What we’re following this morning: It’s Finance Day at COP27

Good morning, dear readers, and welcome to a busy day, whether in terms of Egypt’s green economy or its own export ambitions. coffee beans.

It has been the largest Egyptian company for yearssuch as Hassan Allam, Infinity and Orascom Construction, is the basis for the green energy economy – building technical expertise, entering into partnerships with global companies (especially in the Gulf), and for decades bankers, regulators and policy makers have been skilled in dealing with large projects, each of which are experts in the field of renewable energy through projects, especially the Benban solar energy complex with a capacity of 1.8 gigawatts.

What are we going to do with so much green energy? We will sell it to Europe, Africa and the Gulf countries, and you can also use it to manufacture products that we sell to those markets as well.

point number 1: Renewable energy will be used to operate the first plant for the production of green hydrogen in Egypt, which is the project of Vertiglobe, Scatec and the Sovereign Fund of Egypt with a capacity of 100 megawatts. The project, built by Orascom Construction with local and international expertise, entered the operational phase yesterday.

point number 2We will export large amounts of energy to Greece through the interconnections that Greek Prime Minister Kyriakos Mitsotakis talked about at the COP27 summit yesterday, Enterprise Climate says this morning.

We have more on all that and more in our post this morning below.

Back to number 100? The price of a barrel of oil is on the threshold of $100 for the first time since last August, due to OPEC Plus’ decision last month to cut production, indicating that the alliance of oil-producing countries is squeezing the market hard, Bloomberg wrote .

happening today –

The Ministry of Finance presentsFunding DayToday, within the activities of the Climate Conference COP27 in Sharm El-Sheikh.

Why is this important? Finance ministers, bankers, investors, multilaterals, development finance institutions and those interested in how governments and companies access climate finance will be present at meetings and roundtables – or speaking on the sidelines of Finance Day. Officials are seeking to get lenders and investors to increase their contributions, as well as reach a set of concessional and sustainable climate finance agreements for developing and African countries.

Open up Prime Minister Mostafa Madbouly Today, as it sets the stage for discussion of key challenges and avenues of climate finance. Throughout the day, sessions will discuss the role of policy in climate investment, lowering the cost of green loans, financing a just transition in Africa, the role of multilateral development banks in unleashing climate finance and financing the loss and damage of climate change.

Funding Day will also see the launch of the COP27 Presidency Sharm El-Sheikh Guide to Fair Finance.

** You can see the full agenda of the summit for the day here (PDF).

Speaking of climate finance –

Developing countries will need $1 trillion a year in external financing by 2025 to tackle the effects of climate change. According to a PDF report on financing climate action, written by a panel of high-level experts commissioned by the United Nations and chaired by the COP26 and COP27 climate summits. Developing countries and emerging markets, excluding China, will require $2.4 trillion in total annual investment by the end of the decade to build resilience and meet the Sustainable Development Goals. The report stated that one trillion dollars of this financing should be provided by investors, development finance institutions and developed countries, while the remaining 1.4 trillion dollars could be obtained from private and local government sources in those countries.

The report praises thenoveThe report cited the “Novi” programme, which aims to attract finance for the water, food and energy sectors, as a “leading model” for emerging markets, which in a tangible and achievable way invests in can attract climate-related projects. The report is covered by Reuters.

This week we follow –

The Senate will reconvene on Sunday and Monday To discuss a draft law on granting investment incentives to industrial projects that obtain most of their financing from foreign currencies from abroad, and another draft law establishing the Digital Egypt Fund. The first legislation, provisionally approved by the Senate Committee on Finance and Economic Affairs earlier this week, provides for an incentive for qualified industrial enterprises not to withhold 55 percent of the income tax levied on income from the enterprise’s activity or its expansion not to be exceeded. As for the second legislation, it aims to improve the objectives of the Digital Egypt initiative, which is adopted by the Ministry of Communications and Information Technology.

The world’s most prominent news –

The results of the US midterm elections are coming in, showing a close rapprochement between Democrats and Republicans in the race for control of the Senate, with Democrats making a marginal advance of 42 seats, compared to 41 seats for Republicans this morning. However, the Republicans made progress in the race to control Congress, with 144 seats compared to 80 seats for the Democrats, and prominent figures in the Republican Party expressed their optimism to regain control of the House. Among the most prominent results of the results was the re-election of Ron de Sants, Trump’s rival, in Florida, while Marco Rubio returned to the Senate from Florida. To see the latest results published: Associated Press l The New York Times l The Washington Post.

A new investment conference in six months? Prime Minister Mostafa Madbouly and American businessman Michael Bloomberg discussed the possibility of holding a conference to promote investment opportunities in Egypt in April or May 2023, during their meeting on the sidelines of the climate conference at COP27, according to a cabinet statement.

The government is keen to refund the value added tax for non-resident foreign departures in conjunction with the convening of COP27: The Ministry of Finance and the Egyptian Tax Authority have selected certain shops in Sharm El-Sheikh, where the Climate Conference is being held, where tourists can recover value added tax on their purchases, and have drawn up guidelines in several languages. At various locations in the airport, city hotels and meeting places to educate delegates participating in the conference about the procedures, according to Press Release (PDF). A tourist can recover value added tax on his purchases, provided their value is not less than 1500 pounds and the period of his stay in the country does not exceed three months. More about tax refund conditions in Arabic and English on the website of the Tax Authority.

Some of the best golfers visited the Pyramids of Giza yesterdayThis is ahead of the start of the first Egypt International Championship, which will be held on Thursday at the Golf Club in Madinaty and will continue until next Sunday, according to a press release (PDF). Yesterday, the pyramids were visited by the American hero Sihwan Kim, the Canadian Richard T. Lee, and the Korean Jeonjun Wang, together with the Egyptian hero Issa Abu Al-Ela.

Enterprise Climate X Forum – the first dedicated forum organized by Enterprise – takes place on Tuesday 6 December. The forum will be at the level of senior corporate executives, investors, bankers and development finance officers. Through panel discussions, live interviews and networking sessions, Enterprise Climate X Forum will give insiders and newcomers a chance to talk about how to build a climate-centric business How to make sure your business continues to get the money it needs to grow. We expect the forum to be bus With lessons learned in Egypt and other global growth markets – and many success stories.

We will announce the location for the forum next week and we hope you like it.

We have partnerships with some of the biggest names in business and finance – have you? The Enterprise Climate X Forum is held with the generous support of our friends, including:

  • Banking partners: HSBC | Mashreq Bank | Attijariwafa bank
  • Communication partner: Contacts of &e
  • event partners: Hassan Allam Utilities | Infiniti

For those who wish to attend, the first batch of invitations We will send it today. If you are a manager, a company owner, a climate specialist, an official in a development finance institution, an investor or a banker, please write to us via climatexrsvp@enterprisemea.com, to tell us what you want to attend, and please write your name, job title and employer.

Leave a Comment