Egypt mulls carbon border adjustment to boost exports

The Egyptian government is discussing the Carbon Border Adjustment Mechanism (CBAM) part of efforts to enhance the competitiveness of Egyptian exports through aligning with the mechanism.

Kamel El Wazir, Deputy Prime Minister for Industrial Development, explained that an executive plan for carbon border adjustment will be prepared, identifying the economic sectors targeted for reducing carbon footprints to enhance energy efficiency in the industrial sector.

The plan will also provide financial support for exporting companies and factories for greening their production lines. Exporters and investors will be informed about the environmental requirements and standards necessary for exporting, with the goal of attracting green financing sources for these companies and factories.

Furthermore, a set of incentives will be introduced to encourage the use of renewable energy sources, alongside establishing a solar energy services platform and working to open new export markets for national products.