Good morning, wonderful people —it’s day five of COP27 and we have a deluge of news for you from Sharm El Sheikh.

The BIG CLIMATE STORY EVERYWHERE: It was a big day for carbon markets and carbon offsetting as Egypt’s Finance Ministry hosted finance day. Egypt’s stock exchange, the EGX, launched Africa’s first regional voluntary carbon market, which will allow companies across the continent to sell certified carbon credits from their emission-reducing projects. US climate envoy John Kerry announced a new carbon offset plan to encourage companies to invest in renewables projects in developing countries and claim carbon credits in return — although the plan is getting heat from some environmental advocacy groups.

^^ We have the full rundown of what went down on Day 4 — and what to look out for over the next few days — in the news well, below.

HAPPENING TODAY- It’s Science Day, where sessions will be focusing on advances in climate science and the impacts of climate change on ecosystems, biodiversity, and global communities in a bid to ensure actionable steps are based on credible science. Youth & Future Generations Day will be happening at the same time, bringing high-level policymakers together with representatives of the Conference of Youth to present the Global Youth Statement underpinning key policy requests to drive forward climate action and resilience.

REMEMBER- 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.

ALSO- The continued detention of Egyptian activist Alaa Abdel Fattah is being widely discussed by COP delegates — and making global headlines — as his family ramps up a campaign for his release. Abdel Fattah, who recently became a UK citizen, began a hunger strike on 2 April and was said on Sunday to have stopped drinking water. The leaders of France, Germany and the UK have called on authorities to release Abdel Fattah this week and Politico reports that US President Joe Biden will raise the issue when he arrives in Egypt tomorrow. Among those picking up the story: Financial Times | AFP | BBC | Washington Post | Foreign Policy | Deutsche Welle | The Hill | The Economist | Vice | The Guardian.

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 are going out. 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.

WORTH READING- Fiscal policy is needed to help drive decarbonization in the Middle East, according to a new IMF report (pdf). An investment of USD 770 bn in renewables by countries in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) would achieve the region’s 2030 emission reduction targets if fuel subsidies are reduced by two-thirds and without any carbon tax, the report says.

Fiscal policies should be paired with non-fiscal mitigation policies including raising emissions standards,curbing greenhouse gas emissions, and incentivizing green private investment, the report says.

What else can be done? The report proposes two main strategies that, together, provide a carrot-and-stick approach: Increasing public investment in renewables, along with gradually removing all fuel subsidies and raising the price of energy through a phased carbon tax.

The downsides: Ramping up public investments in renewables would increase debt by 2030, slowing longer-term growth for the region. Removing fuel subsidies and carbon taxation would curb medium-term growth and potentially cause GDP per capita to decline in MENAP and CCA to decline by 5% by 2030.

WATCH THIS SPACE- German developer Lilium sees the GCC as ripe with potential for its flying taxis, the National reports. The development of mega cities in the region makes it an efficient mobility demand hotspot to reduce congestion and reduce carbon emissions. The new markets Lilium is eyeing are Kuwait, the UAE, Bahrain and Oman. KSA’s national airline, Saudia, KSA’s national airline purchased 100 electric Vertical Take-Off and Landing (eVTOL) vehicles from Lilium last month.

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THE DANGER ZONE- Little can be done to prevent the thawing of ice sheets, and the world’s coastal cities will feel sharp effects within a decade. That’s according to new research by the International Cryosphere Climate Initiative. The vanishing of sea ice will result in the Arctic Ocean absorbing more heat than it reflects, ultimately raising global temperatures and eating away at coastal cities. The melting of glaciers will inevitably raise global sea levels by more than 25 cm by the end of this century, twice what scientists had previously forecast.

What to expect in MENA: Coastal cities including Alexandria in Egypt and Basra in Iraq, both of which are primed to bear the brunt of climate-induced sea level shifts in our part of the world.

CLIMATE DIPLOMACY-

The US, Oman will cooperate on renewable energy and manufacturing, according to a joint statement released by the US Department of State this week, launching the first U.S.-Oman Strategic Dialogue focused on education and cultural exchange, trade and investment, and renewable energy. Through a forthcoming MoU between the Sultanate and the US’s Export-Import Bank, the two parties reiterated their joint commitment to climate action. Oman’s efforts in desalination, emissions reduction and green hydrogen development were noted, including Oman’s regional role in desalination research through its Middle East Desalination Research Centre (MEDRC), its recent commitment to carbon neutrality by 2050, and its USD 150 bn green hydrogen strategy.

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 more than 2k exhibitors from 60 countries, as well as regional and global construction industry leaders together to discuss ways to meet local and global net zero and waste reduction targets.

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