Wael Badran (Dubai) - The Green Climate Fund was successfully replenished for the second time at $12.4 billion, after 29 countries announced their contributions to financing the fund, officials announced during the High-Level Event on Global Climate Action, held during COP28 on Sunday.
Taking part in the session were Antonio Guterres, UN Secretary General; Adnan Amin, COP28 CEO; Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda; Razan Al Mubarak, COP28 Climate Champion; and Ambassador Wael Aboulmagd, Special Representative of the COP27 Presidency.
During the session, Mohieldin praised the efforts of the Egyptian and Emirati presidencies of COP27 and COP28 to find and implement climate action solutions. He also praised the support of the UN Secretary General, his team, Germany - which hosted the meetings of the GCF last October, and the Executive Secretary of the fund.
Mohieldin said that this significant support for the fund’s replenishment process is a success for climate finance efforts.
Under the Regional Platforms for Climate Projects, launched by the COP27 Presidency, the “From Assets to Flows” report showcased more than 400 climate projects of various sizes around the world, tackling issues in renewable energy, emissions reduction, water, agriculture, food production, and adaptation, Mohieldin pointed out.
Mohieldin stressed that the efforts of COP27 and COP28 are integrated to encourage emission reductions, keep the 1.5 degree-goal within reach, and intensify climate adaptation activities through the Sharm El Sheikh Adaptation Agenda (SAA). The activation of the Loss and Damage Fund during the Dubai Conference after its launch is an exemplary model of building upon previous iterations of COPs to continue working to achieve climate goals, he noted.
The climate champion stated that the implementation of climate action requires the availability of adequate and fair finance, a reliance on scientific and technological solutions, and the development of policies and regulatory frameworks that incentivise climate action.
Mohieldin highlighted the need to use all possible tools to bridge the climate finance gap, pointing to the importance of reforming International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs) so that their capital is increased and new concessional financing policies are adopted. He also stressed the importance of activating debt swaps for investment in nature and climate, and establishing carbon markets as development tools to finance climate activities in developing countries and emerging economies.
Mohieldin also praised the UAE’s announcement of the launch of a $30 billion climate financing fund, explaining that the fund aims not only to finance climate activities, but also to build capacity and provide technical support for climate projects.