Back to the complete issue
Sunday, 29 August 2021

Sovereign funds aren’t doing enough ESG investing + a bunch of global covid news


Apparently, global sovereign wealth funds are not doing enough investing in ESG to meet the current rate of climate change, former executive secretary of the United Nations Framework Convention on Climate Change, Christiana Figueres, told Bloomberg. She explained that they are still too focused on maximizing returns and not enough on averting the climate crisis. She explained that so far the funds have been focused on maximizing returns from the low-carbon transition, but “given the gravity of the climate crisis, this is no longer sufficient.” A 2020 study (pdf) by the International Forum of Sovereign Wealth Funds reported that over a third of wealth funds have a formal climate change strategy in place.

Bloomberg is doing a day in the life of a fertilizer container that has been stuck in the Port of Shanghai since May as to show us just how bad the global supply chain has become in light covid-19 outbreaks and typhoons. A fertilizer container headed to the US from China usually takes no longer than a few weeks.

YOUR DOSE OF GLOBAL COVID NEWS- Natural immunity trumps Pfizer vaccine? People with natural immunity from a previous covid-19 infection are apparently less likely to contract the delta variant than those who are vaccinated, according to a study (pdf) published by medRxiv, which was cited by Bloomberg. The yet to be peer-reviewed study explained that natural immunity affords longer lasting and stronger protection against hospitalization from the delta variant, in comparison to the Pfizer vaccine. The study revealed that those fully vaccinated with the two-dose Pfizer shot are six times more likely to contract the delta variant.

UAE opens borders to the vaccinated: Travellers from all around the world who have received a World Health Organization (WHO) approved vaccine can enter the UAE starting tomorrow, according to a UAE government statement. The UAE hopes this will boost tourism — one of the country’s vital industries — while keeping everyone safe by mandating rapid PCR tests upon arrival.

Meanwhile, booster doses are now mandatory for Sinopharm inoculated individuals in Abu Dhabi. Vaccinated individuals who have taken the second dose of the sinopharm vaccine more than six months ago have to take a booster shot, Abu Dhabi’s media office stated in a tweet. Starting 20 September, individuals who have not received the booster shot will have the same status as unvaccinated people and will not be able to access certain public spaces. The city is aiming to follow Israel's lead after it administered a third dose of the Pfizer vaccine to try to limit the Delta variant’s spread in the country. The booster shot showed promising results reaching an 86% efficacy for people over the age of 60, according to the Financial Times.

Over to the far east, where Japan is studying the possibility of mixing Astrazeneca doses with Pfizer or Moderna ones to speed up vaccinations, Minister of Administrative affairs Taro Kono stated on a televised news program today. Studies have shown that mixing vaccines is as effective or more effective than taking two doses of the same one. Moreover, countries like Canada, France and Germany have already allowed it, though the US cautioned against the practice. Japanese vaccination rates have reached around 44% of the overall population and 90% of the elderly having received both doses, according to Bloomberg. The majority of young people remain unvaccinated.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.