Total carbon reduction emission projects registered to FRA reaches 14

The Financial Regulatory Authority (FRA), under the leadership of Chairman Mohamed Farid, has recently added 12 new projects to its carbon emissions reduction projects database, bringing the total tally of registered initiatives to 14.

Farid disclosed this information during an event hosted by the Egyptian-British Business Association in London, where he outlined the strides towards establishing Egypt's inaugural voluntary carbon market, a pioneering move not only for the country but also for the African continent.

In a bid to actualize this vision, the FRA, in conjunction with the Ministry of Environment, has laid down the regulatory groundwork, while the Egyptian Exchange (EGX) has introduced a dedicated trading platform for these certificates.

Notable transactions have already taken place, including the sale of 500 certificates to Isis Food Industries at LE 1,040 each and the purchase of 1,500 certificates by DALTEX at $18 per certificate.

This significant progress follows the FRA's recent announcement in August about fulfilling the regulatory prerequisites for launching Egypt's premier regulated market for voluntary carbon reduction certificates.