(MENAFN- Daily News Egypt)
UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda Mahmoud Mohieldin emphasized the critical role of doubling energy efficiency and tripling renewable energy capacity by 2030 in combating global warming and ensuring a just energy transition for developing countries.
Mohieldin, speaking at a session entitled“How to Make the Energy Transformation Happen for Sustainable Development and Local Benefits” during the Dii Desert Energy Leadership Summit in Dubai, stressed the need to align investments in clean energy with emission reduction targets. He called for increasing the share of electricity in consumed energy to 30% by 2030 and supplying sectors reliant on fossil fuels with zero-emission alternatives like hydrogen and biofuels.
Mohieldin acknowledged the growing investment in clean energy but expressed concern about its concentration in developed countries and China. He highlighted the need to redirect international financing towards clean energy projects in developing nations, where capital costs remain a significant barrier.
To achieve a just energy transition, Mohieldin advocated for expanding its scope beyond developed countries to encompass hard-to-abate sectors and food systems. He emphasized the importance of developing a comprehensive framework for the transition process that can be tailored to the specific needs of developing countries at regional and local levels.
Mohieldin underscored the need to ensure that the transition is truly just, enabling developing countries to overcome debt crises and embrace sustainable development. He proposed measures to scale up finance for climate and development action, including adopting concessional financing policies, reducing financing risks, improving business environments, contributing to debt relief, activating foreign exchange guarantee mechanisms, and supporting domestic institutions and projects.
Mohieldin concluded by emphasizing the importance of prioritizing clean and safe energy access for all in the energy transition process and strengthening infrastructure resilience to climate change. He reiterated the key objectives of the just energy transition framework: doubling renewable energy capacities, increasing the share of electricity consumption, supporting green hydrogen production alliances, and reducing methane emissions by 75% by 2030.
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