Development experts: Transition to green economy vital to confront climate change

Development experts: Transition to green economy vital to confront climate change
02 / 07 / 2024
By Marwa Nassar - -

Development experts stressed the importance of transition to green economy in the face of the repercussions of climate change which cast its shadow on all world countries.

During the 6th Forum on Strategies for Transition to Green Economy Forum, Omar Abou Eich, Egypt’s Assistant Foreign Minister and Secretary General of the Coordinating Secretariat of the Egypt/EU Association Agreement, said Egypt hosted the Egypt-EU Investment lured about 49 billion euros under 29 agreements with EU-affiliated companies alongside 6 deals and MoUs at 18.7 billion euros with companies and conglomerates.

He noted green hydrogen was included in the Egypt-EU agreements, noting that green transition will maintain the European market.

He referred to the EU’s Carbon Border Adjustment Mechanism (CBAM) as serving this end.

For his part, Yehia El Menshawy, Business Development & International Cooperation Manager at the Chemicals & Fertilizers Export Council, underlined the importance securing needed data about requirements for transition to green economy.

He added that four factories of the fertilizers sector has been currently turning into green and working to reduce carbon emissions.

He underlined that exporters should adopt this approach ahead of 2026.

Meanwhile, Dr. Nermine Abulata, Advisor to the minister of the Trade and Industry, & National Coordinator for Euro-Med Industrial Cooperation, said commitment to environmental standards over the past years was limited.

She asserted the need to turn challenges into opportunities through getting needed finance and technology in order to have a green future.

Abulata expounded that the EU focused on supply chains and small and medium enterprises, noting, however, that the EU laid down legislations, but the EU’s infrastructure has not been ready yet for their implementation.

She underlined the importance of providing up-to-date data on manufacturing and exporting companies, securing markets meeting international standards, offering finance in collaboration with the Central Bank and Egyptian banks, providing training and issuing legislations.

For his part, Richard Moubarak, Country Chief Executive, Bureau Veritas Egypt and Jordan, said the economic borders are vanishing among all world countries, including Egypt, highlighting the importance of ISO certificates focusing on sustainability in the current time.

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