EGYPT is adopting new technology that would make the country less polluted while earning much-needed foreign cash, finds out Mahmoud Bakr. Through the sale of carbon equivalent certificates, also known as carbon offset, the minister of state for environment affairs, Maged George, announced that the government is investing in projects that would lower the emissions of carbon to the point where Egypt can actually making money selling its green accomplishments abroad. Foreign companies believed to be polluting the environment are now required in many countries to keep their carbon footprint down by buying certificates showing that carbon emissions elsewhere in the world have been brought down. Speaking at the Carbon Trade Investment Opportunities Conference, organised by the Egyptian Federation of Industries (EFI), George said that the Egyptian Council for Clean Development Mechanism (ECCDM) has so far approved 52 projects at a total cost of $1.3 billion. These projects lead to higher energy efficiency, encourage the use of less-polluting natural gas, or lower nitrous oxide emissions. The ECCDM says it aims to reduce harmful emissions by the equivalent of over 9.1 million tonnes of carbon dioxide per year. The five projects completed so far bring about an annual reduction in carbon emissions of 2.5 million tonnes. Egypt's interest in this brand of development is only in keeping with broader international trends. An international conference is due to be held in Italy next month to look into the available options of emission-lowering technology. "Egypt must fully develop its carbon offset projects which brought in $3 billion worldwide this year alone, despite the financial crisis," said Sherif El-Gebali, board member of the Egyptian Federation of Industries (EFI) and chairman of the Environmental Commitment Office (ECO). EFI has a list of projects that would help Egyptian industry meet its local environment requisites as well as international standards. ECO Director Ahmed Kamal Abdel-Moneim said the office is coordinating between small- and medium-sized factories involved in the carbon offset market. Egypt is also gaining more than money and clean air, said Wafaa Sobhi, deputy director of the General Investment Authority, for the new technology comes with expertise that is beneficial to local industrialists.
