Back to the complete issue
Thursday, 27 October 2022

TODAY: Shipping vessels could get compensation for clean fuel + COP27 President isn’t worried about finance backtracking

Good morning, wonderful people. The region is bustling yesterday with climate news emerging from Davos in the Desert — as we prefer to think of the Future Investment Initiative, or FII — in Riyadh — but no worries, we have all the details in the news well below. The gathering wraps today.

THE BIG CLIMATE STORY- It’s Saudi Aramco’s USD 1.5 bn sustainability fund, which CEO Amin Nasser announced at the FII yesterday. It will invest in technology needed to support the green energy transition as the company looks it hit its 2050 net zero target.

ALSO- Abdul Latif Jameel Energy’s FRV acquired two battery storage projects in the UK with a combined capacity of up to 100 MW. FRV bought the projects from UK utility scale solar and battery project developer RE Projects Development Limited.

^^ We’ve got chapter and verse on these stories and more in the news well, below.

WATCH THIS SPACE #1- Could shipping vessels be on track to see financial compensation for using cleaner fuel? The International Chamber of Shipping (ICS) has put forward a proposal that could see vessels receive financial compensation for using a specific set of “low-carbon” fuels, according to an article published on Tuesday by media outlet Riviera. Individual vessel rewards could reach up to USD 1 mn per year, calculated based on CO2 emission reductions made by using the greener fuels. These include ammonia, methanol, hydrogen, sustainable biofuels and synthetic fuels. The proposal also includes levying a flat-rate tax on vessels’ CO2 emissions, priced per ton. It’s set to be discussed at the International Maritime Organization’s greenhouse gas reduction working group meeting in December 2022.

MEANWHILE- Egypt discussed the possibility of cooperating with Danish shipping giant Maersk on a USD 15 bn project to produce clean fuel for ships last September. No details were given on how the two sides could cooperate, but Maersk CEO Soren Skou said Egypt could eventually be a main hub for supplying ships with green fuel in the region, according to a presidential statement.

THE COUNTDOWN TO COP (10 days to go)-

Egypt wants the UK to honor climate pledges despite turbulence: Egypt’s top climate diplomat, Mohamed Nasr, urged newly-elected British Prime Minister Rishi Sunak to stick to the country’s climate pledges despite an incoming recession. “We know that there are challenges, economic challenges that are there, facing the UK and other countries, but we hope that those challenges do not lead to backsliding on the pledges,” Nasr told Sky News.

COP27 president optimistic there will be no backtracking on climate commitments: Backtracking on commitments from last year’s COP26 in favor of prioritizing energy security would mean “we are all lost” and push the world to a “point of no return,” COP27 President-Designate and Egypt’s Foreign Minister Sameh Shoukry tells Bloomberg (watch, runtime: 6:00). Implementation, revision of NDCs, endorsement of new initiatives, climate adaptation finance, and loss and damage finance will top COP27 priorities, Shoukry highlighted. He also reiterated the need for developed nations to support developing countries in a just transition to renewables and to see greater equity between finance for mitigation and adaptation.

AND- Could King Charles make it to COP27 after all? Egypt is still hoping the British monarch, who has long campaigned for environmental causes, will show up in Sharm El Sheikh, Nasr is quoted as saying. King Charles had reportedly been ‘advised’ by now-former PM Liz Truss not to attend the summit.

Hundreds of businesses call for mandatory disclosure on biodiversity impact: Over 330 businesses have signed a joint statement urging heads of state to make it mandatory for large companies to disclose their impact on nature by 2030, a Tuesday statement noted. The request comes ahead of the COP15 UN conference on biodiversity, which kicks off in Montreal on 7 December and will see countries try to deliver a global biodiversity framework to halt and reverse biodiversity loss. The signatories have combined annual revenues of over USD 1.5 tn, according to Reuters.


BlackRock hits USD 4.5 bn first close on its green infrastructure fund, Global Infrastructure Fund IV, Bloomberg reports. The financial outfit, which has some USD 8 tn assets under management, is looking to raise a total of USD 7.5 bn for the fund, which will target climate-focused infrastructure projects in energy, low carbon power, transport and logistics, regulated utilities, and digital infrastructure. The fundraising comes as investors are expected to have USD 1.87 tn to pour into the infrastructure sector by 2026, the business information service says, citing data provider Peqin. You can read BlackRock’s press release on the fund here.

BlackRock is increasingly looking to green investments: The asset manager group set up a unit called Transition Capital headed up by McKinsey’s former head of sustainability to invest in clean energy transition tech.

And they’re one the largest investors in energy globally: The firm has stakes in ExxonMobil Corp. and ConocoPhillips with over USD 50 bn in assets under management, according to Bloomberg. A decade ago it began investing in renewables, buying stakes in UK smart meter installer Calisen and American natural gas producer Vanguard Renewables, the business information service reports.

REMEMBER- BlackRock’s Larry Fink is too busy to bother attending COP27, according to a Bloomberg report a couple of weeks back.

A BIT OF GOOD NEWS FOR A CHANGE- We’re doing better than expected on global emissions, which could hit their peak before 2030: UN Climate Change has revised downward its projections for 2030 global greenhouse gas emissions by 3.1 percentage points from its 2021 forecast, saying in a report yesterday it now expects emissions to rise 10.6% compared to 2010. Current nationally determined contributions provided by 193 states suggest that global greenhouse emissions for 2030 would be 0.3% lower than 2019, and 1.9% lower than projected emission levels for 2025, “indicating the possibility of global emissions peaking before 2030,” according to the UN.


African Society for International Law’s annual conference will take place tomorrow and Saturday in Giza, Egypt. The conference will focus on climate change from the perspective of international law, and includes panels on legal and institutional governance, mitigation and adaptation strategies, trade, the international investment law, and sustainable development. The event is being organized with help from law firm Zulficar & Partners. You can register here.

Indian economist Montek Singh Ahluwalia is giving a climate-focused lecture on financing the green transition in developing countries on Sunday, 30 October, in Cairo. The lecture is organized by the COP27 Presidency and several partners. You can register to attend in person here, or online here.

The Egypt Energy Conference will run next Sunday-Tuesday, 30 October-1 November in Cairo. The three-day event will include three smaller conferences on power generation, transmission, and distribution; sustainability and clean energy; and PPP, foreign investment, and energy funding. Some 120 startups and global exhibiting companies will attend the conference, according to the organizers. You can register for the event here.

The Arab Renewable Energy Commission’s international investment forum for renewable energy and energy efficiency in MENA will run from Sunday, 30 October to Wednesday, 2 November in Amman, Jordan. The event will explore the Arab world’s renewable energy legislations, focus on renewable energy project prospects in the region, and spotlight how technological advances in the agricultural sector can ensure the region’s food security.

ADIPEC will run from next Monday, 31 October to Tuesday, 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 says. You can register as an exhibitor here, and as an attendee here.

Regional law firm Matouk Bassiouny and its German counterpart Freshfields Bruckhaus Deringer will hold a webinar on 2 November that will spotlight COP27’s potential impact on businesses globally. Register for the webinar here.

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

YOU’RE READING ENTERPRISE CLIMATE, the essential regional publication for senior execs who care about the world’s most important industry. Enterprise Climate covers everything from finance and tech to regulation, products and policy across the Middle East and North Africa. In a nod to the growing geographical ambitions of companies in our corner of the world, we also include an overview of the big trends and data points in nearby countries, including Africa and southern Europe.

Enterprise Climate is published at 4am CLT / 5am Riyadh / 6am UAE Monday through Thursday by Enterprise, the folks who bring you Enterprise Egypt, your essential 6am and 3pm read on business, finance, policy and economy in Egypt and emerging markets.

Subscribe to Enterprise Climate here or reach out to us on with comments, suggestions and story tips.


Enterprise Climate is available without charge thanks to the generous support of HSBC (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; and Infinity Power (tax ID: 305-170-682), the leading generator and distributor of renewable energy in Africa and the Middle East. Enterprise Climate is delivered Mon-Thurs before 4 am UAE time. Were you forwarded this copy? Sign up for your own delivery at Contact us on