{"id":74874,"date":"2022-11-21T01:59:00","date_gmt":"2022-11-21T01:59:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/?post_type=issue&#038;p=74874"},"modified":"2025-12-15T08:10:30","modified_gmt":"2025-12-15T08:10:30","slug":"cop27-lands-a-landmark-usd-100-bn-loss-and-damage-fund","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/climate\/issues\/cop27-lands-a-landmark-usd-100-bn-loss-and-damage-fund\/","title":{"rendered":"COP27 lands a landmark USD 100 bn loss and damage fund"},"content":{"rendered":"<section id=\"74876\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"74876\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/today-cop27-lands-a-landmark-loss-and-damage-fund-south-korea-eyeing-a-usd-6-5-bn-hydrogen-and-ammonia-plant-acwa-expands-to-thailand-egypt-launches-a-carbon-credit-fund\/\">\r\n                            TODAY: COP27 lands a landmark loss and damage fund + South Korea eyeing a USD 6.5 bn hydrogen and ammonia plant + Acwa expands to Thailand + Egypt launches a carbon credit fund                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/today-cop27-lands-a-landmark-loss-and-damage-fund-south-korea-eyeing-a-usd-6-5-bn-hydrogen-and-ammonia-plant-acwa-expands-to-thailand-egypt-launches-a-carbon-credit-fund\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Mohamed Nasr and Mahmoud Mohieldin made clear. And Nasr and his team delivered it even after being told be wealthy nations it wasn\u2019t going to happen.<\/p>\n<p><strong>And qualified because (a) USD 100 bn is not enough and (b) wealthy nations kicked the <\/strong><strong>ball to next year <\/strong>on the question of how it gets funded. What\u2019s more, MENA-based businesses and politicians did well lining up major agreements on projects that could help with mitigation.<\/p>\n<p><strong>And in the west: <\/strong><\/p>\n<ul>\n<li>COP27 ends in tears and frustration: \u2018The world will not thank us\u2019 (<a href=\"https:\/\/www.ft.com\/content\/03d7609b-decc-40fc-8029-a6cdebb11752\">Financial Times<\/a>)<\/li>\n<li>COP27 sets up climate-damage fund for poorer nations. Wealthy countries preserve last year\u2019s deal on cuts after big developing nations try to water it down. (<a href=\"https:\/\/www.wsj.com\/articles\/at-cop27-poorer-countries-secure-climate-damage-fund-without-pledging-faster-emissions-cuts-11668947145?mod=hp_listb_pos1\">Washington Post<\/a>)<\/li>\n<\/ul>\n<p><strong>And so we give you today the COP Watch roundup<\/strong>, wherein we chart and breakdown the most significant regional climate finance agreements, projects and policies that were announced, as well as insights from some climate sector insiders.<\/p>\n<p>^^ You can catch our summary guide to COP27 in the news well below.<\/p>\n<p><strong>Some of the best insights throughout COP27 came from participants in <\/strong><strong>our Climate CEO Poll. <\/strong>We heard from business leaders spanning a range of industries (who graciously gave us some time during a grueling two-week schedule) on how they\u2019re making the green transition in MENA possible and what they expected to get out of COP. You can catch up on them here:<\/p>\n<ul>\n<li><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a857d432-2389-4a7f-b8c4-65827ecab5ec\">Ahmed El Hoshy<\/a>, CEO of <a href=\"https:\/\/www.oci.nl\/\">OCI NV<\/a> and <a href=\"https:\/\/www.oci.nl\/operations\/fertiglobe\/\">Fertiglobe<\/a>.<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter-87419\/\">Harry Boyd-Carpenter<\/a>, managing director of climate strategy and delivery at <a href=\"https:\/\/www.ebrd.com\/\">EBRD<\/a>.<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/16\/the-enterprise-climate-ceo-poll-joel-van-dusen-head-of-corporate-and-investment-banking-at-mashreq-87842\/\">Joel Van Dusen<\/a>, group head of corporate and investment banking at <a href=\"https:\/\/www.mashreqbank.com\/en\/\">Mashreq<\/a>.<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/17\/karim-moussa-head-of-pe-and-asset-management-co-ceo-of-efg-hermes-investment-bank-87971\/\">Karim Moussa<\/a>, head of private equity and asset management operations and co-CEO of <a href=\"https:\/\/efghermes.com\/\">EFG Hermes<\/a>\u2019 investment bank, and CEO of <a href=\"https:\/\/www.vortexenergy.ae\/\">Vortex Energy<\/a>.<\/li>\n<li><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d34e43ce-ec5e-4c25-a11f-0a9d80d7bebe\">Mohamed Saad<\/a>, President and CEO for NEA at <a href=\"https:\/\/www.signify.com\/en-gb\">Signify<\/a>.<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/14\/the-enterprise-climate-ceo-poll-orascom-constructions-osama-bishai-87056\/\">Osama Bishai<\/a>, CEO of <a href=\"https:\/\/orascom.com\/\">Orascom Construction<\/a>.<\/li>\n<li><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/7a3af1b0-f8d8-43ae-9df7-b7f8d95e8079\">Sebastien Riez<\/a>, Northeast Africa and Levant Cluster President for <a href=\"https:\/\/www.se.com\/ww\/en\/\">Schneider Electric<\/a>.<\/li>\n<li><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/0829ba57-357c-462f-a70b-11e3bf8b12bc\">Sherif El Kholy<\/a>, partner and the head of MENA at <a href=\"https:\/\/www.act.is\/\">Actis<\/a>.<\/li>\n<\/ul>\n<hr class=\"grey-line\" \/>\n<p><strong>*** A QUICK PROGRAMMING NOTE- Enterprise Climate doesn\u2019t end with COP27 <\/strong>\u2014 and was never going to. We\u2019ve been bowled over by reader response to the newest daily in the Enterprise family \u2014 you\u2019re engaged, ambitious, and we\u2019re honoured to write you every morning, COP or no COP. <strong>We\u2019re building the essential publication for senior execs who work in the world\u2019s most important industry.<\/strong> Enterprise Climate is published Monday through Thursday at 4am Cairo \/ 5am Riyadh \/ 6am UAE \u2014 today, when COP28 starts a year from now, and well beyond.<\/p>\n<p><strong>*** Had enough COP? Go check our <\/strong><strong><a href=\"https:\/\/enterprise.press\/archive-wealth\/the-2022-world-cup-is-here\/\">wonderful World Cup primer<\/a><\/strong> or <strong><a href=\"https:\/\/play.fifa.com\/fantasy-classic\/join-league\/SZJ507VP\">join our World Cup fantasy football league<\/a><\/strong> (code SZJ507VP). We\u2019re giving away Enterprise mugs to the top three finishers (shipped anywhere in the world) and a special gift to whoever comes out on top.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>THE BIG CLIMATE STORY EVERYWHERE- No surprise, the USD 100 bn loss and damage <\/strong><strong>fund is <\/strong><strong>topping all the headlines.<\/strong> The creation of a \u201chistoric loss and damage fund\u201d is huge news for our industry and it\u2019s dueling with the lack of progress on emissions reduction as the big climate story in the international press. Outlets sang praises from countries and small island states that pushed for the fund and the \u201cfrustration\u201d of delegates who feel the agreement doesn\u2019t do enough to strengthen last year's Glasgow Climate Pact. (<a href=\"https:\/\/www.theguardian.com\/environment\/2022\/nov\/20\/cop27-agrees-to-historic-loss-and-damage-fund-to-compensate-developing-countries-for-climate-impacts\">Guardian<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/cop\/countries-agree-loss-damage-fund-final-cop27-deal-elusive-2022-11-20\/\">Reuters<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/11\/20\/climate\/un-climate-cop27-loss-damage.html\">New York Times<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2022\/11\/20\/cop27-climate-conference-deal-fund\/\">Washington Post<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-20\/un-adopts-historic-pact-on-payments-for-climate-damages?srnd=green&leadSource=uverify%20wall\">Bloomberg<\/a>)<\/p>\n<p><strong>Similarly, the news of the fund was met with mixed reactions here<\/strong>, with some insiders we spoke with seeing it as a major accomplishment for EMs and developing nations, while others believing it doesn\u2019t go nearly enough to cover the damage our part of the world will face thanks to climate change. We break down those views in greater detail in the news well below.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>WATCH THIS SPACE #1- <\/strong><strong>We have some mixed news on green hydrogen: <\/strong>The good news? Demand among G7 countries could rise by about four to seven times compared to 2020 levels, according to a new <a href=\"https:\/\/ent.news\/2022\/11\/4181.pdf\">report (pdf)<\/a> by the International Renewable Energy Agency.<\/p>\n<p><strong>The less-good news?<\/strong> G7 members will be the \u201cfront runners\u201d of green hydrogen deployment, the report says, as they benefit from access to capital, heavy industry presence, availability of renewable sources, an existing local green hydrogen industry and technical know-how. And with some, including the US, planning to heavily subsidize hydrogen production, MENA-based green hydrogen projects may suffer from some competition.<\/p>\n<p><strong>WATCH THIS SPACE #2- Oman and Schlumberger are eyeing geothermal <\/strong><strong>projects:<\/strong> Schlumberger signed an agreement with Oman to help build its national geothermal energy strategy in a bid to reach the country\u2019s net zero goals, according to a <a href=\"https:\/\/www.slb.com\/about\/newsroom\/press-release\/2022\/pr-2022-11-16-slb-oman-geothermal\">company statement<\/a>. The company evaluated data from over 7k oil, gas, and water wells to identify where geothermal processes can be integrated for future installations.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>HAPPENING TODAY- <\/strong><\/p>\n<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>Could we be hearing updates on Dubai Islamic Bank\u2019s green sukuk <\/strong><strong>issuance <\/strong><strong>today? <\/strong>Dubai Islamic Bank (DIB) will reportedly begin its roadshow for its prospective green and sustainable sukuk issuance today, after reaching out to banks over the weekend to arrange the sale, according to a <a href=\"https:\/\/www.nasdaq.com\/articles\/dubai-islamic-bank-hires-banks-for-debut-sustainable-sukuk-document\">widely picked up<\/a> Reuters piece on Friday that appears to have since been removed. The green sukuk will carry a five-year maturity, according to the piece.<\/p>\n<p><strong>Background: <\/strong>DIB had set up a new green financing framework ahead of issuing green and sustainable Shariah-compliant bonds<a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/60c54ead-dc23-4d33-93e6-8a86acd0c34d\">last month<\/a>. And while it is the first Islamic bank in the UAE to set up this kind of green financing framework, the GCC has become a hotbed of successful green bond issuances <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/29128c1e-0d05-4a99-b8e2-f05247e4258d\">this year<\/a>.<\/p>\n<p><strong>Advisers: <\/strong>Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, HSBC, Sharjah Islamic Bank and Standard Chartered will hold investor meetings and an issue of benchmark size will follow, subject to market conditions.<\/p>\n<p><strong>MEANWHILE- <\/strong><strong><a href=\"https:\/\/www.cityscapeglobal.com\/en\/cityscape-intelligence-talks.html\">Cityscape Intelligence Talks<\/a><\/strong><strong> will take place from today until Wednesday, 23 <\/strong><strong>November <\/strong>at the Dubai World Trade Center. The event will focus on highlighting the construction industry\u2019s climate resilience efforts. You can register for the event <a href=\"https:\/\/registration.gesevent.com\/survey\/09q35o32mv53s?actioncode=PPC15&utm_source=AdWords&utm_medium=Paid%20Search&utm_campaign=AEC22DCS-MA-Cityscape_Dubai_2022_Search_Visprom_Brand_Phrase_UAE_PPC15&gclid=Cj0KCQiA1NebBhDDARIsAANiDD3nF8IY5zWBbOkaQN8CNk-44w5trb4iU1oSAKofLl2qNcLY1SNeYaAaAvOCEALw_wcB\">here<\/a>.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p class=\"web-image\"><a href=\"https:\/\/climatexforum.enterprise.press\/index.html#contactUs\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/Registration-web-E.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>COP27 may be over \u2014 but climate will remain the world\u2019s largest and most important industry for decades to come. <\/strong>Our <a href=\"https:\/\/climatexforum.enterprise.press\/index.html#aboutSection\">Enterprise Climate X Forum<\/a> will see members of the business community gather at the <strong>Grand Egyptian Museum<\/strong> on Tuesday, 6 December 2022.<\/p>\n<p><strong>What\u2019s the Enterprise Climate X Forum?<\/strong> It\u2019s our first industry-specific conference, where CEOs, top execs, investors, bankers and development finance folks have the chance to talk about how to build a climate-centered business \u2014 and how to make sure your business continues to have access to the funds it needs to grow. You can learn more on our conference website here.<\/p>\n<p><strong>Some of the biggest names in business and finance are on board \u2014 are you?<\/strong> If you\u2019re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at <a href=\"mailto:climatexrsvp@enterprisemea.com\">climatexrsvp@enterprisemea.com<\/a> to signal your interest, letting us know your name, title and where you work.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Saudi Arabia\u2019s Education Ministry will host its <\/strong><strong><a href=\"https:\/\/www.facebook.com\/moegov.sa\/posts\/pfbid0HSxtqnTELrfrK4xaL84pnTsP9w4mjPCiPdAH2LA81efe7UXPbvjX64zynsc4zBnUl\">Global Conference on Sustainable<\/a><\/strong><strong><a href=\"https:\/\/www.facebook.com\/moegov.sa\/posts\/pfbid0HSxtqnTELrfrK4xaL84pnTsP9w4mjPCiPdAH2LA81efe7UXPbvjX64zynsc4zBnUl\">Partnerships<\/a><\/strong> next Wednesday, 23 November to Thursday, 24 November in <strong>Riyadh<\/strong>, bringing together ministers and senior officials from the private and public sectors.<\/p>\n<p><strong>UAE will host<\/strong> <strong><a href=\"https:\/\/www.thebig5.ae\/global-construction-impact-summit\/\">The Big 5 Global Construction Impact Summit<\/a><\/strong> on Wednesday, 7 December at the Dubai World Trade Centre, bringing more than 2k exhibitors from 60 countries, as well as regional and global construction industry leaders together to discuss ways to meet local and global net zero and waste reduction targets.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/adaptation\/\">adaptation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/carbon-markets\/\">carbon markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/emissions\/\">emissions<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-finance\/\">green 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type-post status-publish format-standard has-post-thumbnail hentry category-cop-watch-finance-2 tag-carbon-markets tag-cop-watch-finance-3 tag-cop27 tag-egypt tag-emissions tag-enterpriseclimate tag-fossil-fuels tag-green-finance tag-libra-capital tag-loss-and-damage tag-vehicles wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>Delegates from 200 countries concluded COP27 yesterday with a landmark<\/strong><strong> agreement to create a <\/strong><strong>historic <\/strong><strong>loss and damage fund<\/strong>, helping vulnerable countries cope with climate disasters triggered by developed countries\u2019 emissions, the COP27 presidency said in a <a href=\"https:\/\/ent.news\/2022\/11\/Historic-Climate-Deal-Sealed-at-COP27-as-Climate-Conference-Takes-a-Leap-to-Save-Lives-and-Livelihoods.pdf\">statement (pdf)<\/a>.<\/p>\n<p><strong>The agreement will see developed countries pledge funds<\/strong> to \u201csave lives and livelihoods from climate change related disasters\u201d in climate-affected countries, the statement said.<\/p>\n<p><strong>The caveats:<\/strong> The details for the fund \u2014 including who will pay into it, who will be eligible to receive the funds, and how it will operate \u2014 have yet to be determined. A transitional committee is set to dot the i\u2019s and cross the t\u2019s over the next year, with the first meeting expected to take place before the end of March 2023, according to a <a href=\"https:\/\/unfccc.int\/news\/cop27-reaches-breakthrough-agreement-on-new-loss-and-damage-fund-for-vulnerable-countries\">statement<\/a>.<\/p>\n<p><strong>The loss and damage fund is a significant achievement, insiders tell us: <\/strong>\u201cClimate vulnerable countries demand hundreds of USD bns in climate reparations, while only hundreds of USD mns have been pledged,\u201d general partner at the Climate Resilience Fund Hossam Allam tells Enterprise Climate. Still, \u201cthe recognition that polluting countries owe climate-damaged ones reparation is a major step forward,\u201d he adds.<\/p>\n<p><strong>It still may not be enough: <\/strong>Developing countries need some USD 1.7-3.4 tn in climate finance annually for climate action, but financing currently stands at less than USD 425 bn, the IFC\u2019s VP of cross-cutting solutions Emmanuel Nyirinkindi told Enterprise Climate on Friday. \u201cWe\u2019re still very far away from what\u2019s required,\u201d notes Khalid Hamza, head of Egypt at the EBRD.<\/p>\n<p><strong>THE HOST COUNTRY TOOK HOME A \u201cW\u201d-<\/strong><\/p>\n<p><strong>Egypt\u2019s NWFE energy pillar could provide a model for unlocking <\/strong><strong>private sector finance:<\/strong> The USD 500 m in low-cost, concessional funding committed to the energy pillar of Egypt\u2019s Nexus on Water, Food and Energy (NWFE) initiative is expected to unlock over USD 10 bn in private sector finance for renewable energy plans and investments, EBRD\u2019s Hamza tells Enterprise Climate. Both US President Joe Biden and climate envoy John Kerry noted that this is replicable and a very significant outcome of COP27, he adds. \u201cAt least there\u2019s a good example of how to approach these issues, which is basically to think very hard about the key impediments to unlocking private sector funding,\u201d Hamza adds. <strong>The decarbonization-focused NWFE program <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/20\/are-we-nearly-there-yet-88130\/\">secured nearly<\/a><\/strong> <strong>USD 10 bn in funding pledges<\/strong>.<\/p>\n<p><strong>Other substantial funding agreements secured by Egypt include: <\/strong><\/p>\n<ul>\n<li><strong>Egypt <\/strong>and <strong>Germany <\/strong><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/20\/another-chunk-of-development-finance-from-germany-88133\/\">inked nine agreements<\/a> worth <strong>EUR 160 mn<\/strong> \u2014 with much of this earmarked for climate-friendly projects.<\/li>\n<li>Egypt now needs to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/eb2d36cb-0298-4ca5-8065-f4cd8a77e5d1\">lock in funding<\/a> for the <strong>green hydrogen and wind power<\/strong> projects worth up to <strong>USD 119 bn<\/strong> that it <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1f8d7402-6d05-4eae-b3b0-b5bb811be7ab\">signed initial agreements<\/a> for during COP27. (Reality check: The nature of a land grab is that not every plot will be settled. It will not be surprising if a good chunk of this figure ultimately doesn\u2019t materialize.)<\/li>\n<li><strong>The EBRD<\/strong> <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-supports-first-green-hydrogen-facility-in-egypt-.html\">will provide<\/a> a <strong>USD 80 mn loan<\/strong> to get Egypt\u2019s Fertiglobe-Scatec-OC-SFE ammonia plant up and running.<\/li>\n<li>Egypt will <a href=\"https:\/\/cif.org\/news\/climate-investment-funds-deploy-over-350-million-nature-based-solutions-globally-starting-four?fbclid=IwAR1fNe-WmbHJ-vBx_104y3UuhzY8e8RuXtGKm1Sco4apqcLp4xIr7aKKCmM\">see some funding<\/a> from the <strong>World Bank\u2019s <\/strong><strong><a href=\"https:\/\/cif.org\/\">Climate Investment Funds<\/a><\/strong> out of the USD 350 mn it has pledged to invest in sustainable agriculture in emerging markets.<\/li>\n<\/ul>\n<p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>OTHER BIG <\/strong><strong>AGREEMENTS-<\/strong><\/p>\n<p><strong>#1- The US, EU and other countries, as well as MDBs, stepped up on adaptation funding:<\/strong><\/p>\n<ul>\n<li><strong>Half of the USD 32 bn<\/strong> committed in climate finance by the <strong>World Bank <\/strong>over the past year will be allocated to adaptation, <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/4beeff1d-735c-4c56-81bb-121857c2cf91\">according to<\/a> president David Malpass.<\/li>\n<li>The <strong>Netherlands <\/strong><a href=\"https:\/\/www.afdb.org\/en\/topics-and-sectors\/initiatives-partnerships\/africa-adaptation-acceleration-program\">will contribute<\/a> <strong>EUR 1.8 bn by 2025 to emerging markets<\/strong> and over <strong>EUR 100 mn<\/strong> to the Africa Adaptation Acceleration Program.<\/li>\n<li>France, Germany, the Netherlands and Denmark \u2014 <strong><a href=\"https:\/\/www.reuters.com\/business\/environment\/eu-four-member-countries-provide-over-1-bln-euros-climate-adaptation-africa-2022-11-16\/\">will provide<\/a><\/strong><strong> over EUR 1 bn for climate adaptation in Africa<\/strong>, as a \u201cstarting point,\u201d EU climate policy chief Frans Timmermans said last week. Other EU countries might join in later, said Timmermans.<\/li>\n<li><strong>The US<\/strong> <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/68ac4454-fac9-44a9-88ae-169826f09c50\">doubled its pledge<\/a> to its \u201cadaptation fund\u201d for poorer countries <strong>to USD 100 mn<\/strong>, and pledged <strong>a further USD 150 mn<\/strong> to support climate change efforts in Africa.<\/li>\n<li><strong>The UK<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/uk\/uk-pledges-more-than-115-mln-developing-economies-tackle-climate-change-2022-11-07\/\">is investing<\/a> over <strong>GBP 100 mn<\/strong> <strong>to help developing countries<\/strong> implement climate change adaptation measures.<\/li>\n<\/ul>\n<p><strong>#2- Funding pledges for resilience or climate disasters fared well: <\/strong><\/p>\n<ul>\n<li>More than <strong>85 African ins. companies <\/strong><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e6167da5-7401-4525-a79d-20e3e0de4124\">have joined forces<\/a> to create the African Climate Risk Facility (ACRF) to <strong>underwrite USD 14 bn <\/strong>of cover for climate risk by 2030.<\/li>\n<li><strong>G7<\/strong> <strong>countries <\/strong><a href=\"https:\/\/www.bmz.de\/en\/news\/press-releases\/v20-g7-launch-global-shield-against-cllimate-risks-at-cop27-128244\">announced<\/a> a <strong>EUR 210 mn<\/strong><strong> \u201cGlobal Shield\u201d initiative <\/strong>that will pay out ins. to the V20 group of 58 nations most vulnerable to climate change \u2014 of which Lebanon, Morocco, Palestine, Tunisia, and Yemen are all members.<\/li>\n<li>The <strong>Coalition for Disaster Resilient Infrastructure<\/strong> <a href=\"https:\/\/www.cdri.world\/press-releases\/cdri-announces-infrastructure-resilience-accelerator-fund-iraf-a-us50-million-trust-fund-to-support-global-action-on-disaster-resilience-of-infrastructure-systems\">launched<\/a> a <strong>USD 50 mn<\/strong> multi-partner Infrastructure Resilience Accelerator Fund to provide technical assistance and capacity building for emerging economies.<\/li>\n<li><strong>UK Export Finance<\/strong> <a href=\"https:\/\/www.gov.uk\/government\/news\/uk-export-finance-launches-new-debt-solution-to-help-developing-countries-with-climate-shocks\">will provide<\/a> sovereign loans with Climate Resilient Debt Clauses for climate-vulnerable nations, allowing low-income countries and small island developing states the chance to defer debt repayments in the event of severe climate shocks or natural disasters.<\/li>\n<\/ul>\n<p><strong>#3- There were large multi-year pledges for general climate finance:<\/strong><\/p>\n<ul>\n<li>The UAE-based bank <strong>Mashreq <\/strong><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e6167da5-7401-4525-a79d-20e3e0de4124\">plans to increase<\/a> its sustainable financing <strong>to USD 30 bn by 2030.<\/strong><\/li>\n<li>The <strong>Arab Coordination Group<\/strong> \u2014 a \u201cstrategic alliance\u201d of regional development funds and the OPEC Fund for International Development that coordinates climate finance \u2014 <a href=\"https:\/\/opecfund.org\/media-center\/press-releases\/arab-coordination-group-commits-to-us-24-billion-of-climate-action-financing-by-2030\">pledged to<\/a> provide at least <strong>USD 24 bn in climate finance by 2030<\/strong>.<\/li>\n<li>The <strong>EBRD <\/strong>and <strong>EU <\/strong><a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-and-eu-support-young-entrepreneurs-in-egypt-.html\">signed an agreement<\/a> with <strong>QNB Al Ahli<\/strong> to provide <strong>USD 20 mn<\/strong> in on-lending for youth-led green MSMEs under the Green Economy Financing Facility.<\/li>\n<li><strong>The African Union, African Development Bank Group and Africa50<\/strong> <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/cop27-african-and-global-partners-launch-multi-billion-alliance-green-infrastructure-56403\">launched<\/a> the Alliance for Green Infrastructure in Africa, committing some <strong>USD 500 mn<\/strong> in funding to help deliver another USD 10 bn in capital for green infrastructure projects on the continent.<\/li>\n<\/ul>\n<p><strong>#4- Decarbonization saw funding pledges in the USD bns:<\/strong><\/p>\n<ul>\n<li><strong>KSA <\/strong><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d5813fa3-e5df-412a-b820-771cd069aad5\">is contributing<\/a> <strong>USD 2.5 bn<\/strong> <strong>to its Middle East Green Initiative<\/strong> in the next decade.<\/li>\n<li>The <strong>International Renewable Energy Agency<\/strong> <a href=\"https:\/\/irena.org\/News\/pressreleases\/2022\/Nov\/The-ETAF-Platform-closes-in-on-USD-1-billion-to-Advance-Energy-Transitions-in-Developing-Markets\">closed in on<\/a> its <strong>USD 1 bn <\/strong>funding goal for its Energy Transition Accelerator Financing platform.<\/li>\n<\/ul>\n<p><strong>#5 Food security saw some of the biggest global investments: <\/strong><\/p>\n<ul>\n<li><strong>The US-UAE Agriculture Innovation Mission for Climate<\/strong> (<a href=\"https:\/\/www.aimforclimate.org\/\">AIM for Climate<\/a>) doubled its investment commitments <a href=\"https:\/\/www.aimforclimate.org\/media\/ccchtx2k\/agriculture-innovation-mission-for-climate-doubles-investment.pdf\">to<\/a><strong><a href=\"https:\/\/www.aimforclimate.org\/media\/ccchtx2k\/agriculture-innovation-mission-for-climate-doubles-investment.pdf\">USD 8 bn<\/a><\/strong><a href=\"https:\/\/www.aimforclimate.org\/media\/ccchtx2k\/agriculture-innovation-mission-for-climate-doubles-investment.pdf\">(pdf)<\/a> and increased its scope.<\/li>\n<li><strong>The IFC<\/strong> <a href=\"https:\/\/www.ifc.org\/wps\/wcm\/connect\/news_ext_content\/ifc_external_corporate_site\/news+and+events\/news\/global-food-security-platform\">is launching<\/a> a <strong>USD 6 bn global food security platform<\/strong>, targeting some at-risk Arab countries including Yemen, Iraq, Lebanon, Libya and Tunisia.<\/li>\n<li>The <strong>European Investment Bank (EIB)<\/strong> <a href=\"https:\/\/www.eib.org\/en\/press\/all\/2022-485-eib-confirms-eur-500-million-loan-to-ifad-to-invest-in-global-food-security\">will lend<\/a> the UN\u2019s International Fund for Agricultural Development<strong> EUR 500 mn <\/strong>to onlend to small-scale farmers.<\/li>\n<\/ul>\n<p><strong>#6- And the region is getting in on carbon markets and credits:<\/strong><\/p>\n<ul>\n<li><strong>Egypt <\/strong>launched a <strong><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/20\/africas-first-voluntary-carbon-market-will-launch-in-mid-2023-88131\/\">USD 1 bn carbon market fund<\/a><\/strong> to invest in low-carbon projects that issue carbon credits.<\/li>\n<li>The <strong>EGX <\/strong>announced the launch of Africa\u2019s first <a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/10\/egx-announces-africa-carbon-market-86775\/\">voluntary carbon market<\/a> in mid-2023.<\/li>\n<li><strong>US climate envoy John Kerry <\/strong>announced <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/4beeff1d-735c-4c56-81bb-121857c2cf91\">a new carbon offset plan<\/a> \u2014 <strong>dubbed Energy Transition Accelerator (ETA)<\/strong> \u2014 to allow companies to claim carbon credits by investing in renewables projects in global growth markets.<\/li>\n<\/ul>\n<p><em>CORRECTION- 4 December, 2022<\/em><\/p>\n<p><em>An earlier version of this story incorrectly stated that the loss and damage fund will see pay-ins of USD 100 bn per year. The financial details of the fund have yet to be determined.\u00a0<\/em><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/carbon-markets\/\">carbon markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/cop-watch-finance-3\/\">COP WATCH \u2014 FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/emissions\/\">emissions<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/fossil-fuels\/\">fossil fuels<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-finance\/\">green finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/libra-capital\/\">libra capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/loss-and-damage\/\">loss and damage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/vehicles\/\">Vehicles<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"74880\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"74880\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">COP WATCH \u2014 PROJECTS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/a-rundown-of-the-biggest-projects-coming-out-of-cop27\/\">\r\n                            A rundown of the biggest projects coming out of COP27                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/a-rundown-of-the-biggest-projects-coming-out-of-cop27\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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With the slogan \u201cCOP for Implementation,\u201d COP27 host Egypt raised hopes for the number of projects announced during the summit \u2014 and it delivered.<\/p>\n<p><strong>Green hydrogen was undoubtedly the star of the show, <\/strong>with at least 10 new green hydrogen plants set to be built in Egypt after final agreements are inked. The nine <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1f8d7402-6d05-4eae-b3b0-b5bb811be7ab\">green hydrogen and ammonia facilities<\/a> in Egypt\u2019s Suez Canal Economic Zone alone will collectively produce up to 7.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year when fully operational.<\/p>\n<p><strong>Saudi Arabia came in hot: <\/strong>The kingdom announced its 13 renewable energy projects worth a combined USD 9 bn in the pipeline, as it looked to reposition itself for a post-oil world. The projects \u2014 which include what could be one of the world\u2019s largest green hydrogen plants \u2014 have a collective capacity of 11.3 GW, and will help reduce some 20 mn tons of carbon emissions a year, according to a <a href=\"https:\/\/twitter.com\/Gi_Saudi\/status\/1591162984302141440?t=-hsDBOJaZi8BnwSveW77pg&s=08\">Saudi Green Initiative tweet<\/a> earlier this month.<\/p>\n<p><strong>The big question: How many of these MENA hydrogen plants will get built in the wake of <\/strong><strong>the US Inflation Reduction Act<\/strong>, which includes a <a href=\"https:\/\/www.utilitydive.com\/news\/the-ira-will-accelerate-electrolyzed-hydrogens-future-heres-what-that-me\/632925\/\">10-year production tax credit<\/a> of as much as USD 3 \/ kg of H2 produced with no emissions. And as we noted above, G7 nations are primed to build up hydrogen infrastructure faster than other countries, and there are clear questions about how much capacity there is in the supply chain to build out the renewable power and other infrastructure (think: electrolysers) needed to ramp up large-scale hydrogen projects.<\/p>\n<p><strong>The runner up? Wind power: <\/strong>At least five different wind farms will produce a whopping 29.5 GW of wind power in Egypt once fully operational. The biggest ones include <a href=\"https:\/\/masdar.ae\/\">Masdar<\/a> alongside our friends at <a href=\"https:\/\/www.weareiph.com\/\">Infinity Power<\/a> and <a href=\"https:\/\/www.hassanallam.com\/utilities\/group-profile\">Hassan Allam Utilities<\/a> \u2014 who will build a 10 GW wind farm in Egypt \u2014 and Saudi renewable energy developer Acwa Power\u2019s <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/9928ba0c-825c-418a-8d36-45df5db6fd16\">10 GW wind farm<\/a> in Egypt alongside the country\u2019s state-owned electricity firms.<\/p>\n<p><strong>Carbon capture got some attention:<\/strong> Two Saudi giants \u2014 Aramco and mining company <a href=\"https:\/\/www.maaden.com.sa\/\">Ma\u2019aden<\/a> \u2014 agreed to build carbon capture and storage facilities in a huge step for the kingdom\u2019s blue hydrogen ambitions. (Blue hydrogen is a form of zero-carbon fuel made through a process that captures its own carbon emissions \u2014 <a href=\"https:\/\/enterprise.press\/stories\/2021\/08\/24\/enterprise-explains-green-hydrogen-51370\/\">check out our explainer on the energy source here.<\/a>) Aramco\u2019s carbon capture hub is set to be one of the largest in the world, with the capacity to store up to 9 mn tons of carbon dioxide a year by 2027, while Ma\u2019aden\u2019s plant will capture 300k metric tons of CO2 emissions a year from the company\u2019s three ammonia plants.<\/p>\n<p><strong>Waste management projects were also on the cards: <\/strong>UAE-headquartered waste management company <a href=\"https:\/\/www.averda.com\/\">Averda<\/a> is partnering with US-headquartered low-carbon biofuels developer <a href=\"https:\/\/www.wastefuel.com\/\">WasteFuel<\/a> to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/952ee209-52e7-435e-860b-caf16ba6251b\">establish<\/a> a commercial-scale municipal waste-to-renewable-methanol plant in MENA. Egypt also announced it is set to sign contracts worth EGP 4.2 bn to establish sanitary landfills and waste recycling facilities for municipal waste. On another note, UK-based water tech company <a href=\"http:\/\/www.hydro-industries.co.uk\/\">Hydro Industries<\/a> is considering building two <a href=\"https:\/\/climate.enterprise.press\/issues\/2022\/11\/16\/big-deal-power-plant-sharm-running-hydrogen-natural-gas-fuel-blend\/\">wastewater treatment facilities<\/a> in Egypt to treat some 50 tons of industrial wastewater daily.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/carbon-storage\/\">CARBON STORAGE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/cop-watch-projects\/\">COP WATCH \u2014 PROJECTS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/wind-energy\/\">Wind Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"74882\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"74882\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">COP Watch \u2014 Policy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/an-adaptation-roadmap-but-fossil-fuel-phaseouts-hit-a-wall\/\">\r\n                            An adaptation roadmap, but fossil fuel phaseouts hit a wall                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/an-adaptation-roadmap-but-fossil-fuel-phaseouts-hit-a-wall\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Adaptation strategies will span food and agriculture, water and nature, coasts and oceans, human settlements, and infrastructure \u2014 and include proposed action for the all-important areas of planning and finance, the statement notes.<\/p>\n<p><strong>Methane and adaptation were the main focus of policy talks at COP27: <\/strong>150 countries signed a pledge to reduce methane pollution, the US and EU <a href=\"https:\/\/www.reuters.com\/business\/cop\/cop27-more-countries-join-methane-pact-focus-turns-farms-waste-2022-11-17\/\">announced<\/a> during the climate summit. The US also unveiled <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/11\/11\/fact-sheet-president-biden-announces-new-initiatives-at-cop27-to-strengthen-u-s-leadership-in-tackling-climate-change\/\">a plan<\/a> to cut methane emissions from its oil and gas industry to 87% below 2005 levels by 2030, as it looked to cement its leadership in the fight against climate change during the summit.<\/p>\n<p><strong>There was a boost for the transition to zero-emission vehicles:<\/strong> France, Spain and several corporations joined a pledge to stop sales of gasoline-run vehicles by 2035, according to a <a href=\"https:\/\/www.gov.uk\/government\/news\/uk-and-partners-launch-new-measures-at-cop27-solutions-day-to-drive-progress-on-transition-to-zero-emission-vehicles\">statement<\/a>.<\/p>\n<p><strong>A host of other, smaller Africa-focused initiatives emerged: <\/strong>From the <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/db607b02-9fe9-4aa1-8cba-baa10e98c0ad\">Aware (Action for<\/a><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/db607b02-9fe9-4aa1-8cba-baa10e98c0ad\">water adaptation and resilience) initiative<\/a> \u2014 which helps address water related challenges and solutions in water scarce countries \u2014 to the <a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/20\/are-we-nearly-there-yet-88130\/\">Waste 50 by 2050 Initiative<\/a>, which aims to raise the recycling rate of African waste to 50% by 2050.<\/p>\n<p><strong>FOSSIL FUEL PHASEOUTS HIT A STALEMATE<\/strong><\/p>\n<p><strong>The final agreement only carried forward the agreement made in COP26<\/strong> to take steps towards \u201cthe phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies.\u201d The debate on fossil fuels was heated during the summit, with developed countries increasingly pushing for a transition away from the energy source while developing countries in Africa and the Gulf <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5caa5a71-576b-4b23-85fc-e5b791446cec\">vocally supported<\/a> a slow, low-emission transition to renewables that relies on natural gas in order to meet energy demands.<\/p>\n<p><strong>Not much was done to reduce emissions and \u201ckeep 1.5\u00b0C alive\u201d: <\/strong>The emissions-reduction plans submitted ahead of COP27 take less than 1% off projected global emissions in 2030, <a href=\"https:\/\/www.independent.co.uk\/climate-change\/news\/cop27-decision-climate-egypt-b2228423.html\">the Independent<\/a> writes, adding that this is a far cry from the 43% we need to cut to hold temperature increases to the 1.5\u00b0C limit set out by the Paris Agreement. Only a handful of countries \u2014 including the <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52eb3b81-d948-4c33-8553-efa5a4db8a39\">EU<\/a> and <a href=\"https:\/\/www.reuters.com\/business\/cop\/turkey-boosts-greenhouse-gas-emission-reduction-target-2030-2022-11-15\/\">Turkey<\/a> \u2014 submitted new plans to reduce emissions during this year\u2019s summit.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/climate-policy\/\">CLIMATE POLICY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/cop-watch-policy-3\/\">COP WATCH \u2014 POLICY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/emissions\/\">emissions<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/fossil-fuel\/\">fossil fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/loss-and-damage\/\">loss and damage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"74884\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"74884\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">GREEN HYDROGEN<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/south-korea-to-build-a-usd-6-5-bn-hydrogen-and-ammonia-plant-in-saudi-arabia\/\">\r\n                            South Korea to build a USD 6.5 bn hydrogen and ammonia plant in Saudi Arabia                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/south-korea-to-build-a-usd-6-5-bn-hydrogen-and-ammonia-plant-in-saudi-arabia\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/south-korea-to-build-a-usd-6-5-bn-hydrogen-and-ammonia-plant-in-saudi-arabia\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/south-korea-to-build-a-usd-6-5-bn-hydrogen-and-ammonia-plant-in-saudi-arabia\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=South Korea to build a USD 6.5 bn hydrogen and ammonia plant in Saudi Arabia&url=https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/south-korea-to-build-a-usd-6-5-bn-hydrogen-and-ammonia-plant-in-saudi-arabia\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/south-korea-to-build-a-usd-6-5-bn-hydrogen-and-ammonia-plant-in-saudi-arabia\/&title=South Korea to build a USD 6.5 bn hydrogen and ammonia plant in Saudi Arabia\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=South+Korea+to+build+a+USD+6.5+bn+hydrogen+and+ammonia+plant+in+Saudi+Arabia+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2022%2F11%2F21%2Fsouth-korea-to-build-a-usd-6-5-bn-hydrogen-and-ammonia-plant-in-saudi-arabia%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/south-korea-to-build-a-usd-6-5-bn-hydrogen-and-ammonia-plant-in-saudi-arabia\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-74884\" class=\"content-area-description single-story post-74884 post type-post status-publish format-standard hentry category-green-hydrogen tag-ammonia tag-energy tag-enterpriseclimate tag-green-hydrogen tag-saudi-arabia tag-south-korea wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>South <\/strong><strong>Korea\u2019s MENA green hydrogen shopping spree continues: <\/strong>Saudi Arabia\u2019s Public Investment Fund (PIF) has inked an agreement worth some USD 6.5 bn with Korea Electric Power Corp (Kepco) and four other South Korean firms to build a hydrogen and ammonia plant, <a href=\"https:\/\/www.reuters.com\/business\/energy\/skorean-firms-agree-build-hydrogen-plant-saudi-arabia-sources-2022-11-17\/\">Reuters<\/a> reported on Thursday citing a source with knowledge of the agreement. The South Korean firms will build and operate the plant with investments from PIF, the newswire reports citing Kepco.<\/p>\n<p><strong>The details:<\/strong> The facility is expected to have a generational capacity of 1.2 mn tons annually, the newswire quotes Kepco as saying. Construction is expected between 2025 and 2029 and will be operational for 20 years. The plant could be built in KSA\u2019s Neom, South Korea\u2019s <a href=\"https:\/\/pulsenews.co.kr\/view.php?sc=30800028&year=2022&no=1022719\">Pulse News<\/a> reports referencing undisclosed sources.<\/p>\n<p><strong>Is Acwa Power involved?<\/strong> What isn\u2019t clear as of yet is whether this is related to the 1.2 mn ton per annum <a href=\"https:\/\/acwapower.com\/en\/projects\/neom-green-hydrogen-project\/\">Neom green hydrogen production plant<\/a>, which will be built by Acwa Power\u2019s JV with Air Products. Acwa and Kepco had signed an agreement <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b90d2b25-1eb9-4d9a-81e2-b342296597a6\">last month<\/a> that would see them \u201cpartner\u201d on a number of hydrogen projects across MENA. The Korean utilities provider wants to source 5-10 mn tons of green ammonia produced from green hydrogen for power generation by 2030, Kepco said at the time. We\u2019re reaching out to the Saudi utilities giant for comments.<\/p>\n<p><strong>WE\u2019RE NOT DONE WITH ACWA JUST YET-<\/strong><\/p>\n<p><strong>The Tadawul-listed company will work on an ammonia and <\/strong><strong>green hydrogen facility in Thailand<\/strong>, the <a href=\"https:\/\/www.bangkokpost.com\/business\/2441500\/thailand-saudi-arabia-agree-on-energy-cooperation\">Bangkok Post<\/a> reports. The project will be carried out by Thai state-owned energy company <a href=\"https:\/\/www.pttplc.com\/en\/About.aspx\">PTT Plc<\/a> and the <a href=\"https:\/\/www.egat.co.th\/home\/en\/about-egat\/\">Electricity Generating Authority of Thailand<\/a> is carrying out work on the project alongside Acwa Power. Thailand and Indonesia are two markets the Saudi renewable energy company is shooting to expand as part of its global expansion, Acwa CEO Paddy Padmanathan said <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/22d4a955-7c97-4dfa-8f6b-ada43e3ad760\">last month<\/a>.<\/p>\n<p><strong>Meanwhile, Acwa\u2019s partner on the Neom plant,<\/strong> <strong>Air Products, may export larger quantities <\/strong><strong>of the region\u2019s hydrogen to Germany. <\/strong>The US-based company and German-based <a href=\"https:\/\/www.mabanaft.com\/en\/\">Mabanaft<\/a> will build a green hydrogen terminal in Germany to facilitate imports, according to a company <a href=\"https:\/\/bit.ly\/3XkOy3O\">statement<\/a>. The project is aiming to be operational by 2026 and will be located in Hamburg\u2019s port, facilitating the import of green ammonia from large-scale green hydrogen production facilities operated by Air Products and its partners \u2014 including <a href=\"https:\/\/www.airproducts.com\/news-center\/2020\/07\/0707-air-products-agreement-for-green-ammonia-production-facility-for-export-to-hydrogen-market\">Acwa Power and Neom<\/a>. The EU is looking to secure a supply of <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5caa5a71-576b-4b23-85fc-e5b791446cec\">20 mn tons of renewable hydrogen<\/a> by 2030.<\/p>\n<p><strong>IN OTHER <\/strong><strong>GREEN HYDROGEN NEWS- <\/strong><\/p>\n<p><strong>Saudi Arabia\u2019s <\/strong><strong><a href=\"https:\/\/www.alfanar.com\">Al-Fanar<\/a><\/strong><strong> will invest USD 1.8 bn in the first phase of a <\/strong><strong>USD 4 bn <\/strong><strong>green <\/strong><strong>ammonia <\/strong><strong>plant in Egypt\u2019s Suez Canal Economic Zone, <\/strong>according to a <a href=\"https:\/\/dailynewsegypt.com\/2022\/11\/16\/saudi-arabias-al-fanar-aims-to-invest-1-8bn-in-first-phase-of-green-hydrogen-station\/\">Daily News Egypt<\/a> interview with group CIO Mishaal Al-Mutlaq last week. The company <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/291deece-f594-411e-9c53-6bb6156efd7d\">inked the MoU<\/a> with the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority in August. Phase 1 of the plant will yield 250k tons of green ammonia by 2025, Al-Mutlaq says.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/ammonia\/\">AMMONIA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/south-korea\/\">South Korea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"74885\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"74885\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/mubadala-acquires-stake-in-carbon-exchange-aircarbon-exchange-egypt-eyes-2023-launch-for-carbon-exchange\/\">\r\n                            Mubadala acquires stake in carbon exchange AirCarbon Exchange + Egypt eyes 2023 launch for carbon exchange                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/mubadala-acquires-stake-in-carbon-exchange-aircarbon-exchange-egypt-eyes-2023-launch-for-carbon-exchange\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/mubadala-acquires-stake-in-carbon-exchange-aircarbon-exchange-egypt-eyes-2023-launch-for-carbon-exchange\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/mubadala-acquires-stake-in-carbon-exchange-aircarbon-exchange-egypt-eyes-2023-launch-for-carbon-exchange\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Mubadala acquires stake in carbon exchange AirCarbon Exchange + Egypt eyes 2023 launch for carbon exchange&url=https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/mubadala-acquires-stake-in-carbon-exchange-aircarbon-exchange-egypt-eyes-2023-launch-for-carbon-exchange\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/mubadala-acquires-stake-in-carbon-exchange-aircarbon-exchange-egypt-eyes-2023-launch-for-carbon-exchange\/&title=Mubadala acquires stake in carbon exchange AirCarbon Exchange + Egypt eyes 2023 launch for carbon exchange\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Mubadala+acquires+stake+in+carbon+exchange+AirCarbon+Exchange+%2B+Egypt+eyes+2023+launch+for+carbon+exchange+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2022%2F11%2F21%2Fmubadala-acquires-stake-in-carbon-exchange-aircarbon-exchange-egypt-eyes-2023-launch-for-carbon-exchange%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/mubadala-acquires-stake-in-carbon-exchange-aircarbon-exchange-egypt-eyes-2023-launch-for-carbon-exchange\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/2832.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"74886\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/mubadala-acquires-stake-in-carbon-exchange-aircarbon-exchange-egypt-eyes-2023-launch-for-carbon-exchange\/2832-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/2832.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2832.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/2832.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/2832.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-74885\" class=\"content-area-description single-story post-74885 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets tag-carbon-markets tag-carbon-offsetting tag-enterpriseclimate tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>UAE obtains stake in carbon trading platform: <\/strong>Abu Dhabi-based sovereign wealth fund <a href=\"https:\/\/www.mubadala.com\/\">Mubadala Investment Company<\/a> obtained a stake in Singapore-based carbon trading exchange AirCarbon Exchange (<a href=\"https:\/\/www.aircarbon.co\/about-aircarbon\">ACX<\/a>), according to a company <a href=\"https:\/\/www.aircarbon.co\/mubadala-investment-in-acx\">statement<\/a> released last week. The size of Mubadala\u2019s stake was not disclosed, with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-16\/mubadala-is-said-to-near-deal-for-stake-in-carbon-exchange-acx\">Bloomberg<\/a> previously reporting the fund would acquire at least a 20% stake in ACX citing sources in the know.<\/p>\n<p><strong>How AirCarbon Exchange works: <\/strong>The carbon credits trading platform is built on blockchain tech and will soon launch the world\u2019s first fully regulated carbon trading exchange with help from the Abu Dhabi Global Market (ADGM), according to a company <a href=\"https:\/\/www.adgm.com\/media\/announcements\/abu-dhabi-to-launch-first-regulated-carbon-credit-trading-exchange-and-clearing-house-in-the-world\">statement<\/a>.<\/p>\n<p><strong>What they said:<\/strong> \u201cThis transaction will strengthen the UAE\u2019s competitiveness on the world stage, while driving forward a future-focused sector that is vital to the UAE\u2019s decarbonization journey,\u201d executive director of UAE Clusters at Mubadala Investment Company Badr Al Olama said in the statement.<\/p>\n<p><strong>The timeline: <\/strong>ADGM is set to launch the carbon market \u201cin a matter of weeks,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-11\/uae-to-start-carbon-offset-trading-exchange-in-abu-dhabi?leadSource=uverify%20wall\">Bloomberg<\/a> reports quoting ADGM\u2019s head of sustainable finance Mercedes Vela Monserrate.<\/p>\n<p><strong>Not just going East: <\/strong>Mubadala <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b3db05e7-faf0-475f-817a-8a0ca1737fef\">acquired stakes<\/a> in German offshore wind developer Skyborn Renewables and US offshore project Bluepoint Wind last month. Mubadala is the latest in a string of GCC sovereign wealth funds <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/337a4857-a797-4d82-bf9f-15bcc2271e27\">buying up stakes<\/a> in US and EU based renewable energy companies.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>EGYPT TO LAUNCH CARBON MARKET IN MID-2023-<\/strong><\/p>\n<p><strong>Egypt plans to launch Africa\u2019s first <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/10\/egx-announces-africa-carbon-market-86775\/\">voluntary carbon market<\/a><\/strong><strong> in mid-2023<\/strong>, Egyptian Exchange (EGX) chairman Ramy El Dokany said during a press conference last week. The bourse is close to finalizing contracts with a Canadian fintech to supply the technology for the carbon credit platform, El Dokany said. \u201cWe want to build an African OPEC for carbon that can regulate and standardize prices,\u201d he added.<\/p>\n<p><strong>Don\u2019t expect traction for a couple years:<\/strong> Auditing and verification alone takes at least 18 months to complete, El Dokany said, adding that the sector-agnostic platform\u2019s target will be to issue some 7 mn tons of local credits in Egypt within the first three to four years. The process will need some form of \u201cdisruption\u201d \u2014 whether through tech or by setting up local verifiers \u2014 to be able to scale, he explained.<\/p>\n<p><strong>Egypt also got a EGP 1 bn carbon credit fund<\/strong><strong>: <\/strong>Egypt\u2019s Planning Minister Hala El Said launched a fund \u2014 EgyCOP \u2014 that will invest up to EGP 1 bn in low-carbon projects that issue carbon credits, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02xQffGf4jgmY3ihjDSWDPQvwpTZ64H6oNmjk9PPyLQhswvNqCo5hGc8pLUCvQFzvQl\">a statement<\/a> on Thursday. The statement does not specify what industries it will be focusing its investments on \u2014 but El Said name-checked sectors like transport, energy, waste, and biodiversity. The companies will have their credits verified by Gold Standard.<\/p>\n<p><strong>And there are still a lot of details to iron out: <\/strong>The regulatory framework for the market is still pending the cabinet\u2019s review, El Dokany said. <strong><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/20\/africas-first-voluntary-carbon-market-will-launch-in-mid-2023-88131\/\">Enterprise AM<\/a><\/strong><strong> has more on the story.<\/strong><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/capital-markets\/\">CAPITAL MARKETS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/carbon-markets\/\">carbon markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/carbon-offsetting\/\">carbon offsetting<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"74887\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/21\/74887\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-74887\" class=\"content-area-description single-story post-74887 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>NOVEMBER<\/strong><\/p>\n<p>21-23 November (Monday-Wednesday):<a href=\"https:\/\/registration.gesevent.com\/survey\/09q35o32mv53s?actioncode=PPC15&utm_source=AdWords&utm_medium=Paid%20Search&utm_campaign=AEC22DCS-MA-Cityscape_Dubai_2022_Search_Visprom_Brand_Phrase_UAE_PPC15&gclid=Cj0KCQiA1NebBhDDARIsAANiDD3nF8IY5zWBbOkaQN8CNk-44w5trb4iU1oSAKofLl2qNcLY1SNeYaAaAvOCEALw_wcB\">Cityscape Intelligence Talks<\/a>, Dubai World Trade Center, UAE.<\/p>\n<p>23-24 November (Wednesday-Thursday): <a href=\"https:\/\/www.facebook.com\/moegov.sa\/posts\/pfbid0HSxtqnTELrfrK4xaL84pnTsP9w4mjPCiPdAH2LA81efe7UXPbvjX64zynsc4zBnUl\">Global Conference on Sustainable Partnerships<\/a>, The Ritz-Carlton, Riyadh, Saudi Arabia.<\/p>\n<p>Deadline of bid submissions for the Ras Mohaisen \u2013 Baha \u2013 Makkah Independent Water Transmission Pipeline in Saudi Arabia.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>6 December (Tuesday): <a href=\"https:\/\/climatexforum.enterprise.press\/index.html\">Enterprise Climate X Forum<\/a>, Cairo, Egypt.<\/p>\n<p>7 December (Wednesday): <a href=\"https:\/\/www.thebig5.ae\/global-construction-impact-summit\/\">The Big 5 Global Construction Impact Summit<\/a>, Dubai World Trade Center, Dubai, UAE.<\/p>\n<p>13-14 December (Tuesday-Wednesday): <a href=\"https:\/\/eu.eventscloud.com\/ereg\/newreg.php?eventid=200250856&&_hsenc=p2ANqtz-9c1yZ0YX1kRz0YQou4--8cKBZQGMolUkO1jP7yQl8gwbwZtt8idQVk4Nh_4cgjoS-liOXgE398SLuxMQt0H0v6QMS33Q\">Seminar on EU standards for agri-food products<\/a> for the Gulf Cooperation Council countries, Grand Millennium Business Bay Hotel, Dubai, UAE.<\/p>\n<p>13-15 December (Tuesday-Thursday): <a href=\"https:\/\/irec-conference.com\/\">International Renewable Energy Congress<\/a>, Hammamet, Tunisia.<\/p>\n<p>15 December (Thursday): The<a href=\"https:\/\/www.un.org\/en\/climatechange\/events\">UN\u2019s 15th meeting of the Conference of the Parties to the Convention on Biological Diversity<\/a> (COP15), Montreal, Canada.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>10-12 January (Tuesday-Thursday): <a href=\"https:\/\/www.futuremineralssummit.com\/\">The Future Minerals Forum<\/a>, Riyadh, Saudi Arabia.<\/p>\n<p>13 January (Friday): <a href=\"https:\/\/www.irena.org\/events\/2023\/Jan\/The-New-Generation-of-Decision-Makers-IRENA-Youth-Forum\">The International Renewable Energy Agency\u2019s Youth Forum<\/a>, Abu Dhabi, UAE.<\/p>\n<p>14-21 January (Saturday-Saturday): <a href=\"https:\/\/abudhabisustainabilityweek.com\/\">Abu Dhabi Sustainability Week<\/a>, Abu Dhabi, UAE.<\/p>\n<p>16-18 January (Monday-Wednesday): <a href=\"https:\/\/www.neventum.com\/tradeshows\/ecowaste\">EcoWASTE<\/a>, Abu Dhabi National Exhibition Center (ADNEC), UAE.<\/p>\n<p>16-18 January (Monday-Wednesday): <a href=\"https:\/\/www.worldfutureenergysummit.com\/\">World Future Energy Summit<\/a>, Abu Dhabi National Exhibition Center (ADNEC), UAE.<\/p>\n<p>January 2023: Bid submission deadline for green hydrogen projects to <a href=\"https:\/\/hydrom.om\/tender.html\">Hydrogen Oman (Hydrom)<\/a>.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>6-8 February (Monday-Wednesday): <a href=\"https:\/\/www.simec-expo.com\/\">Saudi International Marine Exhibition and Conference<\/a>, Hilton Riyadh, Saudi Arabia.<\/p>\n<p>21-22 February (Tuesday-Wednesday): <a href=\"https:\/\/thearabgreensummit.com\/\">The Arab Green Summit<\/a>, Dubai, UAE.<\/p>\n<p>21-23 February (Tuesday-Thursday): <a href=\"https:\/\/worldesgsummit.com\/\">World Environment, Social and Governance (ESG) Summit<\/a>, Dubai, UAE.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>15-19 March (Wednesday-Sunday): <a href=\"https:\/\/agriteq.com\/en\/the-conference\/\">Qatar International Agricultural and Environmental Exhibition<\/a>, Doha, Qatar.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p><a href=\"https:\/\/www.bloombergneweconomy.com\/news\/bloomberg-announces-inaugural-new-economy-gateway-africa-in-morocco\/\">Bloomberg New Economy Gateway Africa Conferen<\/a><a href=\"https:\/\/www.bloombergneweconomy.com\/news\/bloomberg-announces-inaugural-new-economy-gateway-africa-in-morocco\/\">ce<\/a>, Marrakesh, Morocco.<\/p>\n<p>1-3 June (Thursday-Saturday): <a href=\"http:\/\/www.envirotecener-expo.com\/\">Envirotec and Energie Expo<\/a>, UTICA, Tunis, Tunisia.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p><a href=\"https:\/\/www.chariotenergygroup.com\/\">Chariot Limited<\/a> and <a href=\"https:\/\/www.total-eren.com\/\">Total Eren<\/a>\u2019s feasibility study on a 10 GW green hydrogen plant in Mauritania to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f1323428-033c-4ff9-a0b6-716f87613360\">be completed<\/a>.<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>2-4 October (Monday-Wednesday): <a href=\"https:\/\/www.showsbee.com\/fairs\/84868-WETEX-2023.html\">WETEX and Dubai Solar Show<\/a>, Dubai World Trade Centre, Dubai, United Arab Emirates.<\/p>\n<p><strong>NOVEMBER 2023<\/strong><\/p>\n<p>6-17 November (Monday-Friday): The UAE will host <a href=\"https:\/\/sdg.iisd.org\/events\/2022-un-climate-change-conference-unfccc-cop-28\/#:~:text=The%2028th%20session%20of%20the,in%20the%20United%20Arab%20Emirates.\">COP28<\/a>.<\/p>\n<p><strong>EVENTS WITH NO SET DATE<\/strong><\/p>\n<p><strong>End-2022 <\/strong><\/p>\n<p>KSA\u2019s Neom wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/41c4acda-ffa5-4e25-ae17-48b53fc7df69\">tender three concrete water reservoir<\/a> projects to up its water storage capacity by 6 mn liters.<\/p>\n<p><strong>2023 <\/strong><\/p>\n<p>Early 2023: Egypt\u2019s <a href=\"https:\/\/www.karmsolar.com\/\">KarmSolar<\/a> to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/afa55bc3-dec6-4f46-b806-25518b05cda1\">launch KarmCharge<\/a>, the company\u2019s EV charging venture.<\/p>\n<p>1Q2023: Oman will award two blocks of land for green hydrogen projects in Duqm, Oman.<\/p>\n<p>Mid-2023: Sale of Sembcorp Energy India Limited to consortium of Omani investors <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/dbe558b6-6166-404f-8aa3-2bd7b56647dd\">to close<\/a>.<\/p>\n<p>Phase C of the 900-MW of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f2f525f9-dc10-477e-a2d5-67e7d6d790c2\">be completed<\/a>.<\/p>\n<p>Saudi Basic Industries Corporation (<a href=\"https:\/\/www.sabic.com\/en\">Sabic<\/a>) steam cracker furnace powered by renewable energy to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c6bbb030-2107-4aec-bc3c-9dfbe4d55975\">come online<\/a>.<\/p>\n<p>4Q2023: Oman to award four blocks of land for green hydrogen projects in Thumrait, Oman.<\/p>\n<p><strong>2024 <\/strong><\/p>\n<p>End-2024: Emirati <a href=\"http:\/\/ar.ae\">Masdar<\/a>\u2019s 500 MW wind farm in Uzbekistan to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/13a804af-a659-4152-82b2-a3c920862f2b\">begin commercial operations<\/a>.<\/p>\n<p><a href=\"https:\/\/www.qatarenergy.qa\/en\/Pages\/Home.aspx\">QatarEnergy<\/a>\u2019s industrial cities solar power project <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/afa55bc3-dec6-4f46-b806-25518b05cda1\">will start electricity<\/a> production.<\/p>\n<p>First 1.5 GW phase of Morocco\u2019s <a href=\"https:\/\/xlinks.co\/morocco-uk-power-project\/\">Xlinks<\/a> solar and wind energy project to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">be operational<\/a>.<\/p>\n<p><strong>2025 <\/strong><\/p>\n<p>Second 1.5 GW phase of Morocco\u2019s <a href=\"https:\/\/xlinks.co\/morocco-uk-power-project\/\">Xlinks<\/a> solar and wind energy project to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">be operational<\/a>.<\/p>\n<p>UAE to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/9ec60000-0539-4d85-baf5-5beaf020a34f\">have over 1k<\/a> EV charging stations installed.<\/p>\n<p><strong>2026 <\/strong><\/p>\n<p>1Q 2026: <a href=\"https:\/\/www.qatarenergy.qa\/en\/Pages\/Home.aspx\">QatarEnergy<\/a>\u2019s USD 1 bn blue ammonia plant <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/77469f6c-f938-4a97-8cac-3146b39b6cbe\">to be completed<\/a>.<\/p>\n<p>End-2026: HSBC Bahrain to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a2ead528-71fb-423b-a6f8-e18b2c9897d8\">eliminate single-use<\/a> PVC plastic cards.<\/p>\n<p>Iraq\u2019s <a href=\"http:\/\/www.massgroupholding.com\/English\/default.aspx\">Mass Group Holding<\/a> wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/0239be52-0fa8-43fd-8db9-68f967fb1529\">invest EUR 1 bn<\/a> on its thermal plant Mintia in Romania to have 62% of run on renewable energy, while expanding its energy capacity to at least 1.29k MWh.<\/p>\n<p><strong>2027<\/strong><\/p>\n<p>MENA\u2019s district cooling market is <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/59376411-8296-47dc-87cc-43ddc792bba4\">expected to reach<\/a> USD 15 bn.<\/p>\n<p><strong>2030 <\/strong><\/p>\n<p>UAE\u2019s Abu Dhabi Commercial Bank (ADCB) wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ea65a4f2-e77c-426b-8ad0-9120704954f6\">provide AED 35 bn<\/a> in green financing.<\/p>\n<p>UAE <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a9c832ed-f423-479e-884d-90cabefe3a0b\">targets 14 GW<\/a> in clean energy capacity.<\/p>\n<p>Tunisia <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/7c5659c7-cf17-4cd6-9d18-c8afb5c643fb\">targets 30%<\/a> of renewables in its energy mix.<\/p>\n<p>Qatar wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/7881b1d2-724a-4914-ba85-0545e72901c9\">generate USD 17 bn<\/a> from its circular economy, creating 9k-19k jobs.<\/p>\n<p>Morocco\u2019s <a href=\"https:\/\/xlinks.co\/morocco-uk-power-project\/\">Xlinks<\/a> solar and wind energy project to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">generate 10.5 GW<\/a> of energy.<\/p>\n<p><strong>2035 <\/strong><\/p>\n<p>Qatar to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/77469f6c-f938-4a97-8cac-3146b39b6cbe\">capture up to 11 mn tons<\/a> of CO2 annually.<\/p>\n<p><strong>2045 <\/strong><\/p>\n<p>Qatar\u2019s Public Works Authority\u2019s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm\/d capacity.<\/p>\n<p><strong>2060 <\/strong><\/p>\n<p>Nigeria aims to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ea65a4f2-e77c-426b-8ad0-9120704954f6\">achieve its net-zero<\/a> emissions target.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":74875,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-74874","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"50051132-7746-4dc8-a01a-19fe3a136417","teaser":"","photo_url":"https:\/\/ent.news\/2022\/11\/5258.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>COP27 lands a landmark USD 100 bn loss and damage fund - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/issues\/cop27-lands-a-landmark-usd-100-bn-loss-and-damage-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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