Good morning, wonderful people. We hope you enjoyed the weekend, which on the news front was dominated by the same story that had pride of place last week: the IMF and World Bank meetings. They ended on a good note from a MNEA perspective as Tunisia reached an agreement with the IMF on a USD 1.9 bn, 48-month extended fund facility, the IMF said in a press release over the weekend.

Tunisia’s (surprisingly small?) USD 1.9 bn IMF package to include climate stipulations: The IMF loan includes requirements designed to help the country adapt and build climate change resilience by promoting investments in renewables, land and water management. It also includes measures to preserve Tunisia’s coast line, as well as agriculture, health and tourism.

Egypt can expect similar riders in its IMF agreement: Fostering a “transition towards a greener economy” will be key to securing Egypt’s package as well, according to a statement by the IMF’s Communication Director Gerry Rice on Saturday. Egypt is one of 29 countries waiting to receive financial assistance from the IMF to help them get through tight economic times.

Developing nations put donors on notice, with 20 countries threatening to stop payments on USD 685 bn worth of debt. 20 of the countries most vulnerable to climate change may stop payments on their collective debt of USD 685 bn, former president of the Maldives Mohamad Nasheed said on Friday, according to the New York Times. The countries are instead calling for a debt-for-nature swap that would see part of their debts forgiven and invested in climate projects. The intention was to raise this with World Bank and IMF officials yesterday, at the wrap-up of their annual meetings, Nasheed added — we weren’t able to find anything by way of update in the public record and will be looking into this further.

MEANWHILE- Climate-related financing by the world’s biggest multilateral development banks rose about 24% to almost USD 82 bn in FY 2021 from USD 66 bn, according to a joint report (pdf) issued by institutions including EBRD, EIB, AfDB, AIIB, World Bank and the IsDB, among others. Of this finance, some USD 51 bn — or 62% — went to low and middle-income countries, with USD 33 bn going to mitigation projects and USD 17 bn towards climate change adaptation, the report noted. Climate-focused investment from private investors to low and middle-income countries in 2021 stood at USD 13 bn, it added.

Still, the financing is nowhere near what’s needed: Emerging markets will need at least USD 1 tn per year in public and private finance to achieve net-zero emissions by 2050, asset manager BlackRock estimated last year. That’s in line with the range Egypt climate czar Mahmoud Mohieldin has in mind.

MOVES- Maybe one of us having a seat on the table will help? The UAE’s minister of state for financial affairs, Mohamed Hadi Al Hussaini, was elected as chairman of the World Bank and the IMF’s development committee, state news agency WAM reported on Saturday. Al Hussaini’s two year term will see him manage the committee’s sustainable development programs for developing economies, WAM notes.

PSA- Dubai’s Roads and Transport Authority (RTA) cut the speed limit for e-scooters to 30 km per hour, down from 40 km/h. RTA also opened up new routes for electric scooters in 11 neighborhoods in the city, WAM reported yesterday.

COUNTDOWN TO COP (20 days to go)-

And the west breathed a sigh of relief: Russian President Vladimir Putin will not attend COP27 as he does not foresee any major breakthroughs, Russia’s presidential climate adviser Ruslan Edelgeriyev told Sputnik yesterday. While Russia acknowledges the importance of the Sharm El Sheikh conference and maintains its stance vis-a-vis climate change as a “problem [that] must be solved by working together,” the Russian presidency does not expect groundbreaking developments such as the one that yielded the 2015 Paris Agreement. Putin has appointed Edelgeriyev to head the Kremlin’s delegation to COP27.

Egypt will inaugurate (part of) its monorail during COP27, the Egyptian cabinet said in a statement. Once completed, the project will span 22 stations over 56.5 km with 40 trains transporting people across Cairo. Egypt plans to inaugurate the eastern segment of the monorail from the New Administrative Capital to Nasr City in time for COP27. The USD 4.5 bn project is designed, built, supplied and operated by a consortium of Alstom, Orascom Construction and Arab Contractors.

CLIMATE DIPLOMACY- India and Egypt to deepen cooperation to include renewable energy, India’s Foreign Minister Subrahmanyam Jaishankar said at a press conference Saturday (watch, runtime 6:20) following a meeting with Egyptian Foreign Minister Sameh Shoukry.

THE BIG CLIMATE STORY in our corner of the world- The UAE is becoming decarbonization nation: The GCC nation made a number of major announcements over the past three days that show it’s getting serious about decarbonization. Up first, the state-owned Abu Dhabi National Energy Company (Taqa) announced that it plans to build solar plants with capacities of 9 GW, and phase out some 7 GW of conventional natgas-generated electricity over the next 10 years.

Attention, big cement: We also have the UAE’s energy ministry reaching agreements with some of the nation’s top cement producers to add refuse-derived-fuel to their energy mix.

^^ We have more on these stories in this morning’s news well, below.

WATCH THIS SPACE #1- Water scarcity is the main obstacle to green hydrogen production in North Africa, executive director of the Regional Center for Renewable Energy and Energy Efficiency (RCREEE) Jawad El Kharraz told Al Fanar Media on Saturday. El Kharraz stressed the need to localize the tech behind green hydrogen production and to produce local scientific research. He also warned that producing green hydrogen for export to Europe “at the expense of” local water resources was “unacceptable.”

What’s RCREEE? RCREEE serves as the technical arm of the Arab League’s Energy Department and the Arab Ministerial Council for Electricity.

WATCH THIS SPACE #2- Healthcare is becoming a vital part of regional climate discussions: Ten MENA health ministers committed to making their healthcare systems climate resilient and environmentally sustainable, according to a World Health Organization (WHO) release. These include Bahrain, Egypt, Iran, Jordan, Morocco, Palestine, Oman, Tunisia, the UAE and Yemen. The WHO Regional Committee for the Eastern Mediterranean recently discussed a regional framework to create low-carbon, low-emission healthcare systems and facilities that are climate resilient.

SOUND SMART- Climate change is the biggest health treat of the 21st century, leading to the rise of new diseases as well as the propagation of existing ones, the WHO statement notes. Some 23% of diseases plaguing the Eastern Mediterranean are attributed to environmental and climatic risks, and more than 500k people die prematurely every year due to air pollution, according to WHO estimates.

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We want to hear from you: We’re taking the pulse on how the region feels about MENA’s EV transition. Take a few minutes to fill out our short survey. We’ll be back with the results in a couple of weeks.
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WORTH READING- Half of the world’s countries do not have multi-hazard early warning systems (or “MHEWS”), according to a UN report published on Thursday. This holds particularly true for the world’s least developed countries, the report’s authors found. These UN-recommended systems have helped reduce global disaster mortality levels through data collection and analysis.

SMART POLICY- Jordan just launched its own national strategy for disaster risk reduction, Ammon News reported yesterday. The kingdom was initially prompted to develop the strategy by the covid pandemic, Prime Minister Bishr Khasawneh said, adding that the new system is also expected to be beneficial to mitigate climate-related risks.

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HAPPENING TODAY-

The Saudi Agriculture Exhibition starts today and runs through 20 October at the Riyadh International Convention and Exhibition Center in Riyadh, Saudi Arabia. You can register for the exhibition here.

Cairo Water Week enters its second day today and runs until this Wednesday, 19 October. Some 18.5k attendees from 90 international and regional organizations are convening at the Nile Ritz Carlton in Cairo for the event, according to its website. The focus of this year’s edition is on preparations to discuss water resources at COP27. Catch the full agenda here.

Today will see the fifth Egypt and UN-led regional climate finance roundtable ahead of COP27, in Geneva, Switzerland. Catch our recent Going Green story in EnterpriseAM on how the roundtables aim to secure investment for climate projects in developing nations ahead of COP27.

Egypt’s House of Representatives will debate a bill that would, in part, regulate EV assembly.

CIRCLE YOUR CALENDAR-

The International Exhibition of Renewable Energies Clean Energies and Sustainable Development will run from 24-26 October in Oran, Algeria. The event will focus on the role of startups in the green transition and the bankability of renewable energy projects.

ADIPEC will run from 31 October to 1 November in Abu Dhabi, UAE. Some 40 ministers from around the world, including eight from MENA, will attend the event. Those include energy and oil ministers from the UAE, Kuwait, Bahrain and Egypt. Discussions will partly focus on the transition toward carbon neutrality, a statement picked up by Zawya details. You can register as an exhibitor here, and as an attendee here.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.