CAIRO – 14 February 2024: The Financial Regulatory Authority (FRA), headed by Mohamed Farid, has granted approval for three entities to be in charge of verifying projects that claim to reduce carbon emissions.
These entities are the Center of Organic Agriculture in Egypt (COAE), TUV NORD Egypt Company, and the international entity TUV NORD Cert Company. The approvals are valid for a period of one year from the date of issuance.
The purpose of these decisions is to activate the voluntary carbon market in Egypt. Carbon emissions reduction serves as a fundamental component of global trade, and the FRA is actively supporting Egypt's efforts to achieve carbon neutrality in line with international standards and the country's 2030 vision for sustainable development, as confirmed by Farid.
In accordance with FRA's report, Prime Minister Mostafa Madbouly issued Resolution No. (4664) of 2022 to establish a voluntary market for trading carbon emissions reduction certificates on the Egyptian Stock Exchange, recognizing these certificates as tradable financial instruments.
Back in September 2023, the FRA had previously announced its plans to launch a voluntary market for trading carbon certificates, which represent the reduction or removal of greenhouse gas emissions.
These certificates are categorized into two primary types: removal certificates, which are linked to technological methods, and capture certificates, which are associated with natural methods.
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