Dr. Mahmoud Mohieldin, Climate Pioneer for the Egyptian Presidency of the Conference of Parties to the United Nations Climate Change Convention COP27 and the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, stressed that Africa is in dire need of greater participation from the private sector in terms of adaptation activities to the phenomenon of climate change and dealing with climate change. Losses and damages resulting therefrom.

During his participation in the session "Unifying the African private sector across geography and sectors", Mohieldin explained that the regional forum for Africa within the initiative of the five regional forums resulted in a number of investmentable projects, which represent promising opportunities for the African private sector.

Mohieldin called for the grants and soft loans granted by the International Development Corporation to be expanded to include middle-income countries for Africa to benefit from, especially since a large number of African countries have become middle-income.
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At the “Net-Zero Emissions Summit 2023 - Financing the Just Transformation” session within the activities of the Funding Day of the 27th Conference of the Parties, Mohieldin explained that the conference pays great attention to the files of adaptation to the phenomenon of climate change and the losses and damages resulting from it.

Mohieldin explained that the private sector plays a good role in financing mitigation projects, but its contribution to financing adaptation projects in Africa does not exceed 3 percent, which confirms the importance of the role of national development banks in reducing investment and financing risks and encouraging the private sector to participate.

During his participation in the "Insurance Sector in Africa" session, Mohieldin explained that there are promising opportunities for the insurance sector in the areas of climate action related to adaptation, mitigation, losses and damages
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Rewriting & Editing:
Fatima Fathy