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Al-Shorouk Reports New Draft Law on Carbon Governance
The Egyptian Parliament plans to introduce a new bill to regulate and govern carbon emissions in Egypt during the upcoming session, aiming to address the impacts of climate change. The bill includes the establishment of a fund to combat the social and economic effects of climate change, an integrated national system for carbon pricing, and a unified electronic registry to monitor emissions. It also proposes setting a price per ton of carbon equivalent emissions and allocating 50% of the revenue from pricing to support companies efforts in reducing emissions. Additionally, the bill includes a system for trading carbon credits and facilitating environmental permits for energy, water, and waste projects. This move responds to the increasing effects of climate change on vital sectors, with plans to gradually implement the system across industries such as cement, steel, and fertilizers, in order to promote a sustainable economy and reduce carbon emissions in Egypt.
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