Green Climate Fund's second replenishment surpasses $12 bln with contributions from 29 countries: Mohieldin at COP28

Ahram Online , Sunday 3 Dec 2023

Mahmoud Mohieldin, UN climate change high level champion for Egypt, announced the success of the second replenishment of the Green Climate Fund (GCF), which he coordinated in his capacity as climate champion for COP27, by raising the financing to $12.4 billion after 29 countries announced their contributions to the fund financing.

Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt, speaks ina high-level event on Global Climate Action, during the events of COP28 in Dubai. Photo courtesy of Mohieldin media office


This came during the participation of Mohieldin, the UN special envoy on financing the 2030 sustainable development agenda, in the High Level Event on Global Climate Action, within COP28 in Dubai.

The event witnessed the attendance of Antonio Guterres, UN secretary-general; Adnan Amin, COP28 CEO; Razan Al-Mubarak, COP28 climate champion; and Ambassador Wael Aboulmagd, special representative of COP27 president.

During the session, Mohieldin praised the efforts made by the Egyptian and Emirati presidencies of COP27 and COP28 to find and implement climate action solutions. He also praised the support of the UN secretary-general, his team, Germany, which hosted the GCF meetings last October, and the executive secretary of the fund in South Korea for the replenishment of the fund.

This significant support for the replenishment process is a success for efforts aimed at contributing to climate finance, Mohieldin said.

He referred to the initiative of Regional Platforms for Climate Projects (RPCP), launched by the Egyptian presidency of COP27 in cooperation with the UN regional commissions and the high-level champions (HLCs), which the UAE presidency of COP28 participated in its second edition in 2023.

The initiative issued the "From Assets to Flows" report that showcased more than 400 climate projects of different sizes in various countries in the fields of renewables, emission reduction, water, agriculture, food production, and climate adaptation, Mohieldin added.

He also mentioned the National Initiative for Smart Green Projects (NISGP) in Egypt, as a model for localizing climate and development action, saying that 18 winning projects in the initiative’s second edition will be presented during COP28 in Dubai.

The efforts of the Egyptian and Emirati presidencies of COP27 and COP28 are integrated to encourage emission reductions, keep the global warming level at 1.5 degrees, and intensify climate adaptation activities through the Sharm El-Sheikh Adaptation Agenda (SAA), Mohieldin stressed.

He added that the activation of the Loss and Damage Fund during the Dubai conference after its launch at the Sharm El-Sheikh conference is a model of building on the recommendations of previous COPs and continuous work to achieve climate goals.

Mohieldin explained that COP27 emphasized the importance of the holistic approach that considers climate action an integral part of development action, while COP28 focuses on the importance of investing in nature and biodiversity as a line of defense against climate change.

The implementation of climate action requires the availability of adequate and fair finance, reliance on scientific and technological solutions, and developing policies and regulatory frameworks that incentivize climate action, Mohieldin stated.

He highlighted the need to use all possible tools to bridge the climate finance gap, pointing to the importance of reforming IFIs and MDBs so that their capital is increased and new concessional financing policies are adopted.

Mohieldin also stressed the importance of activating debt swaps for investment in nature and climate and establishing carbon markets as tools that help developing countries and emerging economies finance their climate activities.

He praised the UAE announcement of launching a $30 billion climate financing fund, explaining that the fund aims not only to finance climate activities but also to build capacity and provide technical support for climate projects.

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