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Sunday, 27 February 2022

Our very own net-zero target for COP27? Plus: Remittances up again.

Egypt could announce its first net-zero target during COP27: Egyptian authorities may announce a net-zero carbon emissions target at November’s COP27 climate summit in Sharm El Sheikh, Oil Minister Tarek El Molla told Bloomberg TV (watch, runtime: 8:51). The government has pledged to expand renewable capacity to cover 42% of the country’s energy needs by 2030, up from 10% currently, but has not previously set a date for reaching overall carbon neutrality.

Economist Mahmoud Mohieldin has been appointed a high-level climate champion for the COP27 summit, according to a statement. Mohelden will work to coordinate on climate between the government, the business community, the private sector, and international financing institutions. Mohieldin, who is an executive director at the International Monetary Fund and the UN Special Envoy on Financing the 2030 Sustainable Development Agenda, will also work closely with Nigel Topping, the UK’s high-level champion for last year’s COP26 summit.

Transfers from Egyptians abroad rose 6.6% y-o-y in 11M2021 to USD 28.9 bn, according to a Central Bank of Egypt statement (pdf). The increase is in line with previous World Bank projections that remittance inflows to Egypt could hit a record high in 2021, with the bank forecasting transfers from Egyptian expats increasing nearly 13% y-o-y to USD 33 bn throughout the year. The projection would make Egypt one of the world’s top five recipients of remittances.

EDITOR’S NOTE- This story was updated on 27 February, 2022 to reflect that remittance inflows rose 6.6% y-o-y in 11M2021, not 9M2021.

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