Egypt launches 1st African Voluntary Carbon Market
The Egyptian government launched the first African voluntary carbon market, on the sidelines of the COP27 climate summit, currently being held in Sharm El-Sheikh, in the presence of world leaders
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The African Market for Carbon Certificates is a platform to help economic entities operating in various productive activities in Egypt and Africa to engage in activities to reduce carbon emissions and to benefit from the issuance and sale of certificates under the reduction for other companies wishing to offset their carbon emissions that are difficult to reduce.
Voluntary carbon markets help companies recover part of their investment spending directed to reducing carbon emissions resulting from the exercise of their activities and reinvesting these resources in achieving the greater goal of carbon neutrality that all countries of the world seek to achieve.
All relevant authorities, such as the Egyptian Stock Exchange and the Financial Regulatory Authority, will work to develop frameworks, business models, and organizational structures necessary to activate the new market, by adopting the value chain, which includes raising companies' awareness and knowledge of the new market and the services provided through it, and how to access them and benefit from them in reducing carbon emissions, as well as setting the standards and controls necessary for the issuance and registration of these certificates, while ensuring the achievement of the highest levels of integrity and transparency in accordance with international standards in this regard.