Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt Launches 1st African Market for Issuance , Trading of Carbon Credit


Wed 09 Nov 2022 | 07:50 PM
Taarek Refaat

The Egyptian government launched the first African voluntary market for the issuance and trading of carbon credit, on the sidelines of the COP27 climate summit, which is currently being held in Sharm El-Sheikh, in the presence of world leaders.

Prime Minister Mostafa Madbouly witnessed the activities of the voluntary African market launch session for carbon credit, in the presence of Hala El-Saed, Minister of Planning, Yasmine Fouad, Minister of Environment, Mohamed Farid, head of the Financial Regulatory Authority (FRA), and Ramy El-Dakani, head of the Egyptian Stock Exchange (EGX), according to a press release.

The African Market for Carbon Credit is a platform to help economic entities operating in various productive activities in Egypt and Africa to engage in activities to reduce carbon emissions and benefit from the issuance and trading of certificates for the benefit of other companies wishing to offset their carbon emissions that are difficult to reduce.

Voluntary carbon markets help companies recover part of their investment spending directed to reducing carbon emissions resulting from the exercise of their activities and reinvest these resources in achieving the greater goal of carbon neutrality that all countries of the world seek to achieve.

All relevant authorities, such as the EGX and the FRA will work to develop frameworks, business models and organizational structures necessary to activate the new market, by adopting the value chain, which includes raising the levels of awareness and knowledge of companies in the new market and the services provided through it and how to access them and benefit from them in reducing carbon emissions.