COP27 gave new hope for international cooperation on climate action: Mohieldin
According to Ahram Online, UN Climate Change High-Level Champion for Egypt Mahmoud Mohieldin said the 27th UN Climate Change Conference (COP27) in Sharm El-Sheikh exceeded expectations, giving new hope for international cooperation on climate action.
Mohieldin made his remarks during a video conference on Friday during the RAISINA Dialogue 2022 event, which was organized by the Observer Research Foundation in India. He is also the UN special envoy on financing the 2030 Sustainable Development Agenda.
The UAE, which is preparing to host next year’s climate summit, confirmed its commitment to building on the outcomes of COP27 in preparing its climate action roadmap, according to Mohieldin.
The multiple ongoing crises the world is going through should not be ignored when evaluating the outcomes of COP27 or when predicting the results of COP28, Mohieldin said.
He explained that COP27 did well by concentrating on enforcing pledges made at previous COPs. He also advocated for a practical approach to integrating climate action with the goals of inclusive economic growth and long-term development.
The outcomes of COP27 included measures and initiatives that built on the base established by the 2015 Paris agreement and COPs since Mohieldin added.
The most important outcome of the conference was the creation of a loss and damage fund, which was an unprecedented success that will always be associated with Sharm El-Sheikh conference.
The fund will be established from the beginning of the new year until the start of COP28 in Dubai in November when a 24-member provisional committee representing developing and developed countries will make recommendations on activating and managing the fund.
Among the other achievements of COP27, Mohieldin listed “the launching of Sharm El-Sheikh Adaptation Agenda that covers food and agriculture, water and nature, coasts and oceans, human settlements and infrastructure.”
The agenda includes the establishment of a global early warning system to deal with the effects of the climate crisis, the release of a high-level expert report under the direction of the UN Secretary-General, emphasizing the importance of implementing its ten recommendations to deal with NetZero pledge criteria and procedures, avoiding greenwashing, and regulating sustainable financing markets for a sustainable economy.
The climate champion noted that the need for a just energy transition was highlighted during COP27 through common investments to draw down fossil energy, increase investment in renewables and deal with the economic and social impacts of the transition process.
This was announced alongside the announcement of several just energy transition programs, including a $20 million project funded by the program partners. This was quickly followed by another $15.5 billion project in Vietnam involving both the government and the private sector.
“In general, in the light of dynamics and ramifications of war in Ukraine, the Sharm El-Sheikh conference was keen to confirm the non-retreat from previous COP commitments regarding emissions reduction, and the completion of mitigation programs according to Glasgow climate alliance outcomes,” Mohieldin stated.
He also mentioned financing, investment, and project development initiatives, such as the launch of the Africa Carbon Markets initiative. Participants at the conference established its regulatory framework, mechanisms, and pricing, as well as discussed ways to reduce debt in developing countries by exchanging it for climate investments, drawing on the experiences of Seychelles, Belize, and Barbados.