Mahmoud Mohieldin: Calling for restructuring the global finance system is one of the most important outcomes of COP27

The conference payed attention to adaptation, losses and damages files as defense lines in confronting climate change

Dr Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that calling for restructuring the global finance system to be more fair and efficient in financing developmental and climate action is one of the most important outcomes of COP27 in Sharm El-Sheikh.

Mohieldin stated, during his participation in the briefing session of G-24 on COP27, that financing climate action is the biggest winner in Sharm El-Sheikh conference as it resulted for the first time in efficient plans and initiatives to finance climate action, beside the effective participation of the private sector, and the activation of tools that enhance the developing countries capabilities to finance climate action and reduce depending on debts.

He noted that COP27 witnessed the issuing of “Mobilizing Finance for Climate Action” report which includes many important recommendations that help pushing forward the climate finance, beside highlighting debt swaps as a new and innovative solution for climate action financing that helps easing debt burdens in the developing countries, with showcasing successful models of debt swaps on KPIs basis.

Mohieldin said that the results of the five regional roundtables held by the Egyptian presidency of COP27, UN regional economic commissions and HLCs, and aimed at enhancing the regional dimension of climate action and mobilizing finance for climate projects, have been showcased during the conference, adding that the conference prioritized enhancing the local dimension of climate action through presenting the National Initiative for Smart Green Projects, an unprecedented Egyptian initiative that could be replicable in the other countries.

He stressed that carbon markets demonstrated at the conference as one of the innovative ways to mobilize financing for climate action and reduce emissions, referring to the launch of the Africa Carbon Markets Initiative during the conference.

He stated that green washing file received a big attention as a report was issued by a high-level group of experts commissioned by the UN Secretary General to set the rules for non-state actors including corporations, investors, cities and regions to deliver their promises of achieving NetZero emissions.

“COP27 payed big attention to adaptation, loss and damage files as defense lines in confronting climate change especially that decarbonization is facing challenges.

” Mohieldin stated, saying that the conference approved for the first time the necessity of committing to provide climate finance through establishing Loss and Damage Fund that aims to help the developing countries to face the impacts of climate change and the resulting natural and human losses and damages.

Mohieldin referred in to Sharm El-Sheikh Adaptation Agenda that have been launched by Egypt presidency of COP27 and UN HLCs, the agenda aims to achieve resilience for 4 billion people by 2030 through globally achieving 30 adaptation outcomes in five main work axis which are food and agriculture, water and nature, coasts and oceans, human settlements, and infrastructures, with working on providing required financing and planning.

Mohieldin highlighted the initiative of the Early Warning System announced by Antonio Guterres, UN Secretary General, as one of COP27 achievements in the field of adaptation with 301$ billions of annual investments from 2023 to 2027, adding that the conference also witnessed the announcement of Nairobi Declaration that aims to provide 14$ billions of financing facilities to improve adaptation measures in Africa against different kinds of natural disasters.

Regarding mitigation and decarbonization, Mohieldin clarified that COP27 called for keeping the goal of 1.5 degree of global warming maintained despite challenges and complications that obstruct achieving this target.

“Sharm El-Sheikh conference represents a new start of linking financing and implementation of both developmental and climate action.

” Mohieldin said, explaining that sacrificing the goal of confronting climate change will necessarily lead to not achieving the related SDGs such as fighting poverty and providing job opportunities.

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