$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
Maleski: CBAM to cover double number of sectors within 2 years for decarbonization
Dan Maleski, Lead CBAM Advisor and Environmental Markets Consultant, said the EU’s Carbon Border Adjustment Mechanism (CBAM) currently focuses on six main sectors relevant to various important commodities, but the number of these sectors could double within the coming two years.
He expounded that the CBAM worked by the end of 2023 on measuring emissions and reporting them.
Maleski made the remarks during the 14th CSR & Sustainable Development Forum, currently held in the Red Sea resort city Sharm El Sheikh.
He noted that the EU currently has mechanisms for cutting carbon footprint and addressing carbon leakage, noting that the EU seeks working out a fair equation for industries in the EU to cut carbon leakage.
Maleski added that the current mechanism in the EU is temporary and the only solution for the EU is to proceed with carbon adjustment.
He added that more than 13 small and medium-sized foundations obtained the CBAM certificate.
He referred to the impact of applying carbon taxes on Egyptian exports to the EU by 2026, urging Egypt to apply carbon taxes to decarbonize industry.
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