{"id":74857,"date":"2022-11-17T02:12:15","date_gmt":"2022-11-17T02:12:15","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/g20-commits-to-1-5c-pledge-urges-cop27-delegates-to-put-their-noses-to-the-grindstone-by-friday\/"},"modified":"2022-11-17T02:12:15","modified_gmt":"2022-11-17T02:12:15","slug":"g20-commits-to-1-5c-pledge-urges-cop27-delegates-to-put-their-noses-to-the-grindstone-by-friday","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/g20-commits-to-1-5c-pledge-urges-cop27-delegates-to-put-their-noses-to-the-grindstone-by-friday\/","title":{"rendered":"G20 commits to 1.5\u00b0C pledge, urges COP27 delegates to put their noses to the grindstone by Friday"},"content":{"rendered":"

<\/a> As G20 commits to 1.5\u00b0C pledge, the pressure is on COP27: <\/strong>G20 leaders gathering in Indonesia agreed to work on limiting the rise in global temperatures to 1.5\u00b0C and speeding up efforts to \u201cphase down\u201d coal in what\u2019s being lauded as a \u201cboost\u201d to ongoing COP27 talks in Egypt, Reuters<\/a> reports. The news comes as global leaders at COP27 have continued to clash over efforts to reaffirm the 1.5\u00b0C goal during talks, negotiators from several industrialized countries tell the New York Times<\/a>.<\/p>\n

G20 countries urged delegates at COP27 to \u201cscale up\u201d efforts on the issue of <\/strong>mitigation and adaptation<\/strong>, giving a push to developed countries to meet their pledge to provide developing countries with USD 100 bn a year for climate mitigation. The G20 statement also reaffirmed the global goal to phase out \u201cinefficient fossil fuel subsidies.\u201d<\/p>\n

The COP27 host welcomed the declaration:<\/strong> \u201cThere are very strong elements and commitments, and reiterations of previous commitments,\u201d special representative for the COP27 presidency Wael Aboulmagd said in a news conference following the declaration, according to Reuters<\/a>.<\/p>\n

REMEMBER- A proposal by India to \u201cphase down\u201d all fossil fuels has been gaining <\/strong>momentum<\/strong>, with backing from the EU, small island states, and the UK reportedly almost locked in ahead of the COP27 Egyptian presidency\u2019s cover decision, which is expected this week.<\/p>\n

EGYPT + EU ESTABLISH RENEWABLE HYDROGEN STRATEGIC PARTNERSHIP<\/strong><\/p>\n

<\/a> The EU <\/strong>has <\/strong>signed an MoU with Egypt<\/a><\/strong> to establish a \u201cstrategic <\/strong>partnership\u201d on<\/strong> renewable hydrogen<\/strong> to help support Egypt\u2019s clean energy transition. The agreement will serve as a \u201cframework to support long-term conditions for the development of a renewable hydrogen industry and trade across the EU and Egypt, including infrastructure and financing\u201d helping both sides achieve goals. The partnership will help the EU reach its goal of securing a supply of 20 mn tons of renewable hydrogen by 2030, as the EU looks to import \u201crenewable hydrogen and its derivatives\u201d from Egypt. In exchange, Egypt will get help facilitating investment in renewables and accelerating its decarbonization progress, according to the document.<\/p>\n

The two sides are setting up an EU-Egypt Hydrogen Coordination Group and will organize<\/strong> a business forum<\/strong> to allow representatives from industry, regulators, financial institutions and experts to lead implementation.<\/p>\n

AND EGYPT GETS EU BACKING FOR NWFE PROGRAM<\/strong><\/p>\n

A joint letter of intent was signed between Egypt and the EU for up to EUR <\/strong>35 mn for energy projects<\/strong> under its Nexus on Water, Food and Energy (NWFE<\/a>) program, according to a separate statement<\/a> from Egypt\u2019s International Cooperation Ministry. The funds will be directed to the European Reconstruction and Development Bank (EBRD) to bolster investments in renewable energy and support the transition towards green economy and low-carbon development.<\/p>\n

THE GREAT DEBATE CONTINUES<\/strong><\/p>\n

The right of African countries to use their natgas reserves for development should<\/strong> be enshrined in any COP27 agreement<\/strong>, African Development Bank President Akinwumi Adesina told Reuters<\/a>. \u201cAfrica must have natural gas to complement its renewable energy,\u201d he said, arguing that even if the continent tripled its current production of natgas, it would only see a 0.67% increase in its contribution to global emissions. Several of Africa\u2019s leaders argue that<\/a> fossil fuels \u2014 and in particular, natgas \u2014 are still needed to meet energy demands, as renewables remain intermittent.<\/p>\n

OT<\/strong>HER COP27 AGREEMENTS-<\/strong><\/p>\n