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Intervention by Deputy Minister for Economic Diplomacy and Openness, Konstantinos Fragkogiannis, at the 5th United Nations Conference on the Least developed Countries (LDC5) (Doha, 07.03.2023)

There is a lot of discussion at the EU, OECD, UN, G7 and other international organizations for the evolution of the international financial system, and in particular the role of Multilateral Development Banks (MDGs). MDBs sit at the crossroads of finance, development and climate policy. They need to succeed in their traditional mission of poverty reduction and shared prosperity in line with the Sustainable Development Goals (SDGs). However, at the same time these institutions play a critical role in addressing transboundary challenges (climate change, pandemics, fragility) and preserving global public goods. It is vital to strengthen and broaden their financial model by enhancing their financing capacity and supporting countries develop integrated national financing frameworks, so that they/we can identify and formulate a pipeline of green, renewable energy and energy efficient bankable projects.Intervention by Deputy Minister for Economic Diplomacy and Openness, Konstantinos Fragkogiannis, at the 5th United Nations Conference on the Least developed Countries (LDC5) / High-level Thematic Round Table 5: Addressing climate change and supporting the environment (Doha, 07.03.2023)To ensure resilient, inclusive and sustainable growth, the global community of development co-operation providers must accelerate their joined efforts more intensively to deliver the commitment by developed countries to provide USD 100 billion per year for climate action in developing countries.Through the Paris Agreement and the 2030 Agenda, governments around the globe have expressed their commitment to protecting the planet and tackling climate change. Climate change threatens water and food security and increases the risk of conflict over natural resources.The dramatic effects of the earthquake in Turkey and Syria with such a devastating loss of life, reminded us all that we are all at risk. The links between the Doha Program of Action and the Sendai Framework need to be strengthened further.Greece will host, in 2024, the 9th International “Our Ocean Conference”, with the aim of enhancing cooperation on all the major issues concerning the ocean and seas, such as climate change, biodiversity loss, over-fishing and marine pollution. This event could be another opportunity to mobilize additional international support for several economic sectors of LDCs.Official development assistance alone is not, however, enough. Effort should be made to stimulate a ‘whole-of-society engagement’ and align with partners’ national development plans and financing strategies, drawing on existing initiatives. Innovative multi-stakeholder partnerships are central in addressing climate change by strengthening, in particular, strategic partnerships with the private sector, civil society, academia, and scientists. We all need to collaborate more effectively at national, regional and international level.Finally, I would like to briefly highlight an interesting initiative by Greek Ministry of Environment and Energy for the Establishment of a Research Center for Renewable Energy Sources at the Technical University of Mombasa, in Kenya. The Center will collaborate with Greek universities and research institutions, aiming at capacity building and transferring of know-how to the students of the University.Thank you very much for your attention.I would like to highlight the importance of mobilization of private finance (including – but not limited to – blended finance). We need to encourage collaboration between public and private actors to unlock all sources of finance and financial innovation, notably for climate action and resilience. In collaboration with climate financing mechanisms and International Financial Institutions, we can strengthen country capacity to increase access to green finance, promote carbon pricing and remove inefficient fossil fuel subsidies.Recognizing that green transition can be the engine for economic growth, job creation and sustainable development for the local communities, Greece has launched the national initiative “GR-eco Islands”. This pioneering initiative aims to transform Greek islands into models of energy autonomy, circular economy for water and waste, and eco-mobility, while eliminating more than 10 million tons of CO2.In Greece, we are currently implementing a green transformation of our economy, and we perceive the environment as a vital resource. Our National Climate Law aims to mobilize all sectors of the economy and to establish a roadmap with concrete quantitative targets for our transition to climate neutrality by 2050.Over the past years humanity is experiencing the most unprecedented of circumstances. Multiple and multilateral crises have become the new normal:  health and socioeconomic crisis, growing poverty, hunger and malnutrition, inequality, human rights violations, digital divides, vaccine divides, complex humanitarian emergencies and armed conflict, insecurity, pandemics, environmental degradation, climate change and disasters.
Climate crisis impacts us all, but the Least Developed Countries (LDCs) and Small Island Developing States (SIDs) are the harshest hit, despite being responsible for a small share of global carbon emissions. I chose to use the term ‘climate crisis’ initially, because we are already in need of urgently addressing the consequences of Climate Change.


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