Good morning, friends. We have a stacked issue for you this morning, with a little bit of everything from capital markets updates to a slew of financing news.

THE BIG CLIMATE STORY- It’s a big day for climate finance in the region: Egypt landed a USD 2 bn loan to shore up its food security, while Jordan received USD 10 mn in green financing for on-lending to SMEs specialized in climate change adaptation and mitigation tech and services.

MEANWHILE- The UAE’s Empower is out with an indicative price range ahead of its debut on the DFM on 16 November.

AND- We have the results of our Enterprise Reader Survey on the appetite for electric vehicles in Egypt, which has promising results.

^^ We have all the details in our news well below.

THE COUNTDOWN TO COP (5 days to go)–

Egypt’s Suez Canal Authority (SCA) will announce incentives for hydrogen-powered ships during COP27, SCA head Osama Rabea said during an interview with Egyptian talk show Haza Al Sabah. (watch, runtime 00:01:16). The incentives will include reduced tariffs aiming to accelerate the transition from fossil fuels. LNG-powered ships will also be eligible for the tariff reductions, Rabea says.

The UK’s left-leaning Guardian is ramping up pressure on developed and developing countries alike in the final days before COP. You can expect this to become a media pile-on any day now.

The US is under-investing in climate, over-investing in hydrocarbons in Africa: The US has poured USD 9 bn into oil and gas projects on the continent since the Paris Agreement in 2015 despite commitments to stop investments in fossil fuels, the Guardian reports. Only USD 682 mn have been invested in renewables like solar and wind over the same time period, despite Africa’s immense solar potential.

Swedish climate activist Greta Thunberg will not be attending COP27, saying global leaders use the conference as a chance for “greenwashing,” the newspaper adds. The annual climate conferences are unlikely to yield any significant transformation or “change the whole system,” but they do have potential “as a [chance] to mobilize,” the young activist said at her book signing in London.

Greenpeace lands in Egypt: A Greenpeace sailing ship docked in Hurghada this week in what organizers said was a bid to raise awareness about climate change ahead of COP27, the organization announced in a statement (pdf) yesterday. Greenpeace is interesting in drawing attention to climate finance and the debate about loss and damage compensation for developing economies.

KEY COP DATES-

• World leaders’ summit: 7-8 November (more details here)
• Finance day: 9 November
• Decarbonization day: 11 November
• Adaptation and agriculture day: 12 November
• Water day: 14 November
• Energy day: 15 November

Detailed schedule: Download as a pdf here or check out the website here.

COP27 app for attendees: App Store and the Google Play Store.

HAPPENING TODAY-

In Abu Dhabi: Day two of Adipec kicks off, gathering some 40 ministers from around the world including the UAE, Kuwait, Bahrain, and Egypt. Discussions will partly focus on the transition toward carbon neutrality. Hosted by Adnoc, Adipec bills itself as “the world's most influential gathering for energy industry professionals.” The event will run through this Thursday, 3 November. Tap or click here to register.

In Amman: It’s the final day of the International Investment Forum for Renewable Energy and Energy Efficiency in MENA. Organized by the Arab Renewable Energy Commission, the three-day event tackles renewable energy, energy efficiency, smart cities and grids, green hydrogen and sustainability.

In Cairo: The three-day Egypt Energy Conference is also on its last day. The event includes 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 organizers. You can register for the event here.

THE GREAT DEBATE- “The world demands maximum energy production with minimum emissions,” Adnoc CEO Sultan Al-Jaber told attendees at the Abu Dhabi International Petroleum Exhibition and Conference yesterday, Arab News reports. Al-Jaber said zeroing out investment in hydrocarbon exploration and production could lead to a loss of 5 mn barrels of oil per day annually, extending the energy shock experienced of this past year.

The UAE and KSA are not ready to give up on fossil fuels yet with senior officials from both countries arguing for continued fossil fuel investment, saying that current renewables capacity cannot meet growing demand, as we reported previously.

In parallel, Adnoc is pushing ahead talks with other big hydrocarbon players about a green future: Adnoc Chairman Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met with the CEOs of London-headquartered oil company BP and Japanese oil firm Inpex to discuss energy security and accelerating the energy transition, WAM reports. The talks touched on ways to drive more cooperation in lower carbon energy solutions and expanding partnerships for renewables and hydrogen projects, WAM notes.

***
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 climate@enterprisemea.com with comments, suggestions and story tips.

***

WHAT CLIMATE IS COSTING BUSINESS-

The climate crisis has increased heat-related deaths and the spread of infectious disease, according to a report (pdf) published last week by medical journal The Lancet. Produced by nearly 100 experts from 51 institutions across the globe, the report finds heat-related deaths in the most vulnerable — babies under a year old and adults over 65 — have increased by 68% over the last four years compared with 2000-2004.

Extreme heat has slashed productivity with some 470 bn labor hours lost globally in 2021 alone — bringing estimated economic losses of USD 700 bn and contributing to growing food insecurity and hunger. The transmission of infectious diseases — including malaria and dengue fever — has also seen a sizable increase in the past decade, compared with the 1950s.

MEANWHILE- Morocco and Egypt are among the worst regionally for children’s exposure to climate and environmental shocks, according to the UNICEF Children’s Climate Risk Index (pdf). The two countries have the highest levels of exposure to heat waves in the region, while Jordan had the lowest regional exposure. In Egypt, temperatures rose 0.53°C on average every 10 years over the past 30 years, the report says.

CIRCLE YOUR CALENDAR-

The Hawkamah Annual Conference (Building Investor Confidence Through Governance) will kick off on Tuesday, 15 November in Dubai. The conference will address governance from the perspective of investors including expectations and interaction with boards as well as the role of regulators and companies in preparing for IPOs to attract the right investors.

Saudi Arabia’s Education Ministry will host the Global Conference on Sustainable Partnerships on Wednesday, 23 November to Thursday, 24 November in Riyadh, bringing together ministers and senior officials from the private and public sectors. The conference will focus on transforming innovations and scientific research to achieve integration between universities, research, development and the innovation sector.

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