ESG Updates

COP 26 – Day 2

President Abdel Fattah Al-Sisi Speech
During his speech, President Al-Sisi touched on three central points, the first being Egypt’s progress towards implementing a sustainable development model with an emphasis on climate change. Within the model is a goal to increase government-funded green projects to reach 50% by 2025 and 100% by 2030. He shares, “To fund those projects, Egypt has recently issued the first Green bonds at a value of 750 million US dollars.” During his second point, President Sisi addressed developing countries’ pertinent role in remaining committed to delivering on their promise of $100 million annually in order to support developing countries’ climate ambitions. Finally, he called for special treatment for the African continent as it faces exponential repercussions given its unique circumstances.
Methane pledge
Around 100 nations and parties including EU nations, have signed on to a global pledge to cut methane emissions by 30% of 2020 levels by 2030. With 15% of the world’s greatest emitters committing to the pledge, Egypt did not participate.

South Africa plans to transition from coal
The UK, EU, and the US signed off on a new $8.5bn Partnership with South Africa to aid in its plan to decarbonize and eliminate its coal dependency. Announcing US participation in the partnership, President Biden shared the US would finance efforts “by closing South Africa’s coal plants ahead of schedule and investing in clean alternatives… for the people of South Africa.”
Net zero-emission for steel production
More than 40 countries, including the UK, US, India, and China, as well as the EU, have backed the first international commitment to achieve “near-zero” emission steel production by 2030.

Governments and private sector pledge billions
The Bezos Earth Fund pledged $2 billion to combat climate change through landscape restoration and the transformation of agricultural systems. Host nation Scotland also became one of the first countries to pledge funding for the Global South for the effects of climate change, putting forth £1 million for climate loss and damage.

Europe investment in clean technologies
Europe aims to make new climate technologies more accessible through a substantial €1bn public and private investment. The EU Catalyst program, launched in partnership with Bill Gates and the European Investment Bank, will fund and commercialize clean technologies. 
African countries to spend $6bn on adapting to climate impacts
African countries are preparing to spend at least $6bn a year from their tax revenues on adapting to the effects of the climate crisis and are urging developing countries to provide $2.5 billion annually for the next five years to support them in meeting their goals.

Biden pitches $1.7 trillion spending package
“Investing in our clean-energy future is an enormous opportunity for every country to create good-paying jobs and spur a broad-based economic recovery,” he said.