Good morning, friends — it’s day four of COP27 and we have a torrent of news for you.

As it has been since the start of the week, the summit is the BIG CLIMATE STORY EVERYWHERE: The COP27 Presidency launched the Sharm El Sheikh Adaptation Agenda yesterday with key targets for collective adaptation action, in partnership with the UN climate change high-level champions. The ultimate goal? Safeguarding “climate vulnerable” communities from “rising climate hazards, such as extreme heat, drought, flooding, or extreme weather.”

AND- The IFC is launching a USD 6 bn global food security platform, singling out Arab countries including Yemen, Iraq, Lebanon, Libya and Tunisia as being particularly at risk. The USD 6 bn financing facility aims to “support vulnerable communities, boost the flow of vital commodities to emerging markets, and help reduce food insecurity.”

The private sector has committed about a third of the capital to the fund, with USD 2 bn coming in from private investors, USD 3 bn from the IFC and another USD 1 bn being blended finance.

The IFC will invest in private-sector companies that help shore-up food security, including in agribusiness, infrastructure, manufacturing, and disruptive technology.

Want to go deeper? Check out the rundown here or the announcement here.

ALSO- Austria just became the fifth rich country to make a pledge of loss-and-damage finance for emerging markets — with the whopping pledge of EUR 50 mn over four years. Yes, folks, mn (not bn), that’s not a typo. Sure, it’s more than the EUR 2.5 mn that Belgium promised Mozambique earlier this week. But these sums are so small as to be insulting — they’re rounding errors compared to the needs in frontier and emerging markets.

HAPPENING TODAY-

IT’S A HUGE DAY FOR all of our besties in banking and finance as Egypt’s Finance Ministry hosts Finance Day.

What’s the big deal? Finance ministers, bankers, investors, multilaterals, development finance institutions, and anybody else with an interest in how governments and businesses alike access finance for climate will in meetings and rountables — or chatting on the sidelines. In addition to pushing lenders and investors to step up to the plate, state officials are looking at a series of facilitated and sustainable climate finance agreements for developing and African countries.

Prime Minister Moustafa Madbouly will kick off the day’s proceedings, setting the stage on main challenges and avenues for climate finance. Sessions throughout the day will discuss the role of policy in climate investment, reducing the cost of green borrowing, financing a just transition in Africa, the role of MDBs in unlocking climate finance, and financing loss and damage.

ALSO The COP27 Presidency will launch the Sharm El-Sheikh Guidebook for Just Financing.

AND- Expect plenty of announcements from banks, investors, DFIs and others today.

MEANWHILE- Speeches by world leaders wrapped up yesterday — now the real arm-twisting has begun behind the scenes. The key issues at play (loss and damage, emission reduction targets etc.) are being negotiated by government delegations over the next 10 days so we’ll likely have to wait until 18 November for a final agreement to come out of COP27.

^^ We have the full rundown of what went down on Day 2 — and what to look out for over the next few days — in the news well, below.

KEY COP DATES-

Among the days and themes that we think are most relevant to MENA business leaders:

• 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.

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.

The Enterprise Climate X Forum, our first industry-specific conference, is taking place on Tuesday, 6 December. 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.

Stay tuned very soon when we reveal the venue. You’ll love it, we promise.

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

DO YOU WANT TO ATTEND? The first wave of invites is going out today. 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.

Want to reach our audience? Ping a note to Moustafa Taalab, our head of commercial, here.

THE DANGER ZONE #1- Climate change could be twice as deadly as cancer in some regions, UN News reports. citing a study by the UN Development Programme and the Climate Impact Lab. By 2100, should emissions remain high, areas of Bangladesh could see climate change-related deaths rise to “nearly twice the country’s current annual death rate from all cancers,” according to the report. The impact of rising temperatures, which stress cardiovascular and respiratory systems, will vary by region depending on whether or not communities have the resources to adapt.

The impact will increase inequality significantly: Workers in industries like agriculture, mining, construction and manufacturing — who are most exposed to weather conditions — will be the most affected. Countries like Saudi Arabia have the resources to adapt, but climate change is still expected to increase the nation’s death toll to 35 per 100k, deadlier than Alzheimer’s disease. Communities like Pakistan’s Faisalabad, on the other hand, will witness mortality rates rise to 67 per 100k, causing more fatalities than strokes — Pakistan’s leading cause of death.

CIRCLE YOUR CALENDAR-

The Hawkamah annual conference 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.

UAE will host The Big 5 Global Construction Impact Summit on Wednesday, 7 December at the Dubai World Trade Centre, bringing regional and global construction industry leaders together to discuss avenues to meet the region’s net-zero targets.

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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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.

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