Egyptian Exchange Posted
The Egyptian government announced the launching of the first regulated African Voluntary Carbon Market on the sidelines of COP27, which is currently being held in Sharm el-Sheikh in the presence of world leaders.
Prime Minister Mostafa Madbouly inaugurated the event in the presence of Dr. Hala Al-Saeed, Minister of Planning and Economic Development, Dr. Yasmine Fouad, Minister of Environment, Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), and Rami ElDokany, Chairman of the Egyptian Exchange (EGX).
The Financial Regulatory Authority (FRA) and The Egyptian Exchange (EGX), will develop the regulatory frameworks, business models and organizational structures to develop the African Carbon Market’s value chain, through raising the levels of awareness about the importance of the VCM and its role in providing ease access to climate finance for companies, as well as setting the standards and regulations that guarantee the highest levels of integrity.
Dr. Mostafa Madbouly the Prime Minister expressed his great pleasure, praising the quick response and the role played by FRA and EGX in stirring Egypt from commitment to implementation during the COP27. He added that this new VCM confirms the capabilities of Egypt to participate effectively towards achieving the international goal of carbon neutrality.
In addition, the new market is in line with the National Climate Change Strategy 2050, with its fourth pillar aiming to strengthen the climate finance infrastructure, emphasizing that the government pledges to provide all support and assistance to achieve the objectives of this ambitious project.
Dr. Hala Al-Saeed stated that the new platform is consistent with Egypt’s vision to achieve the goals of the green economy and support the sustainable development strategy. She points out that the government will work to provide enabler environment that offers all the guarantees and incentives required to support plans and action models that push towards achieving sustainable development, especially those that provide solutions to climate change negative impacts.
Dr. Yasmine Fouad, Minister of Environment, expressed her thanks and appreciation to the leaders of FRA & EGX for their efforts to turn policies and ideas into reality, stressing that Egypt is ready to support Africa in the transition towards implementing climate change pledges through the new regulated voluntary carbon market.
Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority, said that we are witnessing a historic moment with the launch of the new African Voluntary Carbon Market, serving as a pivotal market and assisting the African continent achieve carbon neutrality in accordance with international standards and enhance the level of involvement of African companies in accessing innovative climate finance.
Rami ElDokany, Chairman of the Egyptian Exchange, officially announced the launching of the African Voluntary Carbon Market, pointing out that the new market will support the efforts of the African continent at the governmental and private levels towards achieving economic, environmental and social benefit.
Moreover, accelerating and enhancing mitigation and adaptation ambition through the establishment of assets in the form of carbon credits. He added that the coming period in coordination with the new entity, which was established in cooperation with the private sector will manage and develop the process of issuing, registering and trading carbon credits.