Who’s picking up the bill for the green transition? Developing nations say it should be rich countries. Wealthy nations are already falling short of their promise under the 2015 Paris Agreement to spend USD 100 bn annually to address climate change in poorer countries. But now the bill could be going up: The African Group of Negotiators on Climate Change (AGN), of which Egypt is a member, has agreed that its member states’ environment ministers will go to Glasgow with a demand for USD 1.3 tn from richer countries every year from 2030 to fund the continent’s green transition, the WSJ reports ahead of the UN’s landmark COP26 climate conference in November.

Why should rich governments be on the hook? The first argument is a moral one: Developed nations built their wealth on the back of unfettered access to cheap fossil fuels, and so should lend a helping hand to developing countries if they are to be denied that same chance. The second is purely pragmatic: While emissions are falling in Europe and the US, they continue to rise in poorer countries that simply cannot afford to invest in clean energy — and the looming climate meltdown will not respect borders.

Can’t the private sector step in? Not all green infrastructure projects generate revenue (think seawalls or training farmers on new crops), making them of no interest to investors. Where earnings can be made — for example in green energy — private investment has lagged behind government funding as investors shy away from the high risks. The UN’s flagship Green Climate Fund attempts to address the problem by absorbing the riskiest part of a project’s financing in order to leverage massive private buy-in. This is the model that helped build Egypt’s Benban solar park and Suez wind farms, the WSJ notes (and plenty of other Egyptian green projects, including from the EBRD under its GCF-GEFF framework). But attempts to scale up the GCF have been bogged down by infighting and drama for years: “The work environment in the fund is very adversarial,” Egyptian diplomat and GCF board member Wael Aboulmagd told the WSJ.

Mass polluters caught on (satellite) camera: Satellite images are increasingly being used to detect unreported methane leaks and emissions, the WSJ reports. Governments, environmental NGOs and private companies have been stepping up their use of satellites to track pollution in recent years — a move that has led some countries, including China, to complain of a “name and shame” culture that could turn legitimate concerns into a diplomatic stick with which states can beat their rivals.

Move aside, stocks. Football club-fund programs are all the rage now: From Goldman Sachs and Macquarie to Apollo Private Equity, a number of financial institutions are eager to take part in the EUR 7 bn pandemic relief fund created by the Union of European Football Associations (UEFA), the FT writes, citing unnamed sources familiar with the matter. The fund will target the top teams that participate in UEFA's competitions, with the aim of making it available to the largest number of clubs possible. European clubs have been struggling financially due to the pandemic, forcing stadium closures and fan-less matches, which has led to EUR 9 bn in foregone revenues. The association is looking to raise an initial EUR 2 bn before expanding and reaching its EUR 7 bn target.

2 mn mabrouk: Jennifer Gates, daughter of Microsoft founder Bill Gates and Egyptian-American equestrian Nayel Nassar tied the knot at a USD 2 mn celebration, reportedly following a small Muslim ceremony in New York over the weekend.