{"id":610673,"date":"2023-11-26T00:00:00","date_gmt":"2023-11-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/the-countdown-to-cop28-begins\/"},"modified":"2023-11-26T00:00:00","modified_gmt":"2023-11-26T00:00:00","slug":"the-countdown-to-cop28-begins","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/the-countdown-to-cop28-begins\/","title":{"rendered":"The countdown to COP28 begins"},"content":{"rendered":"

Good morning, friends. <\/strong>Two foreign stories in which Egypt is deeply involved will nudge business news off center stage this week: The war in Gaza and COP28.<\/p>\n

#1- Israel\u2019s war in Gaza has entered a new phase. <\/strong>Egypt\u2019s diplomatic efforts to negotiate a ceasefire \u2014 and then to keep hostage and prisoner releases on track \u2014 are the story of the morning. A measure of quiet has descended over Gaza<\/strong>, where more than 12k people have been killed so far as a result of Israel\u2019s war. The ceasefire, which took hold on Friday morning at 7am local time, seems largely to be holding. <\/p>\n

The pause in the fighting is set to expire on Tuesday morning<\/strong>, but State Information Service chief Diaa Rashwan said in a statement late yesterday that Egypt was brokering talks with Hamas and Israel to extend the ceasefire for at least one to two days, a development that would give more time to get aid in to Gazans.<\/p>\n

COUNTDOWN TO COP28<\/strong><\/p>\n

<\/a> #2- We\u2019re in the final countdown to <\/strong>COP28<\/a><\/strong>, which kicks off on Thursday, <\/strong>bringing together global leaders in science, policy, and business in host city Dubai. The summit runs from 30 November to 12 December.<\/p>\n

Setting the agenda: <\/strong>The gathering will focus on fast-tracking the world\u2019s transition to green energy, slashing emissions before 2030, transforming climate finance, and building resilience, the COP28 presidency said in its letter to parties<\/a>. A big focus of the summer will be the first of the so-called global stocktakes<\/a> \u2014 or \u201cGST\u201d in COP-speak.<\/p>\n

What\u2019s a GST? <\/strong>They\u2019re five-year checkpoints that track the progress (or lack thereof) made by the international community since the 2015 Paris Agreement. <\/p>\n

Could the loss and damage fund finally see the light? <\/strong>Little progress has been made on the landmark loss and damage<\/a>fund<\/a> over the past year after delegates from some 200 nations signed off on the pact at the close of COP27. The fund, championed by Egypt\u2019s climate envoy, Dr. Mahmoud Mohieldin, aims to have wealthy nations pitch into a fund to help vulnerable countries cope with climate change. <\/p>\n

Where does it stand? <\/strong>A draft agreement on the fund, reached earlier this month, will be put up for a final vote during COP28, but the AP is warning<\/a> that it will face challenges getting through. <\/p>\n

A new fund to help heavy industry go green? <\/strong>The Just Energy Transition Partnership (JETP) \u2014 a financing scheme under which Western donors help fund developing nation\u2019s transition to green energy \u2014 should be replicated for heavy industries and hard-to-abate sectors such as steel, aluminum, cement and fertilizers, Mohieldin told Reuters<\/a>. <\/p>\n

FAST FACT- Emerging markets<\/strong> need some USD 387 bn a year through 2030<\/strong> to adapt to climate-driven changes, the UN said in a report (pdf)<\/a>. <\/p>\n

** Go deeper: <\/strong>Enterprise Climate spoke to Mohieldin earlier this year on all things COP, loss<\/a>and damage fund<\/a>, and fossil fuels<\/a>. <\/p>\n

** NEED MORE? Tomorrow\u2019s Enterprise Climate will have the inside track on what you <\/strong>need to know about COP28. <\/strong><\/p>\n

EXPATS VOTE NEXT WEEK-<\/strong><\/p>\n

<\/a> ELECTION 2023 UPDATE- Egyptians abroad go to polls on 1-3 December <\/strong>to choose between incumbent President Abdel Fattah El Sisi<\/strong>, Al Wafd Party\u2019s Abdel Sanad Yamama<\/strong>, the Egyptian Social Democratic Party\u2019s Farid Zahran<\/strong>, and the Republican People Party\u2019s Party Hazem Omar<\/strong>.<\/p>\n

Voters in Egypt will cast their ballots on 10-12 December.<\/strong> First-round results are due on 18 December and a runoff, if necessary, will take place in early January 2024.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

WATCH THIS SPACE<\/strong><\/p>\n

#1- Erdogan could visit Egypt soon: <\/strong>Turkish President Recep Tayyip Erdogan could touch down in Cairo \u201csoon\u201d to discuss accelerating the evacuation of wounded Palestinians from Gaza, the Turkish president told reporters on Wednesday, according to Turkish news outlet Haberturk<\/a>. The visit \u2014 a first since diplomatic relations between Egypt and Turkey broke down in 2013 \u2014 comes as Erdogan calls on the Islamic world to act as a \u201csingle fist\u201d on Gaza. \u201cWhen that fist hits the table with all its force, it will not be possible for Israel to continue its occupation or oppression,\u201d he said. Cairo and Ankara restored full diplomatic ties <\/strong>in July this year<\/a><\/strong>.<\/p>\n

<\/a> #2- Our green hydrogen strategy is imminent: <\/strong>The Madbouly government will launch its long-awaited green hydrogen strategy within days, Al<\/a>Mal<\/a> reports. The news comes shortly after the National Green Hydrogen Council approved the strategy. We have the full story in this morning\u2019s news well, below. <\/p>\n

#3- Companies have until tomorrow to submit bids for the EEHC\u2019s solar tender: <\/strong>The Egyptian Electricity Holding Company (EEHC) will close bidding window for its tender for five concentrated solar power<\/a> plants tomorrow, Al<\/a>Mal<\/a> reported, citing sources it says are involved in the bids. The plants will power desalination plants on the north coast and will have a combined capacity of 250 MW, helping desalinate over 400k cubic meters of water per day. The plants are expected to require USD 270 mn of investment and will be established under 25-year build-own-operate contracts. <\/p>\n

There\u2019s plenty of interest from developers<\/strong>:<\/strong>Our friends at Hassan Allam Utilities and Infinity are said to be interested, as are Madkour Group and Smart Engineering Solutions (SES). Foreign bidders include Saudi Arabia\u2019s Acwa Power, Al Nowais\u2019 AMEA Power, Norwegian renewables producer Scatec, Japan\u2019s Toyota, and Spain\u2019s Aquila.<\/p>\n

#4- Once, this meant it was any random Tuesday. Today, it\u2019s rarer than hen\u2019s teeth: <\/strong>Foreign VCs are in town to meet with startups: <\/strong>US-based VC firm Plug and Play is coordinating meetings between five foreign VCs \u2014 Speedinvest<\/a>, ENZA Capital<\/a>, Ingressive Capital<\/a>, P1 Ventures<\/a> and DenVC<\/a> \u2014 and 25 local startups to explore possible investment, Plug and Play\u2019s Egypt director, Karima El Hakim<\/a>, told Al Mal<\/a>. <\/p>\n

THE BIG STORY ABROAD- <\/strong><\/p>\n

The foreign press is fixated on three main stories this morning: <\/strong>The hostage exchange between Israel and Hamas (we have the details in this morning\u2019s War Watch), Sam Altman\u2019s return to OpenAI, and a large Russian drone attack<\/a> on Ukraine.<\/p>\n

FAST FACT- More women and children have died in Gaza in two weeks<\/strong> than have died in Ukraine in nearly two years. <\/p>\n

<\/a> Sam Altman is back at the helm of OpenAI:<\/strong> Sam Altman was reinstated as CEO of the high-profile AI just five days after his sacking by the board \u2014 a move that triggered a riotous response<\/a> from employees and investors alike and sent shockwaves across Silicon Valley.<\/p>\n

OpenAI\u2019s board is out:<\/strong> The board that fired Altman, which was in place to ensure the \u201csafe development\u201d of AI, has been replaced by a three-man provisional board. The board that fired Atlman included two high-profile effective altruists<\/a> and Ilya Sutskever, a co-founder of OpenAI and its chief scientist. Sutskever helped lead the rebellion against Altman and then flipped sides, saying he would leave the company if Altman did not return as CEO. <\/p>\n

So who\u2019s on the board? <\/strong><\/p>\n