Good morning, ladies and gentlemen. It’s day nine of the summit — and COP27 President Sameh Shoukry reminded delegates yesterday that there’s still a lot of work to be done.

THE BIG CLIMATE STORY- Frustrations are rising as COP27 enters day nine with little consensus on how to deliver real progress on agreements and pledges made in previous years. Shoukry told the climate summit yesterday he wanted a comprehensive climate agreement with meaningful outcomes by Friday — and reminded state and other delegates that “time is not on our side and the world is watching, let us come together and deliver now,” Reuters reports.

There are just four days left of COP27: That’s just four days for negotiators from developed and developing nations to come to agree on a way forward for emissions reduction and climate finance. COP27 President Sameh Shoukry reiterated his plea for a “meaningful” climate agreement. “It is now up to us all here to rise to the occasion and respond to the demands and calls from our communities around the world. We will accept no less than meaningful outcomes at COP27,” he told the summit yesterday. “Time is not on our side and the world is watching. Let us come together and deliver now.”

“‘This could be the COP where we lose 1.5°C,” warned COP26 chief Alok Sharma, as “anxiety grows over a push from some countries to weaken the text,” the Guardian reports.

REMEMBER- The key issues at play (loss and damage, emission reduction targets etc.) are being negotiated by government delegations over the next week so we’ll likely have to wait until 18 November for a final agreement to come out of COP27.

MEANWHILE- It’s Energy Day at COP27, with sessions on renewable energy, energy efficiency, and energy transformation focusing on a just transition in the energy sector. Green hydrogen is expected to step into the spotlight as a potential energy source for the future. High-level officials and energy transition champions will kick off the day with a series of opening remarks setting the stage for the “energy trilemma” the world is facing.

WATCH THIS SPACE #1- KSA’s Public Investment Fund has signed up as anchor investor for global asset manager BlackRock’s USD 620 bn (Saudi-focused) MENA infrastructure fund, according to a statement. BlackRock will set up a “dedicated infrastructure investment team” in Riyadh if the non-binding MoU becomes reality.

What does the BlackRock fund like? Energy, power, utilities, water, environment, transportation, telecommunications and social infrastructure. While the fund will invest across the region, Saudi will be its center of gravity.

WATCH THIS SPACE #2- Masdar, Hassan Allam Utilities and Infinity are lining up a USD 2 bn, 2 GW green hydrogen plant in an agreement they’re expected to sign with the government of Egypt today.

UP NEXT: Biodiversity day is tomorrow, while Thursday is solutions day.

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

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

From Sharm to the Grand Egyptian Museum — the business community will move the talk about a green transition ahead at the Enterprise Climate X Forum, which takes place at the Grand Egyptian Museum on Tuesday, 6 December 2022. We can think of no better place to discuss the world’s most important industry than in a world-class museum that stands as a testament to our nation’s ability to persevere (and innovate) for seven millennia. And it seems you can’t either, judging by the responses and statements of support we’ve been getting.

What’s the Enterprise Climate X Forum? It’s our first industry-specific conference, where CEOs, top execs, investors, bankers and development finance folks have 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. You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? 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.

HAPPENING TODAY-

The Hawkamah annual conference kicks off today in Dubai, addressing governance from the perspective of investors and covering expectations and interaction with boards as well as the role of regulators and companies in preparing for IPOs to attract the right investors.

SMART POLICY- The UAE’s Ras al Khaimah is rolling out a program to help manufacturers cut emissions and boost competitiveness. Early adopters include RAK Ceramics, Stevin Rock, RAK Rock. The program, unveiled at an industry event, targets companies making glass, ceramics, and other building materials.

DATA POINT- Green hydrogen could earn Africa USD 120 bn in GDP by 2050 and create 3.7 mn jobs, according to a report (pdf) by Masdar and the Abu Dhabi Sustainability Week. The report outlines that 10% of the global clean fuel’s production could come from Africa — which has potential to yield 30 to 60 mn tons annually — and most can be available for export after covering the continent’s demand.

SIGN OF THE TIMES? ESG funds saw net outflows of USD 108 bn in the first nine months of the year amid fears of recession, Reuters reports citing data from Refinitiv. “Investors pulled money out of responsible investment funds … faster, relative to their size, than broader market funds for all but two months of 2022 through September,” the newswire reports.

Why is this happening? As concerns over a global economic downturn continue, rising fossil fuel prices for instance are making some investors fall back to more lucrative — not-so-climate-friendly — funds. There’s also a continuing backlash in some quarters of business and the finance industry against the mania for ESG reporting and ESG funds (background on that in Kiplinger | CNBC | Bloomberg | Wall Street Journal)

PSA #1- Climate tech startups can now get support for “scalability and growth” from PwC’s Middle East office, which PwC Middle East partner said will help “identify the top disruptive technologies addressing the biggest climate challenges facing our region that would benefit from investment and scale up.” You can learn more about the program here.

PSA #2- Recycling app Recapp is moving from home recycling into business, saying it wants businesses in the Emirates to use its new app. The Veolia-owned app is now targeting retail stores, offices, schools, sport facilities, hotels and restaurants, among others. Businesses can sign up for one-time pickups or ask for weekly collection of recycling boxes.

THE DANGER ZONE #1- The window to meet the 1.5°C warming threshold by 2030 laid out in the Paris Agreement is abruptly closing, according to the annual Global Carbon Budget report, the authors said in a press release (pdf). If greenhouse gas emissions continue at the current rate, there’s a 50% chance that the world will breach the longstanding limit in nine years, the report says. To reach net-zero by 2050, emissions need to fall by as much as they did thanks to covid lockdowns every year.

THE DANGER ZONE #2- Emissions levels exceed 2021 forecasts amid a push for gas as countries continue to source their energy needs from gas in the wake of the Russia-Ukraine war, according to a Climate Action Tracker (CAT) report.

THE DANGER ZONE #3- Some 56 historical sites in Africa are under threat of erosion due to rising sea levels and flooding, according to a study published in scientific journal Nature Climate Change. That number is projected to increase to 198 archaeological sites by 2050, the study notes.

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CIRCLE YOUR CALENDAR-

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.