Egypt Establishes Platform for Carbon Certificates Trading

Egypt Establishes Platform for Carbon Certificates Trading

The Egyptian Exchange (EGX) Holding Company for Capital Markets Development, the Agricultural Bank of Egypt, and Libra Capital Group signed a framework to establish a Carbon Certificates Trading Company.

The company will develop, manage, and issue carbon certificates and environmental products.

The platform is scheduled to determine the number of carbon emissions targeted to be reduced for each company or sector separately and the target price per ton during the coming period.

The signing ceremony was attended by the climate leader for the Egyptian presidency of the COP27 summit Mahmoud Mohieldin, chairperson of the Financial Regulatory Authority (FRA) Mohamed Farid, and a group of representatives of major international renewable energy companies.

The agreement was signed by EGX Chairman Ramy el-Dakany, Deputy Chairman of the Agricultural Bank of Egypt Sami Abdel-Sadek, and director of Libra Capital Sherif Magdy el-Gabaly.

The cooperation was announced on the sidelines of the Dii Desert Energy conference and comes within the framework of the Egyptian Stock Exchange's efforts to diversify investment options for investors, especially financial products that positively impact climate change.

Mohieldin announced an African Carbon Market Initiative with the support of several institutions to set standards and regulatory systems and adapt international rules in carbon markets to African needs, noting