UNCTAD urges stronger action to help least developed nations tap into carbon markets
The United Nations Trade and Development (UNCTAD) urged during the 29th United Nations Climate Change ...
Mohieldin: $3.5-5 trillion needed for addressing climate change
Dr Mahmoud Mohieldin, High-Level Champion for Climate Action for COP27 and Executive Director of the International Monetary Fund (IMF), said about $ 3.5 to 5 trillion is needed to address climate change.
He called for meeting the international pledges of the Copenhagen climate summit’s 100-billion-dollar agreement. Although 79 percent of the agreement was meant, but this is just a drop in the ocean.
Mohieldin made the remarks during a session under the theme of “Road to COP27: Transitioning to a Green Economy,” which was held within the annual Meetings of The Islamic Development Bank Group (IsDB) in Egypt’s Sharm El-Sheikh.
He said the world is not on the right track towards the United Nations Sustainable Development Goals (SDGs) for confronting climate change, noting that this was reflected in the rise in the greenhouse gas emissions by 14 percent instead of decreasing them by 44 to 50 percent.
He warned of the repercussions of the climate change, noting that this requires serious international moves that should be implemented on the ground.
He said the United Nations Climate Change Conference (COP27) – which Egypt will host in November – will be an event for action not just promises and buzzwords.
Mohieldin called on major industrial states to shoulder responsibility of their carbon emissions which affect developing countries.
The IMF is gearing up to launch $130 trillion financing programs for confronting climate change worldwide.
“If we want to stay at 1.5 degrees or less of global warming by 2050, then we have to start working on this goal today, not tomorrow,” he stressed, expounding that the world will pay dearly for any delay in implementing climate projects.
He defined three main elements for addressing climate change crisis; namely providing data, working out scientifically-based plans, and securing needed finance for implementing these plans.
He stressed the importance of revising the financial allocation by 2025 in order to set the suitable sum to finance climate projects, adding that no country has the capacity to finance and implement climate projects on its own.
He urged more cooperation between developed and developing countries in financing those projects through investments and grants, not loans.
He highlighted the importance of expanding the role of international and regional finance organizations, such as the World Bank, Islamic and African development banks, alongside businesses in financing developing countries climate projects.
He added that countries, organizations and businesses should start immediately transitioning to green economies.
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