Cairo Calls for Climate Justice Ahead of COP30

Egypt has urged world leaders to use the upcoming COP30 climate summit as a moment of “frank review” to close the growing gap between climate pledges and implementation. Speaking on behalf of President Abdel Fattah El-Sisi, Minister of Local Development and Acting Minister of Environment Manal Awad stressed yesterday that the conference, coinciding with the tenth anniversary of the Paris Agreement, must renew global trust and cooperation.

Minister Awad delivered Thursday 6/11/2025 Egypt’s address at the “High-Level Segment” Leaders’ Summit in Belém, Brazil, held ahead of the official start of the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) on November 10. She emphasized that the multilateral system faces challenges that threaten the spirit of cooperation, urging all parties to “revive the spirit of Paris, which was founded on justice, trust, and shared responsibility.

A central theme of Egypt’s message was the critical failure to meet funding requirements, with climate finance remaining “below the required level.”

Awad stressed that the new collective financing goal must be based on the needs of developing countries, balance mitigation and adaptation efforts, and rely on new, fair, and concessional grants rather than loans.

Oman Mandates Full Adoption of IFRS Sustainability Standards by 2029

Abdullah Al Salmi, Executive President of the Financial Services Authority (FSA), announced the Authority’s plan to adopt a phased implementation of the International Financial Reporting Standards for sustainability-related disclosures (IFRS S1 and IFRS S2) in the Sultanate of Oman.

These standards, issued by the International Sustainability Standards Board (ISSB) in June 2023, are among the first global frameworks for sustainability-related financial disclosures.

He confirmed that the Authority has set 2029 as the final deadline for full mandatory implementation of these standards across all private sector institutions in Oman that apply the full IFRS accounting framework.

UK Introduces Regulation for ESG Ratings Providers to Enhance Transparency

The UK’s Financial Conduct Authority (FCA) has welcomed new legislation that will bring ESG (Environmental, Social, and Governance) ratings providers under formal regulation. This move aims to improve transparency, trust, and integrity in ESG-related financial products.

Taskforce on Nature-Related Financial Disclosures to Pause Technical Guidance

On November 7, the Taskforce on Nature-Related Financial Disclosures (TNFD) announced that it would pause further technical guidance work on nature-related risks and opportunities, a process that will now be undertakenby the International Sustainability Standards Board (ISSB).

The ISSB will rely on the TNFD’s framework to set nature-related standards and disclosure requirements and seeks to have an exposure draft of disclosure requirements by the Convention on Biological Diversity (CBD) COP17 meeting in October 2026. The TNFD stated that it will complete all technical work in progress by Q3 2026 and focus future efforts on supporting the ISSB’s program.

European Parliament Agrees on Negotiating Mandate on Omnibus I

On November 13, 2025, in a plenary session, Members of the European Parliament voted to endorse a negotiating mandate in relation to the European Commission’s “Omnibus I” proposal to amend CSRD and CSDDD. On October 22, 2025, MEPs had rejected a prior proposal put forward by the EPP’s lead rapporteur on the file. The approved position was secured with a majority from a coalition that included the right and far-right groups, in contrast to the so-called “pro-European” position presented at the last plenary session, that had sought support from progressive, green and left-wing groups.

The mandate proposes to further reduce the scope of CSRD and CSDDD compared to the Commission’s proposals and would remove from CSDDD the obligation to produce climate transition plans. The Legal Affairs (JURI) committee will now enter into trilogue negotiations with EU governments in the European Council with the aim of finalizing the legislation by the end of 2025.

Brazil Establishes Sustainable Taxonomy Framework

On October 31, 2025, the Federal Government published Decree No. 12,705/2025, which, on the eve of COP30, officially established the Brazilian Sustainable Taxonomy (TSB) as an instrument of the Federal Executive’s Ecological Transformation Plan.

Under the decree, TSB’s strategic objective is to reduce information asymmetries and promote the integrity of the sustainable finance market, while ensuring interoperability with international standards. From an environmental standpoint, the TSB aims to support climate change mitigation and adaptation, biodiversity and water resource conservation, pollution prevention and control, and the transition to a circular economy.

The decree positions the TSB as a federal public policy instrument, with purposes that include:

• Directing credit lines, guarantees, and incentives;
• Labeling and structuring credit instruments and operations;
• Monitoring investments according to their degree of alignment with the TSB; and
• Promoting international cooperation in sustainable finance.

The TSB framework is organized into three levels of assessment, based on measurable technical criteria that consider: (i) the extent to which an activity contributes to environmental and/or social objectives; (ii) the absence of significant harm to other objectives; and (iii) compliance with minimum safeguards. Activities that do not directly generate positive environmental impacts but are essential to enabling mitigation, adaptation, conservation, circularity, or a just transition may be classified as “enabling activities,” provided they meet applicable technical and safeguard requirements.

 

Egypt Seeks $250 Million In Funding to Reduce Industrial Emissions

Egypt is working to boost its green financing by applying for $250 million under the Climate Investment Fund’s (CIF) Industrial Emissions Reduction Program, the first global initiative dedicated to providing concessional financing to developing countries to help them reduce harmful emissions from the industrial sector.

Reem Al-Saadi, Deputy Regional Director of the European Bank for Reconstruction and Development (EBRD), said in an interview with Asharq that the bank is currently holding consultations with several official bodies, including the Ministries of Industry and International Cooperation, to develop a preliminary list of projects and companies eligible to receive low-cost financing.

Al-Saadi explained that a delegation from the Climate Investment Fund will visit Egypt during November to hold meetings with representatives of the government and the private sector as part of an exploratory mission aimed at identifying funding priorities and projects with the greatest impact.

GRI Launches New Tool for Corporate Climate Action

The Global Reporting Initiative (GRI) launched a new climate action tool at COP30, aimed at empowering companies to commit to and transparently demonstrate credible progress toward net zero targets. This Integrity Matters Checklist helps businesses deliver decision-useful data aligned with global climate goals, supporting authentic reporting and integrity in corporate climate commitments.

GRI and CDP Launch Joint Tool to Align Climate and Energy Reporting Frameworks

GRI-CDP mapping for aligned climate and energy reporting: helping organizations improve data quality and reduce duplication. The Global Reporting Initiative (GRI) and CDP have launched a new joint tool to support companies in aligning their climate and energy disclosures with both organizations’ frameworks.

The tool aims to reduce reporting duplication and enhance transparency by helping users understand overlaps and differences across CDP and GRI standards. It addresses data related to greenhouse gas emissions, energy use, and climate-related risks, supporting organizations in delivering consistent information to both stakeholders and regulators.

The initiative supports improved decision-making and advances reporting practices compatible with evolving sustainability regulations and expectations globally.

Egypt to Establish First Carbon Credit Rating Agency

Egypt’s Financial Regulatory Authority (FRA) is developing a regulatory and technical framework to establish the country’s first credit rating agency for carbon reduction certificates, the executive director of the FRA’s Financial Services Institute, Tarek Seif,  noted that regulations for renewable energy certificates (I-REC) have been completed, allowing them to be traded as financial instruments under amendments to the Capital Market Law. The authority is also finalizing a digital framework for carbon certificate trading, including rules for ownership transfer and off-exchange futures contracts.

He said the initiative aligns with Egypt’s Vision 2030, which aims to integrate environmental sustainability across all economic sectors and strengthen the country’s green finance ecosystem.

He added that the FRA is also preparing a comprehensive insurance policy for carbon reduction projects to cover operational, natural, credit, political, and pricing risks, thereby enhancing project sustainability and investor confidence.

Saudi Arabia Issues Guidelines on ESG Debt Instruments

The Capital Market Authority (CMA) of Saudi Arabia has issued the Guidelines for Issuing Green, Social, Sustainability, and Sustainability-Linked Debt Instruments, marking a strategic milestone in the Kingdom’s journey to build a diversified and globally integrated capital market under Vision 2030.

Effective from May 27, 2025, the Guidelines provide issuers with a framework aligned with international standards. This initiative is part of CMA’s 2024–2026 Strategic Plan and reflects the Kingdom’s ongoing commitment to advancing ESG-aligned capital formation, enhancing transparency, and expanding financing channels across the public and private sectors.

Abdullah Al-Moqbel, Director of the Sustainability Department at the CMA, said: “This framework supports the growth of Saudi Arabia’s sustainable finance market. It enables issuers to meet global investors’ expectations, enhance investor confidence, and support the Kingdom’s position as a regional center for sustainable finance, in line with its broader development objectives.”

 

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