{"id":577128,"date":"2022-11-10T04:00:51","date_gmt":"2022-11-10T04:00:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/the-developing-world-takes-center-stage-on-cop27-finance-day\/"},"modified":"2022-11-10T04:00:51","modified_gmt":"2022-11-10T04:00:51","slug":"the-developing-world-takes-center-stage-on-cop27-finance-day","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/the-developing-world-takes-center-stage-on-cop27-finance-day\/","title":{"rendered":"The developing world takes center stage on COP27 Finance Day"},"content":{"rendered":"

<\/a> The theme for Finance Day at COP27 was clear: The world needs to scale up <\/strong>climate financing to developing countries \u2014 and do it fast. <\/strong>Finance Minister Mohamed Maait was a persistent and passionate preacher on behalf of African and other emerging markets during many of yesterday\u2019s sessions, calling for clear green financing frameworks that can take the debt burden off emerging markets\u2019 shoulders, and for innovative financial tools to accelerate the progress of green projects.<\/p>\n

Only 5% of global green finance goes to Africa<\/strong>, Maait said during one of the sessions \u2014 a miniscule figure for countries that are already carrying the burden of high debt in a high interest-rate and high inflation environment.<\/p>\n

Climate change costs \u201ctns, not bns\u201d: <\/strong>Maait called on development finance institutions to step up with \u201cmore financing at a reasonable cost and on reasonable terms\u201d to climate-exposed countries, in an interview with Bloomberg<\/a>. A successful COP27 will drum up affordable financing for emerging markets, and will explore a ratings agency approved model that could tie sovereign debt to climate goals, he said. \u201cThe amounts required for implementation are huge,\u201d Maait said. \u201cNow, we are talking tns, not bns\u201d of USD.<\/p>\n

Egypt\u2019s mitigation and adaptation policies will cost us some USD 250 bn<\/strong>, with USD 200 bn of that going to mitigation and USD 50 bn to adaptation, Maait said, without specifying the timeline for this target. We know that by 2050, the government aims to spend<\/a> USD 211 bn on mitigation and USD 113 bn on adaptation, through key sectors like energy, transport, agriculture, and water.<\/p>\n

The move from bns to tns was a key point of discussion yesterday:<\/strong> Everyone acknowledged that climate finance to emerging markets should be in the tns \u2014 not the bns \u2014 in the coming years, following a report<\/a> yesterday that showed that developing countries will need USD 1 tn a year in external financing by the end of the decade to combat climate change.<\/p>\n

HOW DO WE MOVE FROM \u201cBNS TO TNS\u201d?<\/strong><\/p>\n

Green bond issuances are important, but not feasible without guarantees: <\/strong>Maait pointed to the lack of guarantees offered by DFIs for green bonds as one of the key issues standing in the way of more green finance during one of the sessions. Some \u201c95% of MDBs\u2019 (multilateral development banks) flows are direct funding, and only 5% is directed towards guarantees,\u201d he said, adding that this is \u201cmaking our lives more difficult just because we\u2019re African countries.\u201d Hanan Morsy, economist and director of macroeconomic policy, forecasting, and research at the African Development Bank also pointed to the need for guarantees as well as credit enhancement for debtor countries to help them attract more green finance.<\/p>\n

Carbon pricing is another crucial puzzle piece: <\/strong>A fixed carbon credit price is essential for the continent, a handful of speakers said, on the same day that the EGX announced it would set up Africa\u2019s first carbon trading market (more on that in this morning\u2019s Capital Markets section, above). IMF chief Kristalina Georgieva told Reuters<\/a> on Monday that we need to put a minimum price tag of USD 75 a ton globally on carbon by the end of the decade for global climate goals to succeed.<\/p>\n

Maait proposed a specialized green finance market:<\/strong> \u201cLet\u2019s work on creating a specialized market for green financing with all the tools \u2014 green bonds, green loans, green facilities \u2014 needed from MDBs to accelerate the transition,\u201d he said. Diversifying green finance was a key talking point during yesterday\u2019s sessions, with many officials calling for new tools to accelerate green finance to emerging markets \u2014 from debt swaps to debt-for-nature investments and blended finance programs.<\/p>\n

We now have a debt coalition to help keep the conversation going:<\/strong> Maait yesterday launched the Sustainable Debt Coalition Initiative<\/a>, a platform bringing together debtor and creditor countries, ratings agencies, DFIs, and MDBs in a bid to increase access to affordable green finance, reduce the cost of green debt and encourage fresh green investments among developing countries. The global coalition will work on \u201ca set of new crucial commitments to alleviate the debt burden [on emerging markets], and launch consultations at the intersection of debt, climate, and development.\u201d<\/p>\n

A lot of the burden falls on MDBs:<\/strong> \u201cWe need MDBs to increase their capital, enhance and channel special drawing rights, and increase the level of risk-taking in their balance sheets,\u201d Morsy said. Several speakers yesterday made the point that MDBs will need to stretch themselves to allow emerging markets to help meet global sustainable development goals.<\/p>\n

But don\u2019t underestimate the power of capital markets: \u201c<\/strong>We rely on the sovereign wealth funds and the multilateral development institutions to support us, but given the scale needed, the only debt you will get is through capital markets,\u201d Standard Chartered Middle East CEO Boutros Klink said. \u201cThis is the space that will provide green financing for the future.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The theme for Finance Day at COP27 was clear: The world needs to scale up climate financing to developing countries \u2014 and do it fast. Finance Minister Mohamed Maait was a persistent and passionate preacher on behalf of African and other emerging markets during many of yesterday\u2019s sessions, calling for clear green financing frameworks that […]<\/p>\n","protected":false},"author":1,"featured_media":577129,"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":[10506],"tags":[7098,6349,228,7106,115,72,7192,254,10511,277,5390],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cop-watch","tag-africa","tag-cop-watch","tag-cop27","tag-debt","tag-emerging-markets","tag-enterpriseam","tag-eu","tag-green-hydrogen","tag-mitigation","tag-mohamed-maait","tag-multilateral-development-banks","wpautop","entry"],"acf":{"mongo_id":"4c6b4393-b5ac-4c07-916b-8db1f15775af","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/169.jpg","photo_position":"above","related_issue":[577118],"teaser":"","voice_url":""},"yoast_head":"\nThe developing world takes center stage on COP27 Finance Day - 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\/11\/10\/the-developing-world-takes-center-stage-on-cop27-finance-day\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The developing world takes center stage on COP27 Finance Day\" \/>\n<meta property=\"og:description\" content=\"The theme for Finance Day at COP27 was clear: The world needs to scale up climate financing to developing countries \u2014 and do it fast. 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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\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\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577890,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/","url_meta":{"origin":577128,"position":2},"title":"Sovereign sukuk + sustainable bond issuances coming this FY?","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"FinMin could take its maiden sovereign sukuk issuance to market in 1H 2023: The Finance Ministry is planning to sell USD 1.5-2.5 bn of sukuk, a shariah-compliant debt instrument, Finance Minister Mohamed Maait told Reuters yesterday. The timing of the issuance is still undetermined and the ministry will pull the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555680,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/govt-finalizes-usd-2-bn-loan-from-intl-banking-syndicate\/","url_meta":{"origin":577128,"position":3},"title":"Gov\u2019t finalizes USD 2 bn loan from int'l banking syndicate","author":"enterpriseam admin","date":"23 November 2021","format":false,"excerpt":"The government\u2019s USD 2 bn syndicated bank loan has been finalized and is awaiting approval in the House of Representatives, Finance Minister Mohamed Maait told CNBC Arabia (watch, runtime: 00:45), confirming earlier press reports of ongoing talks with 10 international banks. The facility will reportedly be divided into a USD\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577170,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypt-can-cover-usd-16-bn-financing-gap-says-maait\/","url_meta":{"origin":577128,"position":4},"title":"Egypt can cover USD 16 bn financing gap, says Maait","author":"enterpriseam admin","date":"13 November 2022","format":false,"excerpt":"More funding, investments coming in \u201cdays, weeks, months\u201d -Maait: Egypt expects to see more FDI and more funding inflows, including from the Gulf and \u201cother sources,\u201d after reaching a staff-level agreement with the IMF for a USD 3 bn, 46-month loan, Finance Minister Mohamed Maait told Bloomberg on Thursday (watch,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/195.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543388,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds\/","url_meta":{"origin":577128,"position":5},"title":"We\u2019re looking to join Euroclear during 2H2022 + Another round of green bonds","author":"enterpriseam admin","date":"31 January 2022","format":false,"excerpt":"We likely won\u2019t join Euroclear until 2H2022: Local Egyptian debt probably won\u2019t be made \u201cEuroclearable\u201d until the second half of 2022 due to an unresolved \u201ctechnical point\u201d between the government and the Belgium-based clearinghouse, Finance Minister Mohamed Maait told CNBC Arabia (watch, runtime: 5:26).Why is Euroclear a big thing for\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/538.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\/577128","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=577128"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577128\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577118"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577129"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577128"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577128"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}