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☆ Key takeaways from the COP27 climate summit
▼ + stars: | 2022-11-20 | by ( Megan Rowling | ) www.reuters.com time to read: +5 min

[1/4] Egyptian Foreign Minister and Egypt's COP27 President Sameh Shoukry attends an informal stocktaking session during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 18, 2022. REUTERS/Mohamed Abd El GhanySHARM EL-SHEIKH, Egypt, Nov 20 (Reuters) - This year's U.N. climate summit featured visits by world leaders, proposals by business leaders, and negotiations by nearly 200 nations about the future of global action on climate change. Natural gas chiefs were billing themselves as climate champions, despite gas companies having faced lawsuits in the United States over such claims. The leftist leader made the Egypt climate summit his first visit abroad since winning Brazil's presidential election last month against right-wing President Jair Bolsonaro, who presided over mounting destruction of the rainforest and refused to hold the 2019 climate summit originally planned for Brazil. U.S., CHINA RELATIONSHIP REKINDLEDA critical precursor for the climate talks' success happened far away from the Red Sea locale.

☆ Africa climate activists have mixed feelings about COP27
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of a logo of the COP27 climate summit in Sharm el-Sheikh, Egypt. "Global north countries... need to send the $100 billion they promised," youth activist Kevin Mtai said at the summit. Sudanese climate activist Nisreen Elsaim doubted the final outcome would satisfy the continent's needs. Others felt reassured that the summit took place in an African country and was headed by Egyptian Foreign Minister Sameh Shoukry. "I'm hopeful and I trust our African leaders to have a strong voice... to come out with some good financing and good resources for the African youth and African communities," activist Paul Kaluki said.

[1/3] German climate activist Luisa Neubauer takes part in a protest demanding climate justice and human rights at the Sharm El-Sheikh International Convention Centre, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. REUTERS/Mohamed Abd El GhanySHARM EL-SHEIKH, Egypt, Nov 19 (Reuters) - The United Nations climate agency on Saturday published a draft proposal for a deal to tackle the issue of "loss and damage" that said the COP27 summit would agree to launch a new fund to help countries cope with the cost of climate damage. The draft - which the nearly 200 countries at the COP27 summit in Egypt will now consider, and potentially change, before deciding whether to approve - would agree to "establish a fund for responding to loss and damage". "Everybody was flexible for the cause of loss and damage and the disasters and people dying and the economy being lost. I thank all the parties ... who were not flexible initially but who were flexible now," Kunal Satyarthi, India's negotiator on loss and damage, told Reuters.

[1/5] A general view of the entrance to the Sharm El-Sheikh International Convention Centre grounds, during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 19, 2022. Kunal Satyarthi, a negotiator for India, said he thought the loss and damage deal would "certainly" pass, and thanked other countries for their flexibility. Norway's climate minister, Espen Barth Eide, meanwhile, said his country was happy with the agreement to create a loss and damage fund. But the possible breakthrough on loss and damage was significant, and "I don't think that should be lost in the mix," he said. For daily comprehensive coverage on COP27 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

[1/3] Egyptian Foreign Minister and Egypt's COP27 President Sameh Shoukry attends an informal stocktaking session during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 18, 2022. But with several other sticking points dogging this year's U.N. climate talks, host country Egypt said a final deal was still not expected before the weekend. But it was unclear Friday if all of those countries would accept the EU's offer of a fund to aid only "the most vulnerable countries", rather than all developing countries as they had requested. On Friday morning, the U.N. climate agency published a first official draft of the final summit deal. Some countries, including the EU and Britain, have pushed for the overall deal in Egypt to lock in country commitments for more ambitious climate action.

[1/5] Climate activists take part in a protest during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 16, 2022. "There's still a lot of gaps in the texts," said a spokesperson for Britain's COP26 Presidency, which hosted last year's climate summit in Glasgow. EU climate policy chief Frans Timmermans said the first draft left a lot to be desired. TEMPERATURE TARGETOn limiting the global temperature rise, the document mirrors language included in last year's COP26 agreement. Temperatures have already increased by 1.1C, and are projected to blow past 1.5C without swift and deep cuts to emissions within this decade.

☆ Analysis: In final week of COP27 climate talks, success hinges on 'loss and damage'
▼ + stars: | 2022-11-14 | by ( Kate Abnett | ) www.reuters.com time to read: +7 min

[1/2] People pass in front of a wall lit with the sign of COP27 as the COP27 climate summit takes place, at the Green Zone in Sharm el-Sheikh, Egypt November 10, 2022. Some negotiators and observers warn that failure to agree on such "loss and damage" funding could sour the U.N. talks and thwart other deals. At last year's U.N. climate summit all countries agreed to set tougher climate targets this year to keep average global temperature rises to the 1.5C limit that scientists say would avoid global warming’s worst impacts. A relaunch of U.S.-China collaboration on climate change, which China halted earlier this year, could help boost negotiations at COP27. Germany and a group of climate-vulnerable countries launched a "Global Shield" scheme on Monday to attempt to improve insurance for climate disaster-prone countries.

SHARM EL-SHEIKH, Egypt, Nov 11 (Reuters) - U.S. President Joe Biden told the COP27 climate conference in Egypt on Friday that global warming posed an existential threat to the planet and promised the United States would meet its targets for fighting it. "The climate crisis is about human security, economic security, environmental security, national security, and the very life of the planet," Biden told a crowded room of delegates at the U.N. summit in the seaside resort town of Sharm el-Sheikh. Biden said global crises, including the Russian invasion of Ukraine, were not an excuse to lower climate ambition. U.S. President Joe Biden delivers a speech at COP27 climate summit, in Sharm el-Sheikh, Egypt, November 11, 2022. "It's radio silence on loss and damage finance," Singh said, calling Biden "out of touch with the reality of the climate crisis."

[1/4] China's chief climate negotiator Xie Zhenhua speaks during a news conference at the COP27 climate summit in Red Sea resort of Sharm el-Sheikh, Egypt, November 9, 2022. REUTERS/Mohamed Abd El GhanySHARM EL-SHEIKH, Egypt, Nov 9 (Reuters) - China would be willing to contribute to a mechanism for compensating poorer countries for losses and damage caused by climate change, its climate envoy Xie Zhenhua said on Wednesday at the United Nations COP27 climate summit in Egypt. Xie said China had no obligation to participate, but stressed his solidarity with those calling for more action from wealthy nations on the issue, and outlined the damage China had suffered from climate-linked weather extremes. He added that China already contributed billions of yuan to developing countries to help with their mitigation efforts. "The door is absolutely closed by (the United States)," he said.

☆ Hunger striker's sister flies in to Egypt COP27 to campaign for his release
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] Sanaa Seif, sister of jailed Egyptian activist Alaa Abdel Fattah, speaks to Reuters upon her arrival to press for his release during COP27, at the Red Sea resort in Sharm El-Sheikh, Egypt, November 7, 2022. Sunak has said he will raise Abd el-Fattah's case with Egypt's leadership. Abd el-Fattah had informed his family that he would stop drinking water on Sunday in an escalation of his protest. Abd el-Fattah rose to prominence with Egypt's 2011 uprising but has been detained for most of the period since. Abd el-Fattah's family said he was only consuming minimal calories and some fibre to sustain himself earlier in the year.

☆ Egypt interest rate hike step in right direction, IMF official says
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mohamed Abd El GhanyDUBAI, Oct 31 (Reuters) - Egypt's move to raise interest rates is a step in the right direction and a flexible exchange rate will help protect its economy from shocks at a time of tightening global financial conditions, an International Monetary Fund official said. Egyptian authorities pledged a "durably flexible" exchange rate in conjunction with a staff-level agreement for a $3 billion IMF extended fund facility. The central bank also raised interest rates by 200 basis points in an out-of-cycle meeting. "The measures that the central bank took last week in hiking interest rates. He said the $5 billion for FY2022-23 would be in addition to the extension of Gulf states' deposits in Egypt's central bank.

☆ Explainer: COP27: what's on the U.N. climate talks agenda
▼ + stars: | 2022-10-31 | by ( Valerie Volcovici | ) www.reuters.com time to read: +5 min

FOSSIL FUELS AND BACKSLIDINGCountries at last year's COP26 talks agreed for the first time to "phase down" coal production and trim other fossil fuel subsidies. Voluntary side deals also touted plans to curb fossil fuel financing and to limit planet-warming methane emissions, chiefly from the fossil fuel and agriculture industries. Following a breakthrough at the weekend as this year's summit began, the issue for the first time is part of the U.N. talks' formal agenda. ADAPTING TO A WARMER WORLDHigh-income countries have yet to meet their pledge to deliver $100 billion a year in climate finance. Low-income and climate-vulnerable countries want to ensure that the share spent on adaptation is doubled by 2025 - a pledge made at last year's U.N. climate talks in Glasgow, Scotland.

☆ Morning Bid: "Our currency" and falling knives
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

People walk past a currency exchange point, showing an image of the U.S. dollar in Cairo, Egypt, March 22, 2022. "The dollar is our currency, but it's your problem," John Connally told his G10 counterparts in November, 1971. The UK's market mayhem is front and center for world markets, but has a particular impact on Asia via FX reserves. Some $625 billion global FX reserves are in sterling, most of it probably in gilts. Global financial conditions are the tightest now since 2009, according to Goldman Sachs.

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