TODAY: Loss and damage financing on the COP agenda + Saudi’s EV strategy moves ahead + Carbon markets are cropping up everywhere
Good morning, wonderful people. We have a stacked issue for you this morning, between COP27 kicking off in Egypt’s Sharm El Sheikh and a handful of other green news from around the region. But first…
We’re proud to announce that the Enterprise Climate X Forum, our first industry-specific conference is, taking place on Tuesday, 6 December. It’s a C-suite event for CEOs and top execs, investors, bankers and development finance folks, and you’re going to love the venue when we unveil it next week.
The Enterprise Climate X Forum takes place a bit after COP27 for two simple reasons:
- To give us all time to catch our collective breath before we ask: Now what?
- And to serve as a bridge to COP28, keeping our industry in the spotlight for the 11 months before the world heads to the UAE.
Make no mistake: Climate will be the world’s largest and most important industry for decades to come — and is the defining challenge of our generation. It cuts across every sector, from banking and finance to infrastructure, urban planning, real estate, FMCG and beyond. Enterprise Climate and the Enterprise X Forum are the regional hub for news, views, discussion and debate about how we build this industry.
In panels, live interviews and networking sessions, the Enterprise Climate X Forum will give insiders and newcomers alike the chance to talk about how to build a climate-centered business — and how to make sure your business continues to have access to the funds it needs to grow. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.
Some of the biggest names in business and finance are on board — are you? The Enterprise Climate X Forum is taking place with the generous support of our friends, including:
- Banking partners: HSBC | Mashreq | Attijariwafa Bank
- Telecom partner: Etisalat by e&
- Event partners: Hassan Allam Utilities | Infinity Power
DO YOU WANT TO ATTEND? The first wave of invites is going out today and seating is limited. If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work.
Business inquiries: Ping a note to Moustafa Taalab, our head of commercial, here.
THE BIG CLIMATE STORY HERE AND AROUND THE WORLD- It’s all COP27, all the time. The first day of the gathering — before the world leaders’ summit gets underway today — hit the ground running with Egyptian Foreign Minister and COP27 President Sameh Shoukry announcing that loss and damage financing is now officially an agenda item at the summit. Several officials and global figures, including UN Secretary General Antonio Guterres and outgoing COP President Alok Sharma, also stressed on the need to put words into immediate action.
It’s the official opening ceremony of COP27 today, marking the start of the two-day leaders’ summit. President Abdel Fattah El Sisi will inaugurate the two-week conference alongside UN Secretary-General Antonio Guterres and UN Framework Convention on Climate Change (UNFCCC) Executive Secretary Simon Stiell. The session is expected to start soon after 12pm CLT (1pm KSA / 2pm UAE) and be attended by heads of state and government from across the globe, according to the agenda (pdf).
In the afternoon: COP27 President Sameh Shoukry will open the first high-level session at 14:30 CLT, which will see heads of state give statements until 18.30 CLT. Among those speaking today — according to the list of speakers (pdf):
- Arab leaders including UAE President Sheikh Mohamed bin Zayed, Jordan’s King Abdullah II, Iraqi President Abdul Latif Rashid, and Algerian President Abdelmadjid Tebboune;
- European leaders, including German Chancellor Olaf Scholz, Italian PM Giorgia Meloni, French President Emmanuel Macron, and Dutch PM Mark Rutte.
- UK Prime Minister Rishi Sunak;
- Ethiopian Prime Minister Abiy Ahmed, who is on his first visit to Egypt in four years
- Isaac Herzog, president of Israel.
Also today: Saudi Arabia’s Middle East Green Initiative gets underway in Sharm.
^^ We have the full rundown of what went down on Day 1 — and what to look out for over the next few days — in the news well, below.
Do you have news coming out of COP? A top exec who would like to have a chat? Send press releases, statements, communiques and interview pitches our way on editorial@enterprise.press.
KEY COP DATES-
The Forum will take place on the sidelines of COP27 this Friday and Saturday, 11 and 12 November in Sharm el Sheikh. The forum will tackle emissions reduction, renewables, clean hydrogen production, the circular carbon economy, sustainability, the importance of climate finance, and the role of the private sector.
Among the days and themes that we think are most relevant to MENA business leaders:
- World leaders’ summit: 7-8 November (more details here)
- Finance day: 9 November
- Decarbonization day: 11 November
- Saudi Green Initiative: 11-12 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.
WATCH THIS SPACE #1- UAE’s Empower has put more shares into its IPO offering, now shopping as much as 20% of the company on the back of high demand, with “oversubscription across all tranches,” the company announced on Friday without disclosing the oversubscription rate. The initial public offering was originally set to see Empower sell a 10% stake before it raised the stake size (pdf) to 15% last week. The company priced its initial public offering at AED 1.31-1.33 per share last week and the subscription period closes today for UAE retail investors and tomorrow for other qualified investors.
WATCH THIS SPACE #2- UAE’s Adnoc signs energy agreements worth AED 35 bn: The Abu Dhabi National Oil Company has signed agreements with 25 companies including Siemens and Halliburton to localize the manufacturing of energy-related products, the state-owned company said in a statement last week. The products include compressors, pipeline inspection gauges, and specialist valves. The agreements fall under the “Make it in the Emirates” initiative focusing on 11 different sectors to develop national industry.
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CLIMATE DIPLOMACY-
UAE, US continue discussions for USD 100 bn PACE partnership: US President Joe Biden and UAE President Mohammed bin Zayed Al Nahyan met last week to discuss renewable energy and carbon emissions management projects under the PACE agreement, WAM reports. Al Nahyan briefed Biden on the UAE’s funding and assistance for clean energy projects across six continents including dozens of small island developing states in the Caribbean and the Pacific Ocean in addition to a number of projects across the US. PACE’s goal is to accelerate the rollout of low-carbon energy with an eye to seeing an additional 100 GW of clean energy generation capacity built around the world by 2035.
KSA to work with Finland on sustainable projects: A Saudi delegation led by the Kingdom’s Commerce Minister, Majid bin Abdullah Al-Qasabi, signed five MoUs during a four-day visit to Helsinki, the Saudi Press Agency reports. The delegation explored avenues for cooperation in sustainable technologies, sustainable mining, and smart cities. No details on the MoUs were provided.
Saudi Arabia is also in talks with the Netherlands on energy: Saudi Energy Minister Prince Abdulaziz bin Salman held a virtual meeting with his Dutch counterpart to discuss further cooperation on energy, the Saudi Press Agency reported on Friday, without providing details.
Morocco turns to the UK for renewables investments: Morocco hosted an event at its embassy in London to attract investments in its southern provinces, Morocco World News reports. The country is looking to drum up investments in solar, wind, and hydro.
Iraq in talks with Turkey over water security, seeking its “fair share” of water from the Tigris River with Turkey, the National quotes Iraqi Minister of Water Resources Aoun Diab as saying. Turkey says it will “co-operate with Iraq and exchange visits to reach understandings for a fair share,” according to a cabinet statement. Water storages stemming from climate-induced weather events and upstream countries’ dams in Turkey and Iran are threatening Iraq’s ability to shore up water supplies for irrigation and potable consumption.
Go deeper: Read our two-part analysis of Iraq’s water crisis here and here.
CIRCLE YOUR CALENDAR-
The Hawkamah Annual Conference (Building Investor Confidence Through Governance) will kick off next 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.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
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