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UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development agenda, Mahmoud Mohieldin, highlighted the priorities of COP27 to be held next November in Sharm El-Sheikh
UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development agenda, Mahmoud Mohieldin, highlighted the priorities of COP27 to be held next November in Sharm El-Sheikh. The event, an offshoot of the Paris Agreement, focuses on measures to mitigate the effects of climate change, especially the commitment to limiting the rise in global temperature by 1.5 degrees Celsius.
Mohieldin was addressing the Marrakesh Partnership meeting within the framework of New York Climate Week activities. He stressed the need to enhance understanding and economic cooperation between different countries. He underlined that there was a positive response from the private sector and non-governmental actors. However, there is a need to make more efforts to scale up finance through concessional financing in order to reduce debts. He noted that 61 percent of climate finance in the world depends on borrowing, which exacerbates the debt crisis in light of high inflation rates.
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Mohieldin said that there are a number of good solutions that are emerging while referring to the outcomes of the four regional forums organized by the Egyptian Presidency of COP27 in cooperation with the regional commissions of the United Nations. The forums resulted in more than 70 investable and bankable projects. Many discussions are currently taking place with investment banks and various private institutions regarding the financing of those projects due to be presented at the upcoming climate summit in Sharm El-Sheikh. He stressed the need to mobilize more efforts to address the loss and damages caused by climate change, pointing to the humanitarian disaster and heavy losses incurred by Pakistan as a result of climate change.
