Arab Republic of Egypt Ministry of Investment and Foreign Trade General Organization for Export and Import Control

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Eng./ Essam Al-Naggar, Chairman of the General organization for Export and Import Control, declares: GOEIC is making progress in terms of the legislative and regulatory framework to participate in the field of the voluntary market for trading carbon emission reduction certificates.

. Engineer/ Rehab Ali Sadiq, Executive Director of the Carbon Certification Unit: We will not have a sustainable future without rethinking the way we consume, Carbon Footprint reminds us that every step we take carries environmental weight, and encourages us to move towards more sustainable living for future generations.

The unit affiliated with the General organization for Export and Import Control has taken several steps to be one of the first Egyptian national units approved for effective participation to enter the first voluntary carbon market to trade carbon emission reduction certificates

Implementing the Prime Minister’s Decision No. 4664 /2022, which requires the qualification of accredited national bodies in accordance with international standards for verification and certification of measurements and green transformation projects to issue “carbon emissions reduction certificates.”

Accordingly, a unit was established to verify and authenticate carbon emission reduction certificates at GOEIC, whose most important tasks are:

-- Supporting Egyptian industry and exports to comply with international standards

- Raising awareness of targeted industry sectors.

- Awareness of carbon emissions reduction projects.

- Applying international standards and regulations issued in the same field.

- Cooperation with the Ministry’s sectors and scientific research bodies working in the same field to provide guidance and consultation during the transitional period.

- To Inform and aware the industry

- Encouraging investment in clean technology

- Developing standards and regulations

- Cooperation with scientific research

- Follow up and monitor compliance with regulations

- Encouraging innovation and investing in research and development

- Guidance and consultation

It is worth noting that there are two types of carbon markets: The first is the mandatory carbon market, and the second is the voluntary carbon market, what we are dealing with now is the voluntary carbon market, which is defined as being regulated by one of the governmental bodies and agencies

The voluntary carbon market offers diverse investment opportunities, allows companies to access European markets with their products by implementing projects to reduce carbon emissions in accordance with international standards and practices.

In order to issue a voluntary carbon certificate, several stages must be passed, knowing that the period for issuing the certificate takes from one and a half years to two years.

There is no possibility of issuing the certificate in less than that period because it begins with measuring carbon emissions for the duration of the factory or project’s operation, and then a proposal is presented to be one of the internationally recognized methodologies in the voluntary carbon records.

Carbon emissions from various products are one of the factors in calculating the carbon footprint, Accordingly, the General organization for Export and Import Control established a laboratory to measure carbon emissions for the biodegradation of various products according to international specifications: OECD TG310 & OECD TG311.

Which will have a positive impact on the reputation of the national industry and thus Egyptian exports and a very important impact in reducing emissions and supporting a clean economy.

The carbon footprint of products represents the emissions generated throughout the entire supply chain of goods and services that are exported, as The product's high carbon footprint also affects export competitiveness, as some countries have imposed carbon-related tariffs or restrictions.

Therefore, the equation is that

Carbon emissions = production + import – export

In this regard, the General organization of Export and Import control adopted several steps during the last stage towards effective participation to help Egyptian exporters To enter the first voluntary carbon market to trade carbon emissions reduction certificates, starting from their role in serving exports Its trend is towards a green economy and reducing carbon emissions in order to accelerate the pace of activation of the voluntary carbon market Because of its pivotal role in enhancing the Egyptian state’s efforts to reduce carbon emissions and Attracting more investors and enhancing environmental sustainability in Egypt. It also established a biodegradation laboratory for products and finally established a unit for measuring the carbon footprint

The introduction of carbon certification is an effective tool to help companies meet their environmental obligations and reduce their carbon emissions

Carbon certificates are considered tradable securities on the Egyptian Stock Exchange, the certificate contributes to reducing emissions causing global warming and providing financing for green and sustainable growth.

It is also one of the benefits of carbon certificates for the Egyptian market, Expand the scope of the market and attract more investors, in addition to increasing companies' ability to assess their risks, providing a clear framework for evaluating companies and stocks, and It is an important tool for financing emission reduction projects and achieving long-term sustainability goals in Egypt.

The unit’s appropriations are also in line with the law of the European Union countries “Carbon Limit Adjustment Mechanism."  which imposes its definition of carbon dioxide on polluting goods exported to it, such as cement, iron, steel, Aluminum, fertilizers, green hydrogen, and electricity.

Many countries have taken measures to regulate carbon limits, including the United Kingdom and Canada, The United Arab Emirates also issued a special law to establish a national carbon neutrality registry in support of countries moving towards a green economy, which is the beginning of a series of measures taken by countries to reach carbon neutrality in 2050.
This comes as a continuation of the role of the General Organization for Export and Import Control, which is to support Egyptian exports and increase their competitiveness in global markets and Providing services that help the investor community comply with global environmental standards and requirements to ensure the entry of Egyptian exports to international countries and open new markets for Egyptian exports at the international level.

As well as saving hard currency for Egyptian exporters by providing national bodies to issue environmental certificates and certificates of verification and authentication of carbon emissions and obtaining them in Egyptian pounds, as well as allowing the issuance of reduction certificates to neighboring countries in Africa and Asia.

Which will have a positive impact in attracting investment opportunities in environmentally friendly industries and alternatives, which will reflect on the reputation of the national industry and thus Egyptian exports, and will have a very important impact in supporting the green economy.

At GOEIC EVVU, we are committed to maintaining the highest standards of quality in all aspects of our operations. We promise to provide consistent, accurate, reliable and timely verification services, we are committed to international best practices and regulatory requirements Through continuous improvement, employee empowerment and stakeholder engagement, we strive to exceed customer expectations and contribute to global efforts towards environmental sustainability.