CAIRO - 26 February 2024: Future contracts for carbon certificates will be listed on the Egyptian Stock Exchange (EGX) in conjunction with the issuance rules of these certificates, Chairman of the Egyptian Financial Regulatory Authority (FRA), Mohamed Farid,announced.
Farid announced, during his speech at the annual summit of Capital Markets, Monday, the issuance of new rules for the listing and removal of carbon emissions reduction certificates in the coming days.
He noted that Europe considers carbon certificates as tradable financial instruments.
He explained that the authority authenticates entities verifying carbon certificates, with three verification and approval entities registered, including one local and two foreign entities.
Farid mentioned that the registration rules have been modified and developed to enable companies to access the necessary financing, allowing a greater number of companies to issue bonds or investment funds.
Earlier, the FRA has issued decisions approving the registration of three entities on the verification and approval list for approved carbon emissions reduction projects. This marks the first time in the Egyptian market as part of the ongoing efforts by the authority to activate the voluntary carbon market in Egypt.
This came during the eighth annual summit of Capital Markets which took place on Monday under the title "Structural Reforms - Sustaining Development."
The summit is held under the auspices of the Ministries of Finance, Planning and Economic Development, to discuss the structural reforms conducted by the Egyptian state across all economic sectors with the aim of creating sustainable development.
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