In a proactive effort to bolster Egypt's export competitiveness, Prime Minister Dr. Mostafa Madbouly recently led a strategic meeting at the Presidential Palace with key ministers and officials. The focus was on formulating effective strategies to amend carbon limits, addressing the nation's obligations under the latest carbon regulations.
Counselor Mohamed El-Homosany, the official spokesperson for the Presidency of the Council of Ministers, emphasized that the discussions centered on amplifying green investments. The government aims to allocate 40% of total investments to green initiatives by 2024 and 50% by 2025, aligning with Egypt’s broader sustainable development goals.
El-Homosany reiterated that Egypt's commitment to environmental sustainability predates the COP27 climate conference in Sharm El-Sheikh and is set to continue through COP28 in the UAE, culminating at COP29. The 2050 climate strategy and the establishment of the National Committee for Environmental and Climate Policies highlight the nation’s resolve to cut carbon emissions across multiple sectors.
The meeting also explored the potential of new carbon limits to foster opportunities such as the development of green hydrogen and ammonia production facilities in the Suez Canal Economic Zone. These initiatives, in collaboration with international partners, aim to significantly lower greenhouse gas emissions associated with the production of iron, steel, fertilizers, and chemicals.
Among the attendees were Lieutenant General Engineer Kamel El-Wazir, Deputy Prime Minister for Industrial Development, along with key ministers from various sectors, including Industry, Electricity, and Investment. Their collective insights aim to pave the way for a sustainable industrial framework that enhances Egypt's competitiveness in the global market.
This pivotal meeting signifies a crucial step in Egypt’s commitment to sustainable industrial practices and positions the nation to thrive in an increasingly eco-conscious global economy.
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