{"id":74009,"date":"2022-09-20T01:59:36","date_gmt":"2022-09-20T01:59:36","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/09\/20\/today-could-richer-countries-be-getting-a-climate-tax-at-the-un-general-assembly\/"},"modified":"2022-09-20T01:59:36","modified_gmt":"2022-09-20T01:59:36","slug":"today-could-richer-countries-be-getting-a-climate-tax-at-the-un-general-assembly","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/09\/20\/today-could-richer-countries-be-getting-a-climate-tax-at-the-un-general-assembly\/","title":{"rendered":"TODAY: Could \u201cricher\u201d countries be getting a climate tax at the UN General Assembly?"},"content":{"rendered":"

Good morning, MENA, <\/strong>and what a busy day it has been for climate news as we hit UAE hump day. From climate diplomacy to major green desalination initiatives, we break it all down below. But first\u2026<\/p>\n

OUR BIG STORY this fine morning- Where does the private sector\u2019s role end (and that <\/strong>of government start) when it comes to climate change?<\/strong> Our friend Mahmoud Mohieldin, Egypt\u2019s UN Climate Champion, has an answer in the second part of our two-part interview.<\/p>\n

And if you\u2019re planning to attend COP27<\/strong>, don\u2019t miss his essential guide to what you can expect. The story appears in this morning\u2019s Newsmakers section, below.<\/p>\n

ALSO- The EU\u2019s full court press to lock in MENA energy supplies continues this week <\/strong>and next<\/strong>, as Germany\u2019s Chancellor Olaf Scholz is in our neck of the woods. And while LNG exports is number one on his shopping list, he\u2019s also looking to pick up some of our green hydrogen.<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION is coming out of New York<\/strong>, where diplomats are gathering for the UN General Assembly.<\/p>\n

<\/a> SMART POLICY- Developing countries to push for global climate tax on wealth nations <\/strong>at the UN General Assembly:<\/strong> Some of the countries most vulnerable to climate change want to ask for a \u201cclimate-related and justice-based\u201d global tax to fund payments for loss and damages, The Guardian<\/a> wrote yesterday, citing leaked documents. This could consist of a global carbon tax, a tax on airline travel, a levy on carbon-intensive bunker fuels used by ships, adding taxes to fossil fuel extraction, or a tax on financial transactions, the paper notes. The countries have reportedly prepared a paper for discussion at this week\u2019s UN General Assembly.<\/p>\n

UN sec-gen calls for action to help developing countries:<\/strong> UN Secretary-General Antonio Guterres called for debt relief measures and increased climate financing and investment from public and private sectors at an event at the General Assembly yesterday. \u201cWe need a reformed financial architecture that benefits developing countries, providing critical financing and debt relief,\u201d he said<\/a> at the SDG Moment<\/a>. \u201cThis is the only sustainable pathway to address the obscene inequalities that exist in every country, while ensuring that the world doesn\u2019t slide into a recession.\u201d<\/p>\n

US Climate Envoy John Kerry warned against long-term investments in <\/strong>gas <\/strong>projects in Africa<\/strong>, telling Reuters<\/a> that long-term projects may not be viable post-2030 when many developed countries should have transitioned to mostly renewable energy sources. \u201cWe are not saying no gas,\u201d Kerry said on the sidelines of an African environment ministers' conference in Senegal\u2019s Dakar. \u201cWhat we are saying is, over the next few years, gas replaces coal or replaces oil,\u201d he said.<\/p>\n

This could set up a clash with African nations at COP27.<\/strong> Many players on the continent are asserting their right to continue investing in oil and gas, arguing that the move is key to their development even as some wealthier nations step up calls to phase out fossil fuels.<\/p>\n

Also at the UN: A \u201cfirst of its kind\u201d database tracking fossil fuel production, <\/strong>reserves and emissions \u2014 which <\/strong>launched<\/a><\/strong> yesterday ahead of the talks, PBS reported<\/a>. The Global Registry of Fossil Fuels features data from over 50k oil, gas and coal fields in 89 countries \u2014 covering some 75% of global reserves, production and emissions \u2014 and can be used by the public. It\u2019s the first global inventory of countries' remaining reserves.<\/p>\n

So, what happens if we combust all the things? <\/strong>The database shows that burning these reserves would unleash some 3.5 tn tonnes of greenhouse gas emissions, or \u201c7x the remaining carbon budget to cap global heating at 1.5\u00b0<\/strong>C,\u201d AFP noted yesterday<\/a>.<\/p>\n

The biggest potential source of emissions is right here in our neighborhood:<\/strong> Of the 50k individual fields monitored, the most potent source of emissions is the Ghawar oil field in Saudi Arabia, which churns out some 525 mn tonnes of CO2 each year.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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\n 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

Enterprise Climate is published at 4am CLT \/ 5am Riyadh \/ 6am UAE Monday through Thursday by Enterprise<\/strong>, the folks who bring you Enterprise Egypt, your essential 6am and 3pm read on business, finance, policy and economy in Egypt and emerging markets.<\/p>\n

Subscribe to Enterprise Climate here<\/a><\/strong> or reach out to us on climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<\/p>\n

***<\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

The Egyptian Center for Economic Studies is hosting a webinar on adaptation <\/strong>readiness tomorrow <\/strong>in partnership with Egyptian private-sector bank CIB. The webinar will discuss adaptation readiness plans and the challenges that Africa faces on its road to climate change adaptation. You can register for the webinar here<\/a>.<\/p>\n

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

A Spanish business delegation will be in Cairo on 27-28 September for the Egypt-Spain <\/strong>Multilateral Partnership Forum. <\/strong>The two-day event, which will take place at the Sofitel Gezirah Hotel, will bring together Spanish and Egyptian business execs in electricity, renewable energy and water treatment.<\/p>\n

Our friends at HSBC are hosting an energy transition webinar series next <\/strong>Tuesday-Thursday<\/strong> (27-29 September). The series will look at the \u201clatest climate analysis in relation to the global energy market and transition to net zero\u201d in six different sessions covering energy security, what is required to ensure the success of COP27, financing and investment needs for the energy transition, and the scaling up of renewables in the region, among other topics. You can register for the series here<\/a>.<\/p>\n

WANT MORE on the region\u2019s energy transition? <\/strong>Catch this op-ed in EnterpriseAM<\/a><\/strong> by HSBC\u2019s Group Head, Center of Sustainable Finance and Head of Climate Change Middle East, North Africa and Turkey, Zoe Knight on to the capital that\u2019s needed to help drive that shift.<\/p>\n

The World Cement Association\u2019s (WCA)\u2019s <\/strong>global conference<\/a><\/strong> will take place from 25-28 <\/strong>September at Emirates Towers<\/strong> in Dubai, UAE. The event will be attended by COP26 UN Climate Champion Nigel Topping, among other attendees, panelists,and keynote speakers<\/a>. You can register for the event here<\/a>.<\/strong><\/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 the World<\/strong>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

Fitch Solutions <\/strong>hosting a webinar on Saudi Arabia\u2019s energy transformation<\/a><\/strong> next <\/strong>Thursday<\/strong>, 29 September at 12:00pm KSA. You can register here<\/a>.<\/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, MENA, and what a busy day it has been for climate news as we hit UAE hump day. From climate diplomacy to major green desalination initiatives, we break it all down below. But first\u2026 OUR BIG STORY this fine morning- Where does the private sector\u2019s role end (and that of government start) when […]<\/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":[40,11,767,878,314,39,260,473,458,163,159,94,52,877,876,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74009","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-egypt","tag-enterpriseclimate","tag-ev","tag-future-hospitality-summit","tag-greece","tag-green-hydrogen","tag-india","tag-lebanon","tag-maersk","tag-qatar","tag-saudi-arabia","tag-solar","tag-uae","tag-un-general-assembly","tag-united-arab-emirates","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"283b9224-19bf-4ffc-bcda-852dafa44da5","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[74007],"teaser":"","voice_url":""},"yoast_head":"\nTODAY: Could \u201cricher\u201d countries be getting a climate tax at the UN General Assembly? - 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\/20\/today-could-richer-countries-be-getting-a-climate-tax-at-the-un-general-assembly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: Could \u201cricher\u201d countries be getting a climate tax at the UN General Assembly?\" \/>\n<meta property=\"og:description\" content=\"Good morning, MENA, and what a busy day it has been for climate news as we hit UAE hump day. 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