COP Daily News

COP27 Daily Briefs – 9th November 2022

Finance Day

Opening Speech and launch of Green Climate Fund Climate Investment Plan by the Prime Minister
Setting the scene for the Finance Day, Prime Minister Mostafa Madbouly kickstarted the Finance Day, organized by the Egyptian Ministry of Finance in the COP27 Blue Zone that cooperation between governments, civil society, the UN, and international organizations is the shortest way to ensuring success in combating climate change.

Later on, Prime Minister Mostafa Madbouly and the Green Climate Fund (GCF) launched Egypt’s Climate Investment Plan to accelerate the country’s climate action through investment planning. The strategy is a twin scheme meant to support a stronger and greener economy with an eye on renewable energy, transportation, agriculture, and water resources.

President of the World Bank David Malpass, IMF Managing Director Kristalina Georgieva, President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, Executive Director of the GCF Yannick Glemarec and other high-level officials attended the side event

H.E Abelfattah El Sisi pushes further cooperation with global leaders towards
President El-Sisi and Belgian Prime Minister Alexander De Croo jointly launched a global renewable hydrogen forum during a high-level roundtable on “Investing in the Future of Energy: Green Hydrogen”, held on the sidelines of COP27.

The forum aims to facilitate the production and use of renewable hydrogen to reduce carbon emissions, accelerating a just transition to renewable energy, El-Sisi said during the launch.
The forum also seeks to determine the best tools for contributing to boosting the trade of green hydrogen between developing countries rich in renewable energy and developed countries, the president added.

The dialogue’s main objective is to coordinate policies and procedures and create paths for trade and investment in hydrogen, thus contributing to accelerating the pace of the just transition we aspire to have.

Egypt signs concessional development funding worth $2.24B

The Ministry of International Cooperation announced the signing of $2.24 billion in concessional development funding. It stated that this came in the light of multilateral cooperation efforts to support the State’s development vision to implement a number of development projects and develop sustainable infrastructure that stimulate private sector participation with a number of development partners in transport, housing, electricity, renewable energy, food security and the environment in the Egyptian pavilion of the COP27 Climate Conference.

Egyptian stock exchange launches voluntary carbon market
Prime Minister Mostafa Madbouly launched the voluntary carbon markets platform at COP27’s Egyptian pavilion. The platform was launched with the participation of the Egyptian Exchange Stock.

The launch ceremony was attended by Planning Minister Hala Saeed, Environment Minister Yasmine Fouad, and Board Chairman of the Financial Regulatory Authority Mohamed Farid.

Minister Fouad underlined the importance of the event, which she said will offer greater chances for the private sector to commit to confronting climate change within the framework of the updated national contribution plan
The market, which was launched during the COP27 climate summit hosted in Egypt, would boost “financing African climate projects to achieve net zero”, the exchange said.

World Bank Group’s Country Climate and Development Report (CCDR) launched today with the Government of Egypt.
The report highlights that an ongoing commitment to climate action can transform these risks into opportunities and help Egypt to achieve its climate and development goals together.

The report identifies policy actions and investment opportunities that, if implemented within five years, could make the use and allocation of natural resources more efficient, reduce the impacts of climate change on people and businesses, and enhance Egypt’s competitiveness in global markets.

“Our CCDRs are shifting the discussion from distant impacts into immediate and actionable recommendations for decision makers today. The recommendations in this report are designed to build the foundation for a low-carbon growth model for Egypt with greater competitiveness in the global scene and reduced vulnerabilities of the people and the economy to climate shocks,” said David Malpass, World Bank Group President.

EU members agree how to share emissions cuts
EU member states have come to an agreement with Member of the European Parliament (MEPs) on how to share out the effort of reducing greenhouse gas emissions. The union plans to cut emissions from road transport, building heating, farming, light industry and waste management by 40 percent by 2030, compared to their level in 1990. These targets vary depending on a member state’s GDP per capita and the cost-effectiveness of the cuts it is proposing.

The lowest goal is a 10 percent reduction in the targeted sectors for Bulgaria, while Denmark, Germany, Finland and Sweden must bring their emissions down by half.

The release of a worldwide emission inventory
Former US Vice President Al Gore launched the “Climate Trace” initiative during the COP27 Climate Summit, held in Sharm El-Sheikh.

Climate TRACE (Tracking Real-Time Atmospheric Carbon Emissions) is a Carbon Tracker Initiative to track GHG from every major human-caused emitting activity across the globe, including power plants, factories, ships and more. It aims at mobilizing the international community as a whole to rescue the planet. The inventory, published on Wednesday on Climate TRACE’s website and free for anyone to access, includes emissions data for 72,612 individual sources, including power plants, steel mills, and oil and gas fields. It also includes sources that can move between countries, such as cargo ships.
Click here to the view the map of the most detailed inventory of global greenhouse gas emissions: