Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda has called for new policies for concessional finance and the activation of mechanisms to de-risk financing and investment in climate action in developing countries. Mohieldin stressed that scaling up climate finance in developing countries requires new policies for concessional finance that include low-interest rates and long-term repayment and grace periods. Mohieldin noted that the High-Level Champions (HLCs) have launched a paper this week titled “Breaking Financing Barriers for Just Climate Transition in Africa,” which proposes specific measures to finance climate action on the continent and supports foreign exchange guarantee mechanisms. During his participation in the meeting of the Sustainability Finance Integrity Advisory Council, Mohieldin stressed the importance of finance integrity and the commitment of public and private funding to standards that enhance its efficiency in implementing climate action and achieving sustainability. He explained that setting the standards governing the mechanisms of this finance reassures investors about the environmental and social impact of their investments.

Source: Daily News Egypt September 21, 2023 07:37 UTC