Dr Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that the good structuring of climate finance programs and linking them to the essential needs of developing countries is the base of achieving climate targets in these countries.
Mohieldin stated, in an interview with CNBC Arabia on the sidelines of Abu Dhabi Sustainability Week, that overcoming problems that obstacle financing climate action -with debt crisis in the front of them- should be done through the long-term concessional financing, and decreasing the debt-based finance to its minimum limit.
He pointed to the gap between the available and the required finance for climate action, explaining that implementing climate action in developing countries requires $1 trillion annually until 2025, and then $2.4 trillion until 2030.
Mohieldin stressed that availability of finance should be accompanied by the availability of the required technology to implement climate action, adding that the unavailability of finance and technology may lead some countries to make the easy decisions in regards to energy such as using fossil fuels and other dirty energy sources.
He said, in this context, that the energy crisis in Europe led some countries to use coal to generate power, but it led in the same time to a big interest in investing in renewables and green energy.
The climate champion praised the vision consensus between Egypt and UAE regarding the developmental and climatic action, saying that COP27 in Sharm El-Sheikh confirmed the importance of the holistic approach of dealing with the climate crisis, linking investing in climate action to investing in other sectors such as energy, infrastructure and providing job opportunities, and not to separate climate crisis from food security and energy crises, which is the approach adopted by the Emirates presidency of COP28.