It’s finally over, and with COP27 now in our rearview mirror (if barely), we’re starting the week by taking stock of the “COP of implementation.”

Much of the narrative in the Western press thinks COP27 fell short of the mark. As people who live, work, invest and do business in an emerging market at risk by the climate mess created by developed nations, we think COP27 was a qualified success.

A success because delegates agreed on a USD 100 bn loss and damage fund — it was a key goal of Egyptian negotiators in the run-up to Sharm El Sheikh, as Amb. Mohamed Nasr and Mahmoud Mohieldin made clear. And Nasr and his team delivered it even after being told be wealthy nations it wasn’t going to happen.

And qualified because (a) USD 100 bn is not enough and (b) wealthy nations kicked the ball to next year on the question of how it gets funded. What’s more, MENA-based businesses and politicians did well lining up major agreements on projects that could help with mitigation.

And in the west:

• COP27 ends in tears and frustration: ‘The world will not thank us’ (Financial Times)
• COP27 sets up climate-damage fund for poorer nations. Wealthy countries preserve last year’s deal on cuts after big developing nations try to water it down. (Washington Post)

And so we give you today the COP Watch roundup, wherein we chart and breakdown the most significant regional climate finance agreements, projects and policies that were announced, as well as insights from some climate sector insiders.

^^ You can catch our summary guide to COP27 in the news well below.

Some of the best insights throughout COP27 came from participants in our Climate CEO Poll. We heard from business leaders spanning a range of industries (who graciously gave us some time during a grueling two-week schedule) on how they’re making the green transition in MENA possible and what they expected to get out of COP. You can catch up on them here:

• Ahmed El Hoshy, CEO of OCI NV and Fertiglobe.
• Harry Boyd-Carpenter, managing director of climate strategy and delivery at EBRD.
• Joel Van Dusen, group head of corporate and investment banking at Mashreq.
• Karim Moussa, head of private equity and asset management operations and co-CEO of EFG Hermes’ investment bank, and CEO of Vortex Energy.
• Mohamed Saad, President and CEO for NEA at Signify.
• Osama Bishai, CEO of Orascom Construction.
• Sebastien Riez, Northeast Africa and Levant Cluster President for Schneider Electric.
• Sherif El Kholy, partner and the head of MENA at Actis.

*** A QUICK PROGRAMMING NOTE- Enterprise Climate doesn’t end with COP27 — and was never going to. We’ve been bowled over by reader response to the newest daily in the Enterprise family — you’re engaged, ambitious, and we’re honoured to write you every morning, COP or no COP. We’re building the essential publication for senior execs who work in the world’s most important industry. Enterprise Climate is published Monday through Thursday at 4am Cairo / 5am Riyadh / 6am UAE — today, when COP28 starts a year from now, and well beyond.

*** Had enough COP? Go check our wonderful World Cup primer or join our World Cup fantasy football league (code SZJ507VP). We’re giving away Enterprise mugs to the top three finishers (shipped anywhere in the world) and a special gift to whoever comes out on top.

THE BIG CLIMATE STORY EVERYWHERE- No surprise, the USD 100 bn loss and damage fund is topping all the headlines. The creation of a “historic loss and damage fund” is huge news for our industry and it’s dueling with the lack of progress on emissions reduction as the big climate story in the international press. Outlets sang praises from countries and small island states that pushed for the fund and the “frustration” of delegates who feel the agreement doesn’t do enough to strengthen last year’s Glasgow Climate Pact. (Guardian | Reuters | New York Times | Washington Post | Bloomberg)

Similarly, the news of the fund was met with mixed reactions here, with some insiders we spoke with seeing it as a major accomplishment for EMs and developing nations, while others believing it doesn’t go nearly enough to cover the damage our part of the world will face thanks to climate change. We break down those views in greater detail in the news well below.

WATCH THIS SPACE #1- We have some mixed news on green hydrogen: The good news? Demand among G7 countries could rise by about four to seven times compared to 2020 levels, according to a new report (pdf) by the International Renewable Energy Agency.

The less-good news? G7 members will be the “front runners” of green hydrogen deployment, the report says, as they benefit from access to capital, heavy industry presence, availability of renewable sources, an existing local green hydrogen industry and technical know-how. And with some, including the US, planning to heavily subsidize hydrogen production, MENA-based green hydrogen projects may suffer from some competition.

WATCH THIS SPACE #2- Oman and Schlumberger are eyeing geothermal projects: Schlumberger signed an agreement with Oman to help build its national geothermal energy strategy in a bid to reach the country’s net zero goals, according to a company statement. The company evaluated data from over 7k oil, gas, and water wells to identify where geothermal processes can be integrated for future installations.

HAPPENING TODAY-

Could we be hearing updates on Dubai Islamic Bank’s green sukuk issuance today? Dubai Islamic Bank (DIB) will reportedly begin its roadshow for its prospective green and sustainable sukuk issuance today, after reaching out to banks over the weekend to arrange the sale, according to a widely picked up Reuters piece on Friday that appears to have since been removed. The green sukuk will carry a five-year maturity, according to the piece.

Background: DIB had set up a new green financing framework ahead of issuing green and sustainable Shariah-compliant bonds last month. And while it is the first Islamic bank in the UAE to set up this kind of green financing framework, the GCC has become a hotbed of successful green bond issuances this year.

Advisers: Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, HSBC, Sharjah Islamic Bank and Standard Chartered will hold investor meetings and an issue of benchmark size will follow, subject to market conditions.

MEANWHILE- Cityscape Intelligence Talks will take place from today until Wednesday, 23 November at the Dubai World Trade Center. The event will focus on highlighting the construction industry’s climate resilience efforts. You can register for the event here.

CIRCLE YOUR CALENDAR-

COP27 may be over — but climate will remain the world’s largest and most important industry for decades to come. Our Enterprise Climate X Forum will see members of the business community gather at the Grand Egyptian Museum on Tuesday, 6 December 2022.

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.

Saudi Arabia’s Education Ministry will host its Global Conference on Sustainable Partnerships next 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.