Egypt's Cement Sector Requested to Reduce Carbon Footprint

A general view of the cement plant in Beni Suef, Egypt (File Photo: Reuters)
A general view of the cement plant in Beni Suef, Egypt (File Photo: Reuters)
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Egypt's Cement Sector Requested to Reduce Carbon Footprint

A general view of the cement plant in Beni Suef, Egypt (File Photo: Reuters)
A general view of the cement plant in Beni Suef, Egypt (File Photo: Reuters)

Egypt's cement sector has been requested to reduce its carbon footprint in light of the state's directions to reduce carbon emissions and combat climate change, according to recent studies.

The CEO of Dcode for Economic and Financial Consultations (Dcode EFC), Mohamed Abdel Aziz, explained that the private cement sector must find solutions to reduce the industry's carbon footprint.

He called for increasing scientific research and development to use recycled materials and alternative sources of energy.

Speaking at the "Cement Industry and Sustainable Development" conference, organized by Lafarge Egypt, a member of the global "Holcim" group, Abdel Aziz pointed to the importance of the state's role in encouraging and facilitating the use of environmentally friendly products in construction.

CEO of Lafarge Egypt Solomon Baumgartner Aviles said that the company focuses on sustainable development from the circular economy, one of the pillars of Egypt's Vision 2030.

Lafarge is fully committed to contributing to the achievement of the goals of Holcim, which include reducing the carbon dioxide intensity to more than 20 percent until 2030.

He also indicated that Lafarge is collaborating with Holcim after it partnered with SBTi for goals beyond 2030 by setting the first climate targets for a future of 1.5°C in the cement sector by 2050.

Aviles added that innovation is one of the axes of Egypt's Vision 2030, which shares the same vision with Lafarge Egypt through the production of environmentally friendly cement products.

He pointed to the company's plan to increase exports, as Lafarge seeks to open new markets for export, expressing the importance of raising taxes on production inputs such as limestone granules, linking energy prices to international standards, and securing their availability.

Aviles also called reducing transportation time, refunding payments in the export support program, rehabilitating port infrastructure, and creating an efficient port structure that can accommodate heavy trade.



US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.