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Mohieldin: Africa Needs Innovative Financial Instruments for Climate Action

Mahmoud Mohieldin, the UN Climate Change High-Level Champion for Egypt, stressed the need to develop an integrated financial framework that contributes to strengthening public-private partnerships and accelerating the pace of climate action.

These statements were part of Mohieldin’s speech in the Ministerial Roundtable on Finance in the presence of Foreign Minister Sameh Shokry, Gabonese Foreign Minister Michael Moussa ADAMO, and representatives from from Civil Society, Private Sector, IGOs and UN agencies.

The roundtable took place within the framework of Africa Climate Week 2022 being held in Libreville, Gabon during the period August 29 to September 2.

Mohieldin also highlighted innovative instruments such as debt swaps for climate and nature investments.

Meanwhile, the climate champion also participated in the COP27 Presidency Event under the theme “ What does an African COP mean for Africa?” in the presence of Ambassador Wael Aboulmagd, Special Representative of the COP27 President.

During his speech, Mohieldin stressed the need to find new additional funding sources, as the African continent needs grants and investments more than loans to deal with the problems it faces.

He also indicated that Africa needs more projects that can be invested in and implemented, as well as linking projects to financing, stressing the need to achieve harmony between climate action and development.

Mohieldin also highlighted the most important outcomes of the regional forum on Africa, which was held in Addis Ababa earlier this month, and resulted in 19 promising projects.

The forum also discussed the general policy frameworks for the investments needed in six vital areas: 1. Just energy transition, 2. Food security, 3. Carbon credit market, 4. Digital transformations, 5. The blue economy and 6. Water & Cities.

The climate champion also took part in another session on Gender Considerations in Climate Investment, clarifying that Women are more vulnerable than men to climate change.

According to the UN, Women are 14 times more likely to die from a climate disaster than men.

He also participated in a session under the theme ” Unlocking Trade and Finance for Ambitious Climate Action.”

Mohieldin also took part in Implementation Lab on Waste management and circular economy which discussed What creative financing mechanisms for Circular Economy and Sustainable Waste Management are available for local/regional/national governments and partners including civil society, small to medium enterprises, informal sectors, and academia.

It is worth noting that the African Climate Week is being held in cooperation with the United Nations Development Program (UNDP), the UN Environment Program (UNEP), the World Bank Group, the African Union, the African Development Bank, and the UN Economic Commission for Africa, in the presence of the President of the Gabonese Republic, Ali Bongo Ondimba, the Egyptian Minister of Foreign Affairs Sameh Shoukry, and a group of ministers and senior officials.

Officials in African countries and the United Nations are concerned with climate issues.

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