{"id":74604,"date":"2022-11-02T01:54:46","date_gmt":"2022-11-02T01:54:46","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/02\/today-uae-signs-usd-100-bn-green-financing-agreement-with-us-climate-finance-will-be-the-star-of-the-cop27-show\/"},"modified":"2022-11-02T01:54:46","modified_gmt":"2022-11-02T01:54:46","slug":"today-uae-signs-usd-100-bn-green-financing-agreement-with-us-climate-finance-will-be-the-star-of-the-cop27-show","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/02\/today-uae-signs-usd-100-bn-green-financing-agreement-with-us-climate-finance-will-be-the-star-of-the-cop27-show\/","title":{"rendered":"TODAY: UAE signs USD 100 bn green financing agreement with US + Climate finance will be the star of the COP27 show"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It\u2019s another relatively busy day for our neck of the woods as COP27 grows inexorably nearer.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>The UAE is already gearing up for COP28 \u2014 which it is set to host next year \u2014 with the signing of a USD 100 bn partnership agreement with the US to ramp up green financing in the two countries and roll out clean energy projects in underfunded emerging economies.<\/p>\n

It\u2019s also a big news day for Egypt<\/strong>, with news on what could be come among the world\u2019s largest wind farms, fresh investment in green ammonia, and the latest in the country\u2019s<\/p>\n

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THE COUNTDOWN TO COP (4 days to go)- <\/strong><\/p>\n

<\/a> Egypt is championing climate financing for Africa and emerging economies <\/strong>at<\/strong> COP27 \u2014 with an emphasis on loss and damage<\/strong>, Egypt\u2019s COP27 lead negotiator Mohamed Nasr said during a webinar organized by Al Ahram<\/a>. The continent is particularly vulnerable to climate change, but has been passed over by climate investment over the past decade, attracting only 2% of global investment in renewable energy despite its massive solar potential, Nasr said. African governments are spending up to 5% of their GDPs on adaptation, Nasr said, citing data from the Economic Commission for Africa<\/a> and the African Union<\/a>. The remedy? Egypt is spearhead talks about loss and damage and what, exactly, constitutes adequate climate financing for African nations.<\/p>\n

Climate financing has emerged as one of the key issues of COP27: <\/strong>The developing world\u2019s frustration with rich-country climate policies that have so far failed to provide financial compensation for climate-change-driven loss and damage is expected<\/a> to prompt a showdown over climate finance, with the issue of economic compensation having gained fresh urgency<\/a> after this year\u2019s catastrophic floods in Pakistan (which displaced >30 mn people).<\/p>\n

Who\u2019s talking about it? <\/strong>A chorus of prominent voices, including UN Climate Champion Mahmoud Mohieldin<\/a> and the IFC\u2019s VP of cross-cutting solutions Emmanuel Nyirinkindi<\/a>, both of whom spoke with us at length about the issue. They\u2019re determined to keep the conference focused on securing sustainable<\/a>, long-term financing for emerging economies struggling with the effects of climate change.<\/p>\n

GO DEEPER- <\/strong>Chatham House<\/a> and the London School of Economics<\/a> have good primer on climate loss and damage<\/p>\n

Our friends at the UAE\u2019s <\/strong>Mashreq Bank<\/a><\/strong> is now a sponsor of COP27<\/strong>, after the bank signed an MoU with Egypt\u2019s COP Presidency, according to a statement (pdf)<\/a>. Mashreq will take part in panel discussions on Finance Day<\/strong> (9 November) and Energy Day<\/strong> (15 November). It will also hold separate discussions with customers and partners on the ground to provide guidance and advice for those exploring sustainable financing, the statement adds. The bank has facilitated the provision of some USD 11.7 bn in sustainable finance across the GCC, Africa, Turkey and India in the past two years, according to the statement.<\/p>\n

What they said: <\/strong>Group CEO Ahmed Abdelaal noted that beyond the clear need to \u201cprotect people and planet,\u201d Mashreq sees \u201cthe transition to a low carbon and resilient economy as a real opportunity to double our commitment to sustainable finance and invest in sectors that will drive economic growth and create the jobs of tomorrow.\u201d<\/p>\n

We couldn\u2019t agree more: <\/strong>Whether we\u2019re Gen Z, Millennials or Gen X, climate has emerged as the largest and most important industries of our generations.<\/p>\n

KEY COP DATES-<\/strong><\/p>\n