Zaimis: Climate neutrality to be achieved by 2050
CBAM’s gradual implementation to take effect from 2026
Cairo 21st of May 2024
The informative seminar on the Carbon Border Adjustment Mechanism (CBAM) featured Minister Counselor Nikolaos Zaimis, Head of the Trade Section at the EU Delegation in Egypt, who provided an in-depth exploration of the innovative carbon pricing mechanism for imports into the European Union.
Minister Counselor Zaimis elaborated on the overarching goals of the CBAM, which aligns with the European Green Deal, emphasizing its significance in achieving climate neutrality by 2050 and reducing net greenhouse gas emissions by at least 55% by 2030. He detailed the gradual implementation of CBAM from 2026, with a transitional phase from 2023 to 2026, and addressed key elements such as reporting, compliance, and legislation.
The seminar highlighted the sector-specific impacts of CBAM, focusing on critical industries such as Cement, Aluminum, Fertilizers, Iron and Steel, and Energy, including Hydrogen and Electric Power. Minister Counselor Zaimis underscored the profound effects on these sectors in Egypt and the potential opportunities for businesses to capitalize on the green transition.
Additionally, the seminar provided comprehensive guidance and support offered by the European Commission to assist companies during the transition. Zaimis emphasized the EU’s commitment to climate-neutrality objectives for 2050, the ambitious 2030 targets, and the newly proposed 2040 targets aiming for a 90% reduction in emissions.
Chapter Zero Egypt’s seminar on CBAM offered attendees a thorough understanding of the climate policies shaping the future and the necessary steps for compliance and adaptation. The event fostered a collaborative environment for sharing knowledge and strategies essential for sustainable trade and climate action.
Chapter Zero Egypt is the first in Africa & the Middle East and the 27th of the Climate Governance Initiative’s global network to promote the adoption of the Principles for Effective Climate Governance published by the WEF in 2019. It aims to equip Board members with skills and knowledge to make addressing climate change a boardroom priority and provides a platform for dialogue, knowledge-sharing, and collaboration among business leaders to drive sustainable growth in the face of evolving environmental challenges.
Seminars and webinars held by Chapter Zero Egypt are posted on the website and more information on upcoming events and membership application, can be found by visiting http://chapterzeroegypt.org/
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