Monday, 7 November 2022

THIS EVENING: Guterres warns of “highway to climate hell” on day two of COP27 + Come talk to us about building a climate-centered business at the Enterprise Climate X Forum

Happy Monday, wonderful people. It’s a busy, busy day here in Omm El Donia as the leaders’ summit gets underway at COP27 in Sharm El Sheikh, while the global business press still has one eye on the US midterm elections. But before we get started…

We’re delighted to let you all know that the Enterprise Climate X Forum, our first industry-specific conference, is taking place on Tuesday, 6 December. It’s a C-suite event for CEOs and top execs, investors, bankers, and development finance folks.

You’re going to love the venue when we unveil it next week.

DO YOU WANT TO ATTEND? The first wave of invites is going out today. If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work.

The Enterprise Climate X Forum takes place a bit after COP27 for two simple reasons:

  • To give us all time to catch our collective breaih before we ask: Now what?
  • And to serve as a bridge to COP28, keeping the industry in the spotlight for the 11 months before the world heads to the UAE.

Make no mistake: Climate will be the world’s largest and most important industry for decades to come — and is the defining challenge of our generation. It cuts across every sector, from banking and finance to infrastructure, urban planning, real estate, FMCG and beyond. Enterprise Climate and the Enterprise Climate X Forum are the regional hub for news, views, discussion and debate about how we build this industry.

In panels, live interviews and networking sessions, the Enterprise Climate X Forum will give insiders and newcomers alike the chance to talk about how to build a climate-centered business — and how to make sure your business continues to have access to the funds it needs to grow. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.

Some of the biggest names in business and finance are on board — are you? The Enterprise Climate X Forum is taking place with the generous support of our friends, including:

  • Banking partners: HSBC | Mashreq | Attijariwafa Bank
  • Telecom partner: Etisalat by e&
  • Event partners: Hassan Allam Utilities | Infinity

Want to reach our audience? Ping a note to Moustafa Taalab, our head of commercial, here.


THE BIG STORY TODAY-

Day two of COP27 in Sharm El Sheikh is still going strong as we dispatch this afternoon’s edition of EnterprisePM. Heads of states are currently delivering their national statements, with UAE President Sheikh Mohammed bin Zayed Al Nahyan starting things off. We’ve also heard some stark warnings and a reiteration of our shared climate goals moving forward from UN Secretary General Antonio Guterres — who said we are on a “highway to climate hell” — while former US Vice President and climate activist Al Gore reminded us that Africa has the natural resources to unlock massive global potential for renewables. Barbados’ Prime Minister Mia Amor Mottley, among other global leaders, also stressed on the issue of climate financing, including loss and damage.

This portion of the day is set to wrap up at 6:30pm. There are also a handful of open and closed meetings happening in parallel.

^^We’ll have the full rundown of the day in tomorrow morning’s editions of Enterprise Climate and EnterpriseAM.

THE BIG STORY ABROAD

Picking up where we left off this morning, the climate summit is still getting pushed down the front pages of the international business press. Among the stories getting front-page play this afternoon: Eleventh-hour campaigning in the US midterms (Wall Street Journal) as Republicans appear to be in good shape to take back control of the House of Representatives (Financial Times), while Russia is hammering Ukraine with “relentless” drone attacks (CNBC).


** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Nations will discuss loss and damage financing for the first time at COP27: A “breakthrough” agreement allowing diplomats to officially debate for the first time who should pay for damage sustained by the countries most vulnerable to climate change was announced on the first day of COP27 yesterday.
  • IFC money for 500 MW wind project? The International Finance Corporation (IFC) could provide USD 83 mn to an Emirati-Japanese consortium to part-fund their planned 500 MW wind farm in Ras Ghareb.
  • EGX teams up with Agricultural Bank, Enara Group to form carbon credit company: An Egyptian Exchange (EGX) subsidiary has signed an agreement with the Agricultural Bank of Egypt and Enara Group’s Libra Capital to establish Libra Carbon, the first Egyptian company to develop, manage and issue carbon certificates.

???? CIRCLE YOUR CALENDAR-

The Techne Summit continues at the Bibliotheca Alexandrina, bringing together entrepreneurs and investors from various sectors in the Mediterranean region. The global multi-industry gathering runs until tomorrow as a hybrid event.

New int’l wheat tender: Grain suppliers have until today to respond to an international wheat tender from GASC. It’s unclear how many tons the state grains buyer is seeking. Shipping is set for 15-30 December and/or 1-15 January.

Global golf is coming to Egypt: The Asian Tour’s International Series is making a stop in Egypt this Thursday, 10 November through next Sunday, 13 November. The first International Series Egypt will take place at Madinaty Golf Club, with a generous purse of USD 1.5 mn on offer.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- The mercury is set to reach 25°C during the day tomorrow in the capital city before dipping to 16°C at night, our favorite weather app tells us.

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 HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.