EGX, FRA Partake in Africa Climate Summit in Nairobi

A delegation from the Egyptian Stock Exchange (EGX) participated in the 2023 African Climate Summit (ACS), which is currently being held in Nairobi, Kenya.

According to a statement issued, Wednesday, the Egyptian Stock Exchange and the Financial Regulatory Authority (FRA) organized a panel discussion on Tuesday entitled “The Future of Carbon Certificates in Africa: Opportunities and Challenges in Light of Climate Change.”

The Egyptian Stock Exchange team made a presentation that included the stock exchange’s vision for the green economy in Africa in general and carbon markets in particular, while clarifying its vision of the role that African financial markets can play to participate more effectively in building sustainable carbon markets that contribute to managing and directing investments and financing  green economy more efficiently.

While the FRA presented the proposed role of regulatory and supervisory bodies in developing carbon markets in the countries of the continent, monitoring them and working to enhance their efficiency and transparency, as well as the assumed role of certification and verification bodies in the system of functioning of carbon markets and the conditions that must be met by those bodies to operate in accordance with international best practices.

This effort comes as an extension of what was announced by the Egyptian government, the Financial Regulatory Authority and the Egyptian Stock Exchange regarding the voluntary carbon emission reduction certificate trading market on the sidelines of the COP27 conference and in light of Egypt’s Vision 2030.

It is worth noting that the 2023 African Climate Summit aims to make the African continent a driving and influential force in the field of renewable energy by developing and implementing a common vision on green development policies in Africa.

It also includes emphasizing the importance of the international community bearing its responsibility towards allocating international investments and financial aid to benefit from the resources and skills available to the countries of the continent, taking into account that only 3% of global investments directed towards energy transformation reach Africa.