Dr. Mahmoud Mohieldin, UN climate change high level champion for Egypt and UN special envoy on financing 2030 sustainable development agenda, stressed the need to pay attention to capacity building and invest in human capital in order to accelerate the achievement of sustainable development goals, referring to cooperation With the UN in this regard to provide the necessary technical assistance.
Mohieldin’s remarks came during his speech during a session on “Joining Forces for Public -Private-Youth Partnerships”within the framework of the activities of COP27.
During his speech; The climate champion referred to the accelerator launched by the International Labor Organization on jobs and social protection through partnerships with the UN.
He added that it is necessary to support social protection systems to ensure the transition to sustainable economies and societies.
According to the International Labor Organization, the transition to renewable energy and the circular economy will create 100 million jobs by 2030, but at the same time other jobs will disappear, which requires achieving a just transition in a way that guarantees dignity and support necessary for citizens.
The climate champion highlighted the pillars of just transition, which include drawing up appropriate policies in addition to mobilizing adequate financing and addressing financial gaps to ensure the transition from pledges to implementation, especially since COP27 deals with the implementation file very seriously.
Mohieldin explained that the world today is facing an excess of crises due to the failure to fulfill previous pledges, as there is a need to move from billions to trillions to implement the huge pillars needed for environmental transition n, in addition to the cost of the infrastructure required for climate resilience
Development and climate action requires pragmatic solutions to mobilize finance
Dr Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt,confirmed the necessity of redefining the priorities of public budgets of states and link them to sustainability and development as a way to direct finance towards the correct fields and relief the suffer of public budgets.
His remarks came during his participation in “COP2COP Resource Mobilization Collaboration: The action agendas addressing the intertwined crises” in COP27, with the participation of Nigel Topping, UN Climate Champion for COP26, and a number of officials and representatives of different governments and organizations.
“Development and climate action require pragmatic finance solutions.” Mohieldin stated, stressing the importance of encouraging private sector and investors for more involvement through attractive and stimulating economic policies.
He highlighted the importance of establishing carbon markets, referring to the Africa Carbon Markets initiative launched during COP27 that aims to enhance the capabilities of African countries to finance development and climate action.
Mohieldin pointed to the new generation of debt swaps for co-investing in environment and climate projects, saying that Barbados and Seychelles provided good models of the successful applying for this financing mechanism.
Mohieldin emphasized that adopting IDA soft grants and loans criteria among all financing entities is essential, especially that IDA provides a long-term repayment periods and low interest rates.