The two ministers emphasized that this meeting comes within the framework of the fruitful and ongoing integrated work between the two ministries on a number of environmental issues, most notably carbon emission reduction. This comes in implementation of the National Council for Climate Change's mandate to prepare a comprehensive study on CCS.
Badawy explained that reducing emissions has become an
urgent necessity to support the competitiveness of Egyptian industrial products
in foreign markets, particularly European markets, with the imminent
implementation of the Carbon Border Adjustment Mechanism (CBAM) in European
markets and the importance of complying with its requirements.
He stressed during the discussions the importance of
developing a comprehensive technical and economic vision for the CCS system,
which will help drive and accelerate implementation efforts in accordance with
the vision that was prepared.
Dr. Fouad affirmed that CCS projects are aligned with
Egypt's goals to reduce greenhouse gas emissions and mitigate the effects of
climate change. They are among the project models mentioned in the Nationally
Determined Contributions (NDCs) and the National Climate Change Strategy 2050.
She explained that it is necessary to conduct the necessary studies to determine the environmental impacts of the project to ensure that no potential environmental impacts are encountered. She explained that the study, prepared by the Ministry of Environment's Climate Finance Transformation Project, aims not only to assess the current market situation and identify needs in the field of CCS, but also to provide data on the potential environmental impacts of the project based on applied models in other countries and to propose an appropriate business model that can be applied in this field in Egypt.