{"id":546981,"date":"2022-06-05T04:07:45","date_gmt":"2022-06-05T04:07:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/of-inconvenient-truths-and-smart-policies\/"},"modified":"2022-06-05T04:07:45","modified_gmt":"2022-06-05T04:07:45","slug":"of-inconvenient-truths-and-smart-policies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/of-inconvenient-truths-and-smart-policies\/","title":{"rendered":"Of inconvenient truths and smart policies"},"content":{"rendered":"

<\/a> \u201cTalk is cheap,\u201d speakers at IsDB annual meetings tell developed nations: <\/strong>It\u2019s no secret that COP26 disappointed many \u2014 particularly in developing and emerging markets. Pledges for climate change financing were not met, and half-measure agreements on climate change action went unfulfilled \u2014 not to mention a spate of what activists allege is greenwashing by private sector players. In short, it seems that developed countries have sold us a bag of goods.<\/p>\n

This disappointment has clearly boiled over into anger,<\/strong> with policymakers at the IsDB annual meeting in Sharm El Sheikh not holding back their frustration at the lack of action and broken promises. None were more vocal than Finance Minister Mohamed Maait and Mahmoud Mohieldin, the senior World Bank official<\/a> who is now the UN climate change high-level champion for COP27.<\/p>\n

Foreign investors and funding \u201cpartners\u201d not putting their money where their mouths are: <\/strong>\u201cWe were promised cheaper financing and long tenors if the financing would go towards green funding\u2026I\u2019m sorry to say, this is just talk,\u201d Finance Minister Mohamed Maait said at a panel discussion on catalyzing growth through green finance \u2014 to thunderous applause from the audience. In the perennial debate over supply and demand for financing, Maait said: \u201cI went to you with demand, but there was no supply.\u201d When Egypt went to global markets for the region\u2019s first green bond issuance, investors didn\u2019t only push for higher interest rates, but also peddled advisers, consultants, and auditors, raising the costs of borrowing even further, he added.<\/p>\n

Even DFIs weren\u2019t all that much better: <\/strong>Whenever Egypt requested debt service alleviation \u2014 a widely promoted policy point \u2014 the answer was \u201cwe\u2019ll try,\u201d Maait said. \u201cI find myself asking: Is this another debt trap?\u201d \u201cAt this <\/strong>point, it would be cheaper for me to go for a more traditional Eurobond issuance<\/strong>,\u201d <\/strong>he said.<\/p>\n

EGX boss Mohamed Farid said at the same panel that the supply of climate finance has to come first<\/strong> if we want to move the needle.<\/p>\n

It\u2019s more than just a problem of financing: <\/strong>Climate change metrics and targets have become complacent to the point of being harmful, Mohieldin stressed at a separate panel. Some USD 100 bn in financing pledges have gone unfulfilled, despite this target being very generous. The most conservative estimates put the cost of a just green transition at USD 3.5-5 tn a year. \u201cWe\u2019re talking about drops in the ocean,\u201d he said. \u201cI would sit down with some minister from the continent and he\u2019d tell me how 30% of his annual budget would be needed to achieve one action item on climate change,\u201d he said. \u201cThese metrics must be revised by 2025,\u201d he stressed.<\/p>\n

He also criticized greenwashing practices \u2014 and not just by the private sector. <\/strong>\u201cEven when I hear that some country raised USD multi-mns for climate financing, if it does not come with a comprehensive strategy, this is simply just a transaction,\u201d he said.<\/p>\n

This is a talking point that the Madbouly government is warming to: <\/strong>The Planning Ministry has moved away from focusing on specific projects to policies and national strategies, said Planning Minister Hala El Said at a separate panel.<\/p>\n

And how about we all agree on a set of ESG and climate change standards that developed countries and emerging markets can work with<\/strong> \u2014 a point stressed by Farid.<\/p>\n

This debate about mitigation vs adaptation and who should fund what was a recurring theme throughout the meetings. <\/strong>The general consensus was that governments should focus on adaptation and leave mitigation to the private sector, which comes with innovation and technology. And even then, developing countries shouldn\u2019t have to borrow for adaptation, Mohieldin stressed.<\/p>\n

Unfortunately, DFIs aren\u2019t much help here either<\/strong>: The Paris climate summit had recommended that funding towards adaptation and mitigation should be split 50\/50. \u201cToday, we see that multilateral institutions have been allocating 20% of their funding towards adaptation, while 80% has been going towards mitigation,\u201d he said.<\/p>\n

Concessional financing and especially grants were widely called for at the meetings<\/strong>, including from the likes of the head of FinMin\u2019s PPP unit Atter Hannoura and Sovereign Fund of Egypt head Ayman Soliman. Soliman did note, however, that grants aren\u2019t the solution to everything \u2014 the private sector has to buy in, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cTalk is cheap,\u201d speakers at IsDB annual meetings tell developed nations: It\u2019s no secret that COP26 disappointed many \u2014 particularly in developing and emerging markets. Pledges for climate change financing were not met, and half-measure agreements on climate change action went unfulfilled \u2014 not to mention a spate of what activists allege is greenwashing by […]<\/p>\n","protected":false},"author":1,"featured_media":546982,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[9136],"tags":[228,1918,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-on-the-road","tag-cop27","tag-enterprise-on-the-road","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"adab6889-a105-45a7-9be6-37f9f42cc243","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/135.jpg","photo_position":"above","related_issue":[546966],"teaser":"","voice_url":""},"yoast_head":"\nOf inconvenient truths and smart policies - EnterpriseAM Egypt<\/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\/egypt\/2022\/06\/05\/of-inconvenient-truths-and-smart-policies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Of inconvenient truths and smart policies\" \/>\n<meta property=\"og:description\" content=\"\u201cTalk is cheap,\u201d speakers at IsDB annual meetings tell developed nations: It\u2019s no secret that COP26 disappointed many \u2014 particularly in developing and emerging markets. 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We were flies on the wall at the event, which acted\u2026","rel":"","context":"In "ENTERPRISE ON THE ROAD"","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/154.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586710,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/al-baraka-bank-secures-usd-30-mn-in-green-funding-from-isdb-plus-italy-debt-swap-agreement-extension\/","url_meta":{"origin":546981,"position":1},"title":"Al Baraka Bank secures USD 30 mn in green funding from IsDB. PLUS: Italy debt swap agreement extension?","author":"enterpriseam admin","date":"16 May 2023","format":false,"excerpt":"Green SME-led projects to receive funding from IsDB: Al Baraka Bank Egypt will receive USD 30 mn in sharia-compliant funding from the Islamic Development Bank (IsDB) for on-lending to green projects, the bank said yesterday. The five-year financing agreement was signed with the IsDB\u2019s private-sector development arm during its annual\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/864.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":638847,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/16\/isdb-to-develop-usd-3-bn-cooperation-strategy-with-egypt-el-garhy-meets-with-jp-morgan\/","url_meta":{"origin":546981,"position":2},"title":"IsDB to develop USD 3 bn cooperation strategy with Egypt, El Garhy meets with JP Morgan","author":"enterpriseam admin","date":"16 October 2017","format":false,"excerpt":"The Islamic Development Bank (IsDB) is developing a new cooperation strategy with Egypt worth USD 3 bn for 2018-2020, President Bandar Hajjar told Investment Minister Sahar Nasr. Hajjar and Nasr discussed setting up a branch for IsDB in Cairo and to increase its support of projects in Egypt, besides promoting\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542756,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/16\/apicorp-and-isdb-launch-usd-1-bn-infra-initiative\/","url_meta":{"origin":546981,"position":3},"title":"APICORP and IsDB launch USD 1 bn Infra Initiative","author":"enterpriseam admin","date":"16 January 2022","format":false,"excerpt":"Apicorp and IsDB launch USD 1 bn Infra Initiative: Arab Petroleum InvestmentsCorporation (Apicorp) and the Islamic Development Bank (IsDB) have launched a three-year, USD 1 bn initiative for private-sector focused infrastructure financing in countries including Egypt, according to a statement.Who\u2019s in line for funding? The Infra Initiative will finance renewable\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584525,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/02\/isdb-money-for-our-high-speed-rail\/","url_meta":{"origin":546981,"position":4},"title":"IsDB money for our high-speed rail","author":"enterpriseam admin","date":"2 April 2023","format":false,"excerpt":"The project is set to cost some USD 23 bn in total","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/26.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546970,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/","url_meta":{"origin":546981,"position":5},"title":"We\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral lenders to shore up food and energy security amid ongoing disruptions to global markets. First up: We\u2019re getting that USD 3 bn from the ITFC. The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/131.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546981"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546981\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546982"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546981"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546981"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}