Amir Gerges, Founder and CEO of Carboni Bank, said the iron and aluminum sectors are currently facing a major challenge in order to comply with global environmental standards.

He made the remarks during the 7th Forum on Strategies for Transition to Green Economy – dubbed the 7th Green Economy Forum – which kicked off on Tuesday under the theme of “The Transition C-Panel”.

The CEO of Carboni Bank explained that the European Union has introduced new policies related to the Carbon Border Adjustment Mechanism (CBAM) exempting certain exports from carbon-related fees in case the European importer deals with fewer than 150 different products.

Gerges noted that CBAM aims to set a fair price for carbon emissions resulting from the production of emission-intensive goods accessing the European market.

He stressed the necessity of raising the awareness of local customers and manufacturers about this new mechanism to ensure their effective participation in the transition toward sustainable production.