Madbouly discusses CBAM to back Egyptian export competitiveness
Updated 9/23/2024 9:08:00 AM
Arab Finance: Prime Minister Mostafa Madbouly has held a meeting with several officials to discuss the carbon border adjustment mechanism (CBAM) as a step toward improving the competitiveness of Egyptian exports, as per a statement.
The meeting touched upon the available alternatives to deal with the obligations that will result once the mechanism is introduced, Cabinet Spokesperson Mohamed El-Homosany said.
Additionally, the meeting emphasized Egypt’s goal of boosting green investments, targeting 40% of total investments in 2024 and 50% in 2025, El-Homosany stated.
He also noted that the meeting highlighted the potential benefits of the CBAM, such as opportunities for green hydrogen and ammonia production in the Suez Canal Economic Zone.
This initiative, in partnership with several countries, aims to reduce greenhouse gas emissions in industries like iron and steel, fertilizers, and chemicals.
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