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 address the financing gaps to move from the stage of pledges to implementation by strengthening public-private partnerships within the framework of a comprehensive cooperative approach.
This came during his virtual participation in a session organized by the World Economic Forum under the title “The Road to the Climate Summit: How to Close the Climate Finance Gap” in the presence of Jennifer Morris,Executive Director of the Nature Conservancy and Marisa Drew, Head of Sustainability at Standard Chartered Bank.
For his part, Mohieldin explained that the participation of the private sector in the climate finance file in Africa does not exceed 3 percent out of $11.4 billion, and by deepening the contribution of the private sector, it comes mainly from institutional investors and charitable institutions.
Therefore, the climate leader stressed the need to exert more efforts in the file of adaptation and losses and damages by strengthening the participation of the private sector and cooperation with the insurance sector .
On the other hand, Mohieldin noted the importance of supporting risk management through multilateral development banks, engaging all stakeholders, and supporting innovation related to climate and nature, on the basis of debt swaps.
During his speech, Mohieldin noted the efforts made to create a state of mutual understanding, especially in light of the interest by the private sector during the past four or five years, especially in the mitigation file.
Mohieldin added that supporting adaptation measures provides many promising opportunities for investment in the agricultural sector, food security issues, and water resource management, which contributes to providing a number of job opportunities.
According to the climate champion, the issue is not just about insufficient funding. Rather , this funding is also inefficient given the length of time that such funding reaches emerging markets and developing economies.
Mohieldin also warned against relying on borrowing, especially with the high-risk environment, in addition to fluctuations in inflation and the exchange rate.
Mohieldin concluded his speech by saying that there are many promising opportunities to support climate action within the framework of a collaborative approach involving all stakeholders in addition to providing the necessary technology and financing.