Cairo – The challenges of financing climate-related projects were the topic of the Latin America and Caribbean Regional Forum on Financing Climate Action and Energy Transition held by the government of Egypt as part of preparations for the United Nations Conference on Climate Change (UNFCCC COP27), to take place in November in the city of Sharm El-Sheik, in the Arab country.
Mahmoud Mohieldin (pictured above), Climate Change High-Level Champion of Egypt in the United Nations, participated over the internet in the meeting, which took place in Chile last week. The Arab country is organizing forums aimed at different regions of the world, such as Africa and Asia/Pacific, which have already occurred, and Arab countries and Europe/Central Asia, to take place just before COP27.
At the Latin America and Caribbean forum, Mohieldin said the initiative of the five regional forums launched by the Egyptian presidency of COP27, in cooperation with the United Nations economic committees and climate champions, aims to immediately address climate issues, the feasibility of projects, and ways to finance implementation.
According to Mohieldin, the Latin America and Africa forums have transmitted clear messages on the need to immediately start implementing climate action without separating investment in this field from other sustainable development goals. He spoke on the need to implement all of them singly and simultaneously and said it is necessary to change the viewpoint on investment so it will not be limited to business and include society and human capital.
He stated recent events related to climate action confirm the existence of great investment opportunities in the area, and it is necessary to find innovative financing mechanisms, such as green and blue bonds, and implement the carbon market.
Mohieldin said the regional forum’s initiative has brought together decision-makers, policymakers, ministers, the private sector, civil society, international and regional funding bodies, and implementing agencies to the same venue. According to him, the meetings resulted in 19 projects in Africa and 20 in Asia and their contact with the central international and regional financial institutions for immediate implementation.
Translated by Ahmed El Nagari & Elúsio Brasileiro
