{"id":577164,"date":"2022-11-13T04:00:17","date_gmt":"2022-11-13T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/"},"modified":"2022-11-13T04:00:17","modified_gmt":"2022-11-13T04:00:17","slug":"egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/","title":{"rendered":"Egypt\u2019s \u201cJust Financing\u201d guide + Biden\u2019s COP27 pledge headline the news from Sharm this weekend"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Egypt launches guide to \u201cJust Financing,\u201d to boost multi-stakeholder partnership<\/strong><strong> and unlock private sector climate finance:<\/strong> The International Cooperation Ministry launched last week the Sharm El Sheikh <a href=\"https:\/\/guidebookforjustfinancing.com\/wp-content\/uploads\/2022\/11\/Sharm-El-Sheikh-Guidebook-for-Just-Financing.pdf\">Guidebook for Just Financing (pdf)<\/a>, in cooperation with a host of international development partners, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02T7TkzXU77RKBCbntaZn3FSupJGgumvSqmR5kAbKpZovnR7wShSNJmvVJZaBxYxdYl\">a ministry statement<\/a>. The guide was developed over the course of year-long consultations with over 100 partners \u2014 government representatives, DFIs, the private sector, commercial and investment banks, climate finance funds, think tanks, and nonprofit organizations, the statement notes.<\/p>\n<p><strong>A focus on practicality and collective action:<\/strong> The guide offers a practical roadmap to unlock innovative financing mechanisms through multi-stakeholder participation, information sharing, and strengthening technical capabilities to create a pipeline of bankable climate-friendly projects. In the short-term, it aims to increase efficiency and equity in global climate finance structures. Long-term, it seeks to catalyze a rethink of these structures.<\/p>\n<p><strong>Just Financing \u2014 the guide\u2019s key theme \u2014 is a distinct \u201cfinance-specific concept\u201d similar to the idea of climate justice<\/strong>, but more focused in scope, it says. It\u2019s a \u201cprocess-oriented\u201d approach that seeks to direct energy transition mechanisms towards sustainable economic growth, while \u201cavoiding negative distributional, equity and climate impacts.\u201d<\/p>\n<p><strong>BIDEN: \u201cVERY LIFE OF PLANET\u201d AT STAKE<\/strong><\/p>\n<p><strong>US President Joe Biden doubled down on climate change warnings during his <\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/remarks-by-president-biden-at-the-27th-conference-of-the-parties-to-the-framework-convention-on-climate-change-cop27-sharm-el-sheikh-egypt\/\">speech<\/a><\/strong> <strong>at <\/strong><strong>COP27<\/strong>, saying that \u201cthe very life of the planet\u201d is at stake, as he made new pledges that aim to support the world\u2019s fight against climate change. The US doubled its pledge to its \u201cadaptation fund\u201d for poorer countries to USD 100 mn, and pledged a further USD 150 mn to support climate change efforts in Africa. Biden also promised the US will meet its emissions targets by 2030, after unveiling <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/11\/11\/fact-sheet-president-biden-announces-new-initiatives-at-cop27-to-strengthen-u-s-leadership-in-tackling-climate-change\/\">a plan<\/a> to cut methane emissions from its oil and gas industry to 87% below 2005 levels by 2030.<\/p>\n<p><strong>But the pledges fall short of what developing countries need: <\/strong>Climate activists criticized Biden for failing to call wealthy nations for more climate change support for developing countries and for his \u201cradio silence\u201d on loss and damage finance, <a href=\"https:\/\/www.reuters.com\/business\/environment\/cop27-biden-says-climate-crisis-is-about-human-security-economic-security-2022-11-11\/\">Reuters<\/a> reports. \u201cHe announced a slew of new climate programs, but he couldn\u2019t deliver what the developing world most wants \u2014 enough money to adapt to climate extremes,\" one expert said. A recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/04b93de8-325e-4317-a5a2-5404755e237e\">report<\/a> 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<p><strong>Biden\u2019s speech got a lot of play in the foreign press:<\/strong> <a href=\"https:\/\/www.ft.com\/content\/a284cf49-3fe6-4433-8e23-13238a25a614\">Financial Times<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/biden-to-announce-restrictions-on-methane-emissions-at-cop27-11668166064?mod=hp_lead_pos4\">WSJ<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/11\/11\/politics\/joe-biden-egypt-cop27\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2022\/11\/11\/cop27-live-updates-biden-egypt\/\">Washington Post<\/a> | <a href=\"https:\/\/www.theguardian.com\/environment\/live\/2022\/nov\/11\/cop27-egypt-joe-biden-climate-conference-decarbonisation-live-updates\">The Guardian<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/11\/11\/climate\/biden-cop27-climate-speech.html\">NYT<\/a>.<\/p>\n<p><strong>COUNTRIES AGREE ON PLAN TO ACCELERATE INDUSTRY EMISSION CUTS-<\/strong><\/p>\n<p><strong>Egypt among countries agreeing on a plan to cut industrial emissions:<\/strong> Countries accounting for half of the global economy have set out a year-long plan to cut industrial gas emissions at COP27, according to a United Nations Framework Framework Convention on Climate Change (UNFCC) <a href=\"https:\/\/climatechampions.unfccc.int\/breakthrough-agenda\/\">statement<\/a>. Countries including the US, Germany, Japan, Canada, and Egypt have agreed on 25 \u201cpriority actions\u201d to be unveiled at next year\u2019s COP28 in the UAE to help cut emissions across power, transport, steel, hydrogen and agriculture. Countries involved will form coalitions that ensure the delivery of the priority agenda items, the statement said. <a href=\"http:\/\/cop\/countries-set-out-12-mth-plan-speed-up-industry-emission-cuts-2022-11-10\/\">Reuters<\/a> also picked up the story.<\/p>\n<p><strong>Egypt launched a program with engineering giant Bechtel to \u201cdecarbonize existing oil<\/strong><strong> and gas facilities\u201d<\/strong> in Egypt as part of a new private-public decarbonization coalition, according to a statement from the <a href=\"https:\/\/ent.news\/2022\/11\/Decarbonization-Day-at-COP27-Calls-for-Urgent-Action-to-Reduce-Emissions.docx.pdf\">COP27 Presidency (pdf)<\/a>. Egypt currently has 126 energy efficiency projects in action and has invested some USD 2.4 bn in decarbonization, which are saving around 7 mn tons of CO2 per year, according to the statement. Egyptian LNG (a joint venture between EGAS, EGPC, Shell, and Petronas) also tapped a Bechtel-led coalition to conduct feasibility studies on using a zero-flaring system at the Idku liquefaction plant, Bechtel said in <a href=\"https:\/\/www.bechtel.com\/newsroom\/releases\/2022\/11\/bechtel-coalition-to-support-egypt-decarbonization\/\">a statement<\/a>.<\/p>\n<p><strong>The East Mediterranean Gas Forum also launched a regional decarbonization initiative<\/strong><strong> for the oil and gas industry<\/strong>, COP27 Presidency statement says, without providing further information. The issue of gas decarbonization was on the forum\u2019s radar <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f00fbc43-ff4f-47eb-a99b-ef0b0db10cec\">last year<\/a>.<\/p>\n<p><strong>ALSO- World heritage sites get some attention:<\/strong> The Islamic World Educational, Scientific and Cultural Organization also kicked off an initiative to better protect world heritage sites from climate change-induced damage, the COP27 presidency statement said.<\/p>\n<p><strong>CLIMATECH RUN PRIZES ANNOUNCED- <\/strong><\/p>\n<p><strong><a href=\"https:\/\/www.ryplabs.com\/\">Ryp Labs<\/a><\/strong><strong>, <\/strong><strong><a href=\"https:\/\/earthly.org\/\">Earthly<\/a><\/strong><strong>, and <\/strong><strong><a href=\"https:\/\/www.koltiva.com\/\">Koltiva<\/a><\/strong><strong> took home the USD 100k, USD 50k, and USD 25k awards<\/strong>, respectively, after pitching their businesses among 15 finalists selected as part of the <strong><a href=\"https:\/\/climatechrun.com\/ar\">Climatech Run<\/a><\/strong><strong> competition<\/strong> during COP27, the US embassy in Egypt said in a <a href=\"https:\/\/eg.usembassy.gov\/united-states-and-egypt-announce-winners-of-global-climate-competition-to-promote-green-start-ups-and-entrepreneurs\/\">statement<\/a>. The top two African startups also received investments: Cameroon-based <a href=\"https:\/\/bleaglee.com\/\">BleagLee<\/a> took home USD 50k while South Africa\u2019s <a href=\"https:\/\/liquidgold.co.za\/\">LiquidGold<\/a> received USD 25k. The startups will also participate in an acceleration program. The competition <a href=\"https:\/\/eg.usembassy.gov\/united-states-and-egypt-launch-global-climate-competition-to-promote-green-start-ups-and-entrepreneurs\/\">was supported<\/a> by our friends at USAID through their Business Egypt program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt launches guide to \u201cJust Financing,\u201d to boost multi-stakeholder partnership and unlock private sector climate finance: The International Cooperation Ministry launched last week the Sharm El Sheikh Guidebook for Just Financing (pdf), in cooperation with a host of international development partners, according to a ministry statement. The guide was developed over the course of year-long [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":577165,"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":[147,6349,1035,168,6372,72,7192,254,498,316,301,364],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cop-watch","tag-climate-change","tag-cop-watch","tag-decarbonization","tag-diplomacy","tag-engazaat","tag-enterpriseam","tag-eu","tag-green-hydrogen","tag-joe-biden","tag-morocco","tag-sameh-shoukry","tag-water","wpautop","entry"],"acf":{"mongo_id":"ca9c7645-3f83-402b-a85c-10a5d9eaf07f","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/189.jpg","photo_position":"above","related_issue":[577158],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt\u2019s \u201cJust Financing\u201d guide + Biden\u2019s COP27 pledge headline the news from Sharm this weekend - 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\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s \u201cJust Financing\u201d guide + Biden\u2019s COP27 pledge headline the news from Sharm this weekend\" \/>\n<meta property=\"og:description\" content=\"Egypt launches guide to \u201cJust Financing,\u201d to boost multi-stakeholder partnership and unlock private sector climate finance: The International Cooperation Ministry launched last week the Sharm El Sheikh Guidebook for Just Financing (pdf), in cooperation with a host of international development partners, according to a ministry statement. 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The guide was developed over the course of year-long [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-11-13T04:00:17+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/189.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Egypt\u2019s \u201cJust Financing\u201d guide + Biden\u2019s COP27 pledge headline the news from Sharm this weekend","datePublished":"2022-11-13T04:00:17+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/"},"wordCount":804,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/189.jpg?fit=%2C&ssl=1","keywords":["climate change","COP WATCH","decarbonization","DIPLOMACY","Engazaat","EnterpriseAM","EU","green hydrogen","Joe Biden","Morocco","Sameh Shoukry","water"],"articleSection":["COP WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/","name":"Egypt\u2019s \u201cJust Financing\u201d guide + Biden\u2019s COP27 pledge headline the news from Sharm this weekend - 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