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Mohieldin: Loans, debts represent 60% of climate action financing tools
United Nations (UN) Climate High-Level Champion Mahmoud Mohieldin called for financing climate action projects through partnerships away from loans and debts that represent 62 percent of climate action financing tools.
Therefore, it is important to decide a number of “investable” projects to negotiate their financing, he added.
Mohieldin said there are initiatives for financing climate action, such as the GFANZ overture to finance climate action by $130 trillion.
He said common regional work can overcome obstacles that hinder the financing and implementation of climate projects amid the current global challenges.
He added that “Climate financing is insufficient and takes too long to be negotiated; it is unjust because the most vulnerable countries are asked to pay for a crisis that they don’t contribute to, and they get the smallest share of finance to achieve their climate goals.”
He made the remarks in a recorded speech during the Arab Regional Forum on Climate Initiatives to Finance Climate Action which was held in Beirut.
This is the fourth forum out of five regional forums organized by the Egyptian Presidency of COP27, the UN Climate Change High-level Champions, and the five United Nations regional commissions.
He said that 43 projects were introduced in the past three regional forums that aim at mobilizing finance for climate action.
Nineteen development projects were introduced during the Africa forum in the fields of transports, energy, infrastructure, agriculture, blue economy and carbon markets.
During the Asian and Pacific forum, 20 projects were introduced to finance Nationally determined contributions (NDCs), secure private-public partnerships (PPPs), develop capital markets and cooperate in the energy domain.
The Latin America and Caribbean forum came up with four giant projects in the fields of energy and transport.
He expected the Arab forum to come up with effective and viable climate projects in addition to promoting cooperation among all parties concerned, including governments, the private sector, investment banks and development partners.
This will help implement climate projects within the framework of achieving the sustainable development goals.