The Financial Regulatory Authority (FRA), chaired by Dr. Mohamed Farid, has launched Egypt’s inaugural carbon market for regulatory monitoring financial markets; registering voluntary carbon reduction projects, as well as issuing and trading carbon emission certificates. The market was activated by trading 3 carbon emission reduction certificates, implementing COP 27 recommendations. This step is taken within the framework of empowering the executors and financiers of carbon emission reduction projects operating in either agricultural, industrial, or other sectors, to issue carbon emission reduction certificates.
In this regard, Dr. Mohamed Farid presented an overview of the exerted efforts and new market development phases, gaining insights into international collaborations with Egypt’s governmental bodies and exploring global best practices, to catalyze Egypt’s commitment to achieving carbon neutrality. Dr. Farid underscored the importance of the inaugural voluntary carbon market to register and certify carbon offset projects, along with trading carbon reduction certificates issued under carbon emission reduction projects at FRA’s database, in coordination with the Ministry of Environment.
The event was attended by Dr. Yasmine Fouad, Minister of Environment, Dr. Rania Al-Mashat, Minister of Planning and Economic Development, Dr. Manal Awad, Minister of Local Development, Counselor Mahmoud Fawzi, Minister of Parliamentary and Legal Affairs, Mr. Alaa Farouk, Minister of Agriculture, and Executive Chairman of the Egyptian Exchange.
