UN climate champion Mohieldin urges reforms in global finance system, MDBs policies

Ahram Online , Tuesday 19 Sep 2023

Mahmoud Mohieldin, the UN climate change high-level champion for Egypt, has urged reforms in the global finance architecture supported by a swift change in the policies of multilateral development banks (MDBs).



The MDB, according to Mohieldin, should increase its capital to meet the financial and technical requirements of climate projects in various countries.

Mohieldin was speaking during a Climate Week NYC session themed 'Financing the Green Economy - Financing Climate Justice: Taking Stock for a Sustainable Future'.

Mohieldin noted that a mapping platform -- similar to the services provided by Google Maps on forest fires and air quality -- is currently being developed to define climate-risky locations and offer possible solutions.

Such a tool, Mohieldin explained, would assist local actors in identifying areas vulnerable to climate risks, devising adaptation strategies, and estimating the necessary financial resources for these purposes.

The UN high-level champions will prioritize feeding this platform with adaptation solutions through the Race to Resilience campaign and the Sharm El-Sheikh Adaptation Agenda launched during Sharm El-Sheikh COP27, he added.

Mohieldin said the current situation amid the current natural disaster requires working through two main tracks, the first of which reducing global warming to the level of 1.5 degrees Celsius through

The second, he added, should focus on enabling communities and their economies to adapt to climate change and address its impacts when or before its emergence.

He noted that the platform is intended to support the second track with a greater focus on the Global South that is most affected by the impacts of climate change.

Mohieldin – who is also the UN Special Envoy on Financing 2030 Sustainable Development Agenda – warned that forest fires, floods, droughts, and desertification threaten that climate change is happening at a faster pace than scientists predict.

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