The high-level champion made his statement as he was participating in a session on global perspectives for achieving net zero carbon emission and ending green washing under the umbrella of the Innovation Zero Congress held in London.
The Race to Zero campaign firmly supports climate action, he asserted, adding that coordination with the Race to the Resilience campaign, which aims to build climate resilience across urban, rural, and coastal areas, will contribute effectively to achieving the goals of the Paris Agreement.
The campaign set rules for securing fair and just emission reduction, Mohieldin affirmed, clarifying that this is done through taking into account the implementation of the recommendations of the integrity report issued by independent high level expert groups-under the guidance of the Secretary General António Guterres-to develop Environmental, Social, and Governance (ESG) standards and prevent green-washing.
Race to Zero has gained significant momentum since its launch three years ago to include around 11,000 members in some 130 countries, Mohieldin clarified, adding that the campaign drove converts toward reducing emissions in a lot of institutions, companies, cities, and regions, and set governing criteria and regulations for the transition to net zero.
Race to Zero is a UN-backed global campaign rallying non-state actors – including companies, cities, regions, financial, educational, and healthcare institutions – to take rigorous and immediate action to halve global emissions by 2030.
The high-level champions are working with various actors to mobilize funds, utilize technology, and change behavior to achieve the goals of the Paris Agreement, Mohieldin affirmed.
Climate champions are exerting efforts to mobilize funds from local, external, public, and private sources to bridge the gap of climate finance, he asserted.
They are also working on enhancing the participation of women, youth, and indigenous people in leading discussions and finding solutions for climate issues, he continued.
Hence, there is a focus on mobilizing finance to implement the Sharm El-Sheikh Adaptation Agenda and the Five Regional Roundtables Initiative resultant projects.
Finally, Mohieldin added that establishing carbon markets such as the Africa Carbon Markets Initiative in developing countries is firmly encouraged, as well as activating debt reduction mechanisms, and debt swaps for investment in nature and climate.