Egypt launches 1st fund to invest in projects that issue carbon certificates – Egypt Today

Egypt launches 1st fund to invest in projects that issue carbon certificates – Egypt Today

CAIRO - 17 November 2022: Minister of Planning and Economic Development, Hala El-Said, witnessed the launch of the first Egyptian fund to invest in projects that issue carbon certificates, EgyCOP.

This came during the “Solutions Day” activities supervised by the Ministry of Planning as part of the activities of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), which Egypt is hosting in Sharm El-Sheikh from November 7-18, with wide international participation.

The Egyptian Fund for Investment in Projects that Issue Carbon Certificates, EgyCOP, has an authorized capital of LE 1 billion. It finances the projects of Egyptian companies that achieve a reduction in emissions in Egypt and issues them internationally accredited certificates to offset emissions from the Swiss Gold Standard Corporation.

El-Said affirmed that the EgyCOP is the first of its kind in the Egyptian market, noting that it is a vivid example of the vision of the COP presidency for this year, “Together for Implementation,” because it represents a tangible step forward towards cooperation in implementing innovative solutions that can help our world in combating Climate change.

The Minister of Planning said that with this launch, Egypt and Africa will have a greater role in investing