Egypt: FRA forms committee to monitor carbon emissions reduction units

Egypt: FRA forms committee to monitor carbon emissions reduction units

Egypt - Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), issued two resolutions No. 57 and 58 of 2023 regarding the formation of the Supervisory and Control Committee on Carbon Emissions Reduction Units and their terms of reference.

According to the decision, the committee is responsible for preparing rules for issuing carbon emission reduction certificates, preparing rules for supervising and controlling carbon emission reduction certificates, including requirements for continuous disclosure and transparency for carbon emission reduction projects and programmes, as well as preparing criteria for selecting verification and approval bodies for carbon emission reduction projects, and preparing special guiding rules with the standards of integrity and credibility of carbon emission reduction certificates.

In addition, it shall be tasked to preparing rules for avoiding conflicts of interest for parties involved in the process of issuing carbon emission reduction certificates, preparing rules for defining records of carbon emission reduction certificates whose certificates are valid for trading, and coordinating with the concerned authorities to establish the Egyptian registry for carbon emission reduction certificates, with a description of the types of certificates, reducing carbon emissions. The committee also undertakes any other tasks related to its work.

For his part, Mohamed Farid said that the formation of