What UN Climate champion Dr. Mahmoud Mohieldin said about climate financing

CAIRO - 6 November 2022: Mahmoud Mohieldin, UN climate change high level champion for Egypt and the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development stressed that there is a great opportunity for progress in climate action at the upcoming climate summit even after the Ukrainian crisis.

 

He added, in radio statements, that there are promising opportunities for investment in reducing carbon emissions and renewable energy sources.

 

In his remarks, Dr. Mohieldin sent messages regarding the COP27, which is hosted by Egypt in Sharm el-Sheikh. 

 

Here are his messages:

 

 

Cop27 summit sessions review alternative solutions to climate problems

 

 

Developing countries are more affected by the climate change impact

 

 

International participation should be increased with joint investments and long-term financing

 

 

Developed countries must abide by their pledges, including the famous $100 billion in finance at least. 

 

 

26 countries are required for climate finance, of which only 6 are committed 

 

 

The $100 billion is less than 10% of what is currently needed for climate finance

 

 

The global climate finance floor is estimated at $1.2 trillion

 

 

Climate finance must be concessional, long-term, with increased investment

 

 

Climate action requires cooperation between governments, the private sector and civil society

 

 

About 62% of climate action financing is linked to debt instruments

 

 

The recent crises have exacerbated the debt problem, and the world is on the verge of a fourth wave of debt increase

 

 

Climate Summit in Sharm El-Sheikh will discuss changing financing methods to move away from borrowing and debt

 

 

Financing climate projects should not be a matter of grants