{"id":74715,"date":"2022-11-09T02:12:23","date_gmt":"2022-11-09T02:12:23","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/09\/today-cop27-presidency-launches-adaption-agenda-five-countries-commit-to-loss-and-damage-financing-green-hydrogen-steals-the-spotlight\/"},"modified":"2022-11-09T02:12:23","modified_gmt":"2022-11-09T02:12:23","slug":"today-cop27-presidency-launches-adaption-agenda-five-countries-commit-to-loss-and-damage-financing-green-hydrogen-steals-the-spotlight","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/09\/today-cop27-presidency-launches-adaption-agenda-five-countries-commit-to-loss-and-damage-financing-green-hydrogen-steals-the-spotlight\/","title":{"rendered":"TODAY: COP27 Presidency launches Adaption Agenda + Five countries commit to loss and damage financing + Green hydrogen steals the spotlight"},"content":{"rendered":"

Good morning, friends \u2014 it\u2019s day four of COP27 <\/strong>and we have a torrent of news for you.<\/p>\n

As it has been since the start of the week, the summit is the BIG CLIMATE STORY <\/strong>EVERYWHERE: <\/strong>The COP27 Presidency launched the Sharm El Sheikh Adaptation Agenda yesterday with key targets for collective adaptation action, in partnership with the UN climate change high-level champions. The ultimate goal? Safeguarding \u201cclimate vulnerable\u201d communities from \u201crising climate hazards, such as extreme heat, drought, flooding, or extreme weather.\u201d<\/p>\n

<\/a> AND- The IFC is launching a <\/strong>USD 6 bn global food security platform<\/a><\/strong>, singling out Arab countries including Yemen, Iraq, Lebanon, Libya and Tunisia as being particularly at risk. The USD 6 bn financing facility aims to \u201csupport vulnerable communities, boost the flow of vital commodities to emerging markets, and help reduce food insecurity.\u201d<\/p>\n

The private sector has committed about a third of the capital to the fund<\/strong>, with USD 2 bn coming in from private investors, USD 3 bn from the IFC and another USD 1 bn being blended finance.<\/p>\n

The IFC will invest in private-sector companies that help shore-up food security, <\/strong>including in agribusiness<\/strong>, infrastructure, manufacturing, and disruptive technology.<\/p>\n

Want to go deeper?<\/strong> Check out the rundown here<\/a> or the announcement here<\/a>.<\/p>\n

ALSO- Austria just became the fifth rich country to make a pledge of loss-and-damage <\/strong>finance for emerging markets \u2014 with the whopping pledge of EUR 50 mn over four years. <\/strong>Yes, folks, mn (not bn), that\u2019s not a typo. Sure, it\u2019s more than the EUR 2.5 mn that Belgium promised Mozambique earlier this week. But these sums are so small as to be insulting \u2014 they\u2019re rounding errors compared to the needs in frontier and emerging markets.<\/p>\n

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

IT\u2019S A HUGE DAY FOR all of our besties in banking and finance as Egypt\u2019s Finance <\/strong>Ministry hosts <\/strong>Finance Day<\/a><\/strong>.<\/strong><\/p>\n

What\u2019s the big deal? <\/strong>Finance ministers, bankers, investors, multilaterals, development finance institutions, and anybody else with an interest in how governments and businesses alike access finance for climate will in meetings and rountables \u2014 or chatting on the sidelines. In addition to pushing lenders and investors to step up to the plate, state officials are looking at a series of facilitated and sustainable climate finance agreements for developing and African countries.<\/p>\n

Prime Minister Moustafa Madbouly will kick off the day\u2019s proce<\/strong>edings<\/strong>, setting the stage on main challenges and avenues for climate finance. Sessions throughout the day will discuss the role of policy in climate investment, reducing the cost of green borrowing, financing a just transition in Africa, the role of MDBs in unlocking climate finance, and financing loss and damage.<\/p>\n

ALSO The COP27 Presidency <\/strong>will launch the Sharm El-Sheikh Guidebook for Just <\/strong>Financing<\/strong>.<\/p>\n

AND-<\/strong> Expect plenty of announcements<\/strong> from banks, investors, DFIs and others today.<\/p>\n

MEANWHILE- Speeches by world leaders wrapped up yesterday \u2014 now the real <\/strong>arm-twisting has begun behind the scenes. <\/strong>The key issues at play (loss and damage, emission reduction targets etc.) are being negotiated by government delegations over the next 10 days so we\u2019ll likely have to wait until 18 November for a final agreement to come out of COP27.<\/strong><\/p>\n

^^ We have the full rundown<\/strong> of what went down on Day 2 \u2014 and what to look out for over the next few days \u2014 in the news well, below.<\/p>\n

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

Among the days and themes that we think are most relevant to MENA business leaders:<\/p>\n