climate action.

Such measures must take into account the socioeconomic dimension of Africa’s countries in order to set the proper criteria for the market that achieve the continents’ goals in line with global standards, the special envoy stressed.

Finally, he highlighted the importance of scientific research and studies and the role of universities and research centres in this regard in order to find scientific solutions to the climate crisis.