Loss and Damage Fund
Regarding how the Fund operates its executive mechanisms, Mohieldin explained: "The fund no one wants to resort to; Because, as his name shows, what he will do to deal with urgent rescue matters for those who are exposed to losses and damages due to severe weather changes, hurricanes, and so on.. All these losses that not only affect nature, but also threaten human lives, need funding.".
The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development stressed that during this summit good sources of financing emerged within the framework of pledges from several countries that amounted to hundreds of millions. "While tens, if not hundreds of billions are needed, as initial estimates of losses range from 100 to 200 billion dollars annually.".
He added: "What has been presented so far is to activate the Fund and make it administratively capable of working and having experts and specialists, provided that there is room to mobilize resources on a regular basis, so that it can deal with what we found, for example, in the case of Africa and Pakistan, a third of whose lands were flooded due to floods last year and fires. In a number of countries, such as in Latin America (..)".
Consistency: "These matters require a high degree of prediction in the areas of finance"Pointing out at the same time that there are other funds, such as the Green Climate Fund, which has mobilized pledges worth $13 billion from 30 countries from the beginning of the Sharm El-Sheikh Conference until now, and these pledges are higher than what was estimated and expected, especially in light of the geopolitical circumstances that we are going through. The world has it.
Financing file
The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development spoke in his statements to "Sky News Arabia" Regarding the financing file in particular, stressing that it is the biggest problem, which reflects other geopolitical problems and crises occurring in different countries that make them unable to deal with climate crises, including crises such as epidemics or otherwise, and with some countries being involved in security challenges and wars, and therefore the "The issue of financing is a mirror that reflects the nature of international participation in these circumstances".
"But there is also the issue of technology; Within the framework of the current summit, there was talk and emphasis on the importance of research, development and innovation in providing what is necessary to produce electricity from new and renewable energy (tripping renewable energy capabilities by 2030)… Water is also equally important, if not higher, in the areas of climate adaptation.".
Mohieddin stated that there is a large scope for private investments, referring to what was announced by the President of the UAE, Sheikh Mohammed bin Zayed, regarding the launch of the new fund, which is unprecedented in its size. To participate with the private sector and has an important component to support capabilities and implement projects.
Debts
The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development answered a question regarding the impact of the debt bill that burdens many countries and the high interest rates on climate financing, stressing the need for an integrated approach to dealing with financing, as financing is not just an investment in projects, pointing out Until developing countries and emerging markets are now required to provide at least $1.4 trillion annually, which requires taking the issue of debt service into account.
He explained that debt swaps are one of the tools. He also stressed the importance of reducing reliance on debt in principle unless necessary and with a return, pointing at the same time to the importance of mobilizing appropriate soft financing through reforming the financial systems of international financial institutions such as the World Bank and others, as well as The importance of the role of the private sector in financing.
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He continued: “Many observers believed that this decision would be a last-minute decision here in Dubai, but it was a positive beginning and a gesture that confirms a good way of working, since the end of the last summit and the start of the new summit, there has been continuous work carried out by the committee charged with following up on the implementation and activation of the summit.” box”.
He pointed out that it was agreed on the sources of financing and aspects of spending, and also the point that took a long time in the discussion, which is the issue of the temporary hosting of this fund. Will it be independent or within the framework of the World Bank, while enjoying independence in terms of governance.
Loss and Damage Fund
Regarding how the Fund works and its executive mechanisms, Mohieddin explained, “The Fund does not want anyone to resort to it, because as its name shows, what it will do to deal with urgent rescue matters for those who are exposed to losses and damage due to severe changes in weather, hurricanes, and so on… all of these.” Losses that not only affect nature, but also threaten human lives, need financing.”
The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development stressed that during this summit good sources of financing emerged within the framework of pledges from several countries that reached hundreds of millions, “while tens, if not hundreds of billions, are needed, as initial estimates of losses range from 100 to 200 billion dollars annually.”
He added: “What has been presented so far is to activate the fund and make it administratively capable of working and having experts and specialists, provided that there is room to mobilize resources on a regular basis, so that it can deal with what we found, for example, in the case of Africa and Pakistan, which had a third of its lands drowned due to general floods.” The past, and fires in a number of countries, such as in Latin America (..).”
He continued: “These matters require a high degree of prediction in the areas of financing,” pointing out at the same time that there are other funds, such as the Green Climate Fund, which has mobilized pledges worth $13 billion from 30 countries from the beginning of the Sharm El-Sheikh conference until now, and it is considered… These pledges are higher than what was estimated and expected, especially in light of the geopolitical circumstances that the world is going through.
Financing file
In his statements to Sky News Arabia, the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development spoke about the financing file in particular, stressing that it is the biggest problem, which reflects other geopolitical problems and crises occurring in different countries that make them unable to deal with climate crises, including… This includes crises such as epidemics or otherwise, and with some countries being involved in security challenges and wars, and therefore “the issue of financing is a mirror that reflects the nature of international participation in these circumstances.”
“But there is also the issue of technology. Within the framework of the current summit, there was talk and emphasis on the importance of research, development and innovation in providing what is necessary to produce electricity from new and renewable energy (tripping renewable energy capabilities by the year 2030)… Water is also equally important, if not “Be higher in climate adaptation.”
Mohieddin stated that there is a large scope for private investments, referring to what was announced by the President of the UAE, Sheikh Mohammed bin Zayed, regarding the launch of the new fund, which is unprecedented in its size. To participate with the private sector and has an important component to support capabilities and implement projects.
Debts
The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development answered a question regarding the impact of the debt bill that burdens many countries and the high interest rates on climate financing, stressing the need for an integrated approach to dealing with financing, as financing is not just an investment in projects, pointing out Until developing countries and emerging markets are now required to provide at least $1.4 trillion annually, which requires taking the issue of debt service into account.
He explained that debt swaps are one of the tools. He also stressed the importance of reducing dependence on debt in principle unless necessary and with a return, pointing at the same time to the importance of mobilizing appropriate soft financing through reforming the financial systems of international financial institutions such as the World Bank and others, as well as The importance of the role of the private sector in financing.
2023-12-11 16:31:44
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