Dr Mahmoud Mohieldin, the UN High-Level Champion for Egypt, participated on Monday via video conference in the Insurance Development Forum (IDF) Summit held in Switzerland. The IDF is the global flagship event of the climate and disaster risk finance and insurance community. The summit tackled pressing issues alongside exchanging knowledge and sharing best practices and innovations.

In his speech, Mohieldin stressed the need to act together in order to navigate different challenges and crises the world is currently going through — from food security to a surge in fuel prices. He also underlined the importance of long-term priorities, such as the Sustainable Development Agenda.

“The global community should act together from now until COP27 and beyond to pursue the goals of the Paris Agreement,” he added.

Mohieldin went on to warn of climate deterioration, highlighting recent reports by the Intergovernmental Panel on Climate Change (IPCC) that found the world has already used about four-fifths of the carbon budget that would give us a 50% chance of staying within 1.5°C.

Mohieldin hailed the catalytic role played by the non state community, pointing out its role in helping nations meet the goals of the Paris Agreement.

Later, Mohieldin highlighted COP27 priorities, stating that Egypt was adopting a holistic approach to the climate conference. According to Mohieldin, adaptation, mitigation, finance, and all issues related to losses and damages, were priorities.

As Egypt is an African, Arab and Mediterranean country, the regional aspect will also be profoundly important at COP27, Mohieldin said. Expanding on this, Mohieldin said that Egypt was playing a key role in fostering climate dialogue, referring to five upcoming roundtables in Africa, Latin America, Asia, the Arab region, and the rest of the world.

He reiterated that COP27 would not just be a place for top political leaders. Instead, he said, it should be a convening space for local and grassroots communities.

On climate finance, Mohieldin stressed the importance of merging finance with innovation, referring to the so-called “Finovation” concept.

According to Mohieldin, adaptation can open new gates for the insurance industry. He also recommended that early warning systems need to be established and early indicators of vulnerability need to be furnished with reliable data. He urged that good metrics need to be well understood and shared with people. Mohieldin concluded his speech by voicing his aspiration for a reliable carbon market.