Carbon Market
Approved by the FRA’s Committee for the Oversight and Supervision of Carbon Emission Reduction Units, chaired by FRA head Mohamed Farid, is a significant step in Egypt's effort to combat climate change through regulated carbon trading
Since trading commenced, several companies jumped into the market, allowing businesses to buy and sell these certificates to offset their carbon emissions.
Trading started today, August 13th, with oversight provided by financial authorities in Egypt and across Africa.
Mohamed Farid, Chairman of the FRA, emphasized that the new regulated market represents a milestone in Egypt’s environmental and financial sectors
On Tuesday, Farid issued Decision No. 1732 of 2024, revealing the specific criteria for firms to qualify for future FRA approval
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
During last year’s COP27 conference, Egypt revealed that it would launch Africa’s first voluntary carbon market, allowing companies in Egypt and Africa to trade certified carbon credits
