{"id":73860,"date":"2022-09-08T02:06:13","date_gmt":"2022-09-08T02:06:13","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/09\/08\/today-egypt-icf-kicks-off-world-bank-exceeds-climate-funding-target\/"},"modified":"2022-09-08T02:06:13","modified_gmt":"2022-09-08T02:06:13","slug":"today-egypt-icf-kicks-off-world-bank-exceeds-climate-funding-target","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/09\/08\/today-egypt-icf-kicks-off-world-bank-exceeds-climate-funding-target\/","title":{"rendered":"TODAY: Egypt-ICF kicks off + World Bank exceeds climate funding target"},"content":{"rendered":"

Good morning from Egypt<\/strong>, where some of the heavy hitters in global finance and climate policy are attending in one of the first major international gatherings in the lead up to COP27.<\/p>\n

THE BIG CLIMATE STORY- The <\/strong>Egypt-International Cooperation Forum<\/strong> (<\/strong>Egypt-ICF<\/a><\/strong>) <\/strong>kicked off with a bang yesterday<\/strong>, with the star of the show being the Egyptian government\u2019s Nexus on Water, Food and Energy (NWFE) program, which landed commitments of over USD 1 bn from the EBRD \u2014 and which earned praise from US climate envoy John Kerry, who was in town for the sit-down. We break down yesterday\u2019s events and all of the announcements that came out of it in the news well, below.<\/p>\n

We\u2019re kind of excited about day two: <\/strong>The Egypt-ICT continues today and tomorrow with a \u201crich\u201d lineup of panels and workshops that focus on green and climate financing.<\/p>\n

On the agenda:<\/strong> Discussions will include panels on reducing the cost of green borrowing, debt for sustainable investment, a guidebook for just financing, and sustainable budgeting, among others. You can check the full agenda here (pdf)<\/a>.<\/p>\n

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THE BIG CLIMATE STORY OUTSIDE THE REGION- The global climate press is still fixed <\/strong>on Pakistan\u2019s floods<\/strong>, with a focus on rescue efforts and human interest stories. (Bloomberg<\/a> | CNN<\/a> | FT<\/a> | Reuters<\/a> | The Guardian<\/a>)<\/p>\n

<\/a> ELSEWHERE- The WB beat its climate investment target: <\/strong>The World Bank\u2019s climate-related investments totaled USD 31.7 bn in fiscal year 2022, exceeding its climate a<\/a>ction plan<\/a> finance targets for 2021-2025, the bank said in a statement<\/a>. That\u2019s 1% more than the World Bank\u2019s initial target of having 35% of its lending activities be climate-focused. The institution allocated 19% more to climate finance for FY 2022 than it did the previous year, when it invested USD 26.6 bn.<\/p>\n

Morocco gets a nice mention in the statement: <\/strong>The bank allocated a chunk of funding to MENA countries including Morocco, where it deployed USD 185 mn to climate-related funding in climate management and resilience initiatives.<\/p>\n

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*** YOU\u2019RE READING ENTERPRISE CLIMATE, the essential regional publication for senior execs who care about the world\u2019s most important industry. <\/strong>Enterprise Climate covers everything from finance and tech to regulation, products and policy across the Middle East and North Africa. In a nod to the growing geographical ambitions of companies in our corner of the world, we also include an overview of the big trends and data points in nearby countries, including Africa and southern Europe.<\/p>\n

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COUNTDOWN TO COP- Gabon testing its carbon credits at COP27: <\/strong>Gabon\u2019s first USD 90 mn carbon credits program, which will be launched at COP27, will be the litmus test on whether developed economies are willing to curb deforestation, Gabon\u2019s Environment Minister Lee White told Bloomberg<\/a>. Gabon is collaborating with the UNFCCC REDD+<\/a> to create the credits and hopes to use them in innovative ways like \u201cexchanging carbon against debt, creating carbon-backed bonds\u201d but also to fund sustainable forestry, White said. Some 25% of revenues from credits will be divided between various sustainable development goals, while the rest will go towards curbing deforestation, as well as supporting rural communities.<\/p>\n

CLIMATE DIPLOMACY- Israel wants to step up work with the UAE on the <\/strong>climate tech front<\/strong>, Israel\u2019s ambassador to the UAE, Amir Hayek, told WAM<\/a>. Hayek told the newswire that stepping up cooperation in food-tech, agritech and renewable energy \u201ccan make the world better.\u201d This comes as the two countries are celebrating the second anniversary of the Abraham Accords signed in September 2020, which saw the two formally establish diplomatic ties.<\/p>\n

CIRCLE YOUR CALENDAR- <\/strong><\/p>\n

The UN Economic and Social Commission for Western Asia<\/strong> is hosting its Towards COP27:<\/a><\/strong>Arab regional forum on climate finance<\/a><\/strong> on 15 September<\/strong> in Beirut<\/strong>. The forum will explore the climate finance needs of Arab countries to ensure water, energy and food security, while showcasing projects that can accelerate climate action<\/p>\n

The Wetex and Dubai solar show<\/a><\/strong> will run 27-29 September<\/strong> at the Dubai World Trade <\/strong>Center<\/strong>.<\/p>\n

Dubai will host <\/strong>World Green Economy Summit<\/a><\/strong> on 28-29 September.<\/strong> The summit wants to provide a platform to build consensus around the potential of technologies, policies and youth that could drive the green economy transformation.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning from Egypt, where some of the heavy hitters in global finance and climate policy are attending in one of the first major international gatherings in the lead up to COP27. THE BIG CLIMATE STORY- The Egypt-International Cooperation Forum (Egypt-ICF) kicked off with a bang yesterday, with the star of the show being the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[57,11,164,516,45,88,43,161],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-73860","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-climate-change","tag-enterpriseclimate","tag-green-finance","tag-investment","tag-morocco","tag-renewables","tag-what-were-tracking-today","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"83d8bb01-61ff-4cc3-adb5-3b477f8b98c7","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[73858],"teaser":"","voice_url":""},"yoast_head":"\nTODAY: Egypt-ICF kicks off + World Bank exceeds climate funding target - 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\/2022\/09\/08\/today-egypt-icf-kicks-off-world-bank-exceeds-climate-funding-target\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: Egypt-ICF kicks off + World Bank exceeds climate funding target\" \/>\n<meta property=\"og:description\" content=\"Good morning from Egypt, where some of the heavy hitters in global finance and climate policy are attending in one of the first major international gatherings in the lead up to COP27. 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