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Good afternoon, wonderful people. We are delighted to say this afternoon that COP27 is officially over, after delegates stayed up through the night and into the morning to finalize an agreement. The pact has good news for EMs on loss and damage but is getting mixed coverage in the international press over mitigation targets. Without further ado…
THE BIG STORY TODAY (AT HOME AND ABROAD)-
COP27 wraps with an agreement for EMs on loss and damage: Delegates from almost 200 countries walked out of COP27 this morning with what the summit’s presidency is calling a “landmark agreement” to create a loss and damage fund to help vulnerable countries cope with climate disasters triggered by richer countries’ emissions, it said in a statement (pdf). The agreement came after a long stretch of tense negotiations that saw the summit drag on for an additional day and night as negotiators debated the issues of loss and damage, emissions reduction, fossil-fuel burning, and the 1.5C target laid out in the Paris Agreement.
The agreement took a whole lot of compromise: “I consider the text to be adopted to be a reflection of both a delicate balance that responds to the interests of all of us represented in this conference, and also a manifestation of the highest ambition that can be reached at this point in time,” COP27 President Sameh Shoukry said during the closing session (watch, runtime: 5:10:10).
Not everyone walked away from the table feeling positive: The divisive result of the summit is making for a stream of polarized coverage. Emerging markets are celebrating the loss and damage fund as a historic shift towards climate justice. For many countries in the developed world, the achievement is marred by the absence of a fossil-fuel phaseout or stronger ambitions for emission reduction. (Reuters | CNBC | Bloomberg | WSJ | FT | CNN | AP)
We’ll bring you more on the agreement and other outcomes of COP in tomorrow’s editions of EnterpriseAM and Enterprise Climate.
FROM COP to CUP-
President Abdel Fattah El Sisi is in Qatar to attend the opening ceremony of the 2022 FIFA World Cup, according to an Ittihadiya statement. The ceremony kicks off at 4pm CLT, before Qatar and Ecuador play the opening game of the tournament at Al Bayt Stadium at 6pm CLT. We have more on World Cup events and fixtures in our Sports section, below.
ALSO HAPPENING NOW-
On the docket for the House: The House of Representatives is today holding votes on the contractor compensation bill, a law restructuring Al Azhar, and a foreign loan agreement with South Korea's Export-Import Bank (KEXIM) that will fund part of the project of upgrading the railway tracks linking Luxor and the High Dam train stations.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The climate funding agreements we secured at COP for the Nexus on Water, Food and Energy (NWFE) program add up to nearly USD 10 bn, International Cooperation Minister Rania Al Mashat told Reuters on the sidelines of COP27.
- The EGX will launch Africa’s first voluntary carbon market in mid-2023, EGX boss Ramy El Dokany said during a presser last week.
- Alstom signs Metro Line 6 framework agreement: French rolling stock manufacturer Alstom signed a framework agreement with the National Authority for Tunnels to design, build and maintain Cairo Metro Line 6.
*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.
In today’s issue: The next stop for our localization drive: Vegetable oil production. We look at how the government’s push to localize the vegetable oil industry could open the door to private sector investment.
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CIRCLE YOUR CALENDAR-
COP27 may be over — but climate will remain the world’s largest and most important industry for decades to come. Our Enterprise Climate X Forum will see members of the business community gather at the Grand Egyptian Museum on Tuesday, 6 December 2022.
What’s the Enterprise Climate X Forum? It’s 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 — 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.
Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work.
The Fingerprint Summit is taking place this Tuesday and Wednesday (22-23 November) at the Nile Ritz Carlton Hotel. The conference connects private and public sector partners to discuss potential investments and challenges in the business community. Speakers include Finance Minister Mohamed Maait and Planning Minister Hala El Said.
☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 27°C tomorrow during the day before falling to 17°C at night, our favorite weather app tells us.
