{"id":74849,"date":"2022-11-17T02:12:15","date_gmt":"2022-11-17T02:12:15","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/today-g20-commit-to-1-5c-pledge-ebrd-increases-stake-in-egypts-infinity-eu-and-egypt-strike-partnership-on-green-hydrogen\/"},"modified":"2022-11-17T02:12:15","modified_gmt":"2022-11-17T02:12:15","slug":"today-g20-commit-to-1-5c-pledge-ebrd-increases-stake-in-egypts-infinity-eu-and-egypt-strike-partnership-on-green-hydrogen","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/today-g20-commit-to-1-5c-pledge-ebrd-increases-stake-in-egypts-infinity-eu-and-egypt-strike-partnership-on-green-hydrogen\/","title":{"rendered":"TODAY: G20 commit to 1.5\u00b0C pledge + EBRD increases stake in Egypt\u2019s Infinity + EU and Egypt strike partnership on green hydrogen"},"content":{"rendered":"

Good morning, nice people. <\/strong>It\u2019s day 11 of the summit and as the clock ticks down, there\u2019s no clear agreement on a cover decision in sight.<\/p>\n

\u201cI think we have a larger than normal number of lingering issues,\u201d<\/strong> COP27 presidency special representative Wael Aboulmagd was reported by Reuters<\/a> as saying yesterday. \u201cWe would have hoped under the current circumstances to see more willingness to cooperate and accommodate than we are seeing.\u201d<\/p>\n

There are at least three stumbling blocks: Loss and damage, fossil fuel usage, and the <\/strong>1.5\u00b0C warming target. <\/strong>There are \u201cdeep divisions\u201d among countries on whether wealthy countries should commit to providing funding to cover loss and damage \u2014 an issue that emerging markets have been driving (and rich countries dodging) for some time now. COP27 was the first time the climate summit has formally debated<\/a> the issue. Countries are also reportedly struggling to agree on whether 1.5\u00b0C above pre-industrial levels should remain the \u201cexplicit targeted limit\u201d for warming and the phase out of fossil fuels\u2014 although yesterday\u2019s announcement<\/a> of G20 support for that goal could increase the chances of consensus at COP, Reuters<\/a> quoted an unnamed EU official saying.<\/p>\n

^^ We have the full story<\/strong> in the news well, below.<\/p>\n

And the timeline to avoid 1.5\u00b0C of warming? We\u2019re on track to hit it in nine years\u2019 time<\/strong>, according to Nature<\/a> reports, citing research by the Global Carbon Project<\/a>, given that global carbon emissions are on track to hit a new record of 37.5 bn tons of CO2 equivalent in 2022 \u2014 up 1% from 2021 levels.<\/p>\n

ALSO- An Amazonian COP30? <\/strong>Brazil\u2019s president-elect Luiz Inacio Lula da Silva told delegates at COP27 that he wants his country to host 2025\u2019s COP30 in the Amazon rainforest, Reuters<\/a> reports.<\/p>\n

MEANWHILE- It\u2019s <\/strong>solutions day<\/a><\/strong> in Sharm<\/strong>, with sessions focusing on accelerating climate change adaptation through innovation, green bonds and carbon markets, resilient health systems, lots of loss and damage, and entrepreneurship.<\/p>\n

UP NEXT: Tomorrow is closing day at COP27, <\/strong>with two press briefings in the lineup.<\/p>\n

Detailed schedule:<\/strong> Download as a pdf here<\/a> or check out the website here<\/a>.<\/p>\n

COP27 app for attendees:<\/strong> App Store<\/a> and the Google Play Store<\/a>.<\/p>\n

\n
\n
\n
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\n Get Enterprise<\/b> daily
\n <\/h4>\n<\/p><\/div>\n

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

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

enterprise<\/a><\/p>\n

From Sharm to the Grand Egyptian Museum \u2014 the business community will move the <\/strong>talk about a green transition ahead at the <\/strong>Enterprise Climate X Forum<\/a><\/strong>, which takes place at the Grand Egyptian Museum on Tuesday, 6 December 2022. We can think of no better place to discuss the world\u2019s most important industry than in a world-class museum that stands as a testament to our nation\u2019s ability to persevere (and innovate) for seven millennia. And it seems you can\u2019t either, judging by the responses and statements of support we\u2019ve been getting.<\/p>\n

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.<\/a><\/p>\n

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 climatexrsvp@enterprisemea.com<\/a> to signal your interest, letting us know your name, title and where you work.<\/p>\n

\n

<\/a> WATCH THIS SPACE- Neom may be getting a green hydrogen + ammonia <\/strong>plant: <\/strong>A South Korean energy consortium will reportedly sign an MoU today with Saudi Arabia\u2019s Public Investment Fund (PIF) to build a USD 6.5 bn green hydrogen and ammonia plant in Neom city, South Korea\u2019s Pulse News<\/a> reports. The public-private partnership will develop the project over five stages, and the plant is expected to yield 1.2 mn tonnes of green hydrogen and ammonia annually.<\/p>\n

Not the first: <\/strong>Acwa Power, Neom, and Air Products are all part of a joint venture to develop \u201cthe world\u2019s largest utility scale, commercially-based hydrogen facility powered entirely by renewable energy,\u201d according to Acwa Power<\/a>. KSA also has ambitions to export green hydrogen to Greece<\/a> and, by extension, Europe.<\/p>\n

\n

DATA POINT- <\/strong>Over 50% of cities globally with net zero reporting pledges have no<\/strong> mechanisms in place to track and report their progress<\/strong>, according to analysis<\/a> published this week by Net Zero Tracker.<\/p>\n

Companies are doing a bit better \u2014 but still have a lot of room for improvement: <\/strong>Around 75% of the world\u2019s largest 2k publicly-listed companies with net zero pledges have reporting mechanisms of some kind, but \u201conly one-third of the world\u2019s largest publicly-listed companies with net zero targets, meet minimum standards of integrity.\u201d<\/p>\n

The bottom line: Pledges alone aren\u2019t enough.<\/strong> Many pledges from state and non-state actors have yet to be firmed up into concrete plans of action that are publicly available and trackable for accountability, the authors say. \u201cNet zero pledges alone are not a sign of climate leadership \u2014 they must be accompanied by a deep emission reductions commitment to be meaningful.\u201d<\/p>\n

THE DANGER ZONE- Red Sea corals at risk? <\/strong>Egypt\u2019s Ras Shukeir oil terminal is reportedly dumping \u201cbarely treated wastewater\u201d in the Red Sea and endangering coral reefs, the BBC<\/a> reports, citing what it says are leaked documents and analysis of satellite imagery from the area.<\/p>\n

\n

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

Saudi Arabia\u2019s Education Ministry will host its <\/strong>Global Conference on Sustainable<\/a><\/strong>Partnerships<\/a><\/strong> next Wednesday, 23 November to Thursday, 24 November in Riyadh<\/strong>, bringing together ministers and senior officials from the private and public sectors.<\/p>\n

UAE will host<\/strong> 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

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

***
\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><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, nice people. It\u2019s day 11 of the summit and as the clock ticks down, there\u2019s no clear agreement on a cover decision in sight. \u201cI think we have a larger than normal number of lingering issues,\u201d COP27 presidency special representative Wael Aboulmagd was reported by Reuters as saying yesterday. \u201cWe would have hoped […]<\/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":[255,659,40,11,173,124,172,164,39,45,88,159,52,78,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74849","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-carbon-offsetting","tag-cop27","tag-egypt","tag-enterpriseclimate","tag-eu","tag-g20","tag-germany","tag-green-finance","tag-green-hydrogen","tag-morocco","tag-renewables","tag-saudi-arabia","tag-uae","tag-uk","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8334ae85-714e-4b09-849c-dce1b4760112","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[74847],"teaser":"","voice_url":""},"yoast_head":"\nTODAY: G20 commit to 1.5\u00b0C pledge + EBRD increases stake in Egypt\u2019s Infinity + EU and Egypt strike partnership on green hydrogen - 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\/11\/17\/today-g20-commit-to-1-5c-pledge-ebrd-increases-stake-in-egypts-infinity-eu-and-egypt-strike-partnership-on-green-hydrogen\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: G20 commit to 1.5\u00b0C pledge + EBRD increases stake in Egypt\u2019s Infinity + EU and Egypt strike partnership on green hydrogen\" \/>\n<meta property=\"og:description\" content=\"Good morning, nice people. 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