CAIRO - 8 March 2023: Egyptian Minister of Environment, Dr. Yasmine Fouad, held a meeting to discuss the latest developments of the first Egyptian company to invest in carbon credits, EgyCOP, which was launched within the activities of the COP27 climate conference, as the first direct investment company operating in voluntary carbon markets.
Egyptian authorities have launched the country’s first carbon credit company, paving the way for a nationwide carbon credit market to reduce CO2 emissions.
The Minister of Environment stressed the importance of the company in helping Egypt and Africa to achieve a greater role in investing in reducing emissions, especially with Egypt owning a variety of qualified projects that can help reduce carbon emissions in the transport, energy and solid waste sectors.
Dr. Yasmine Fouad, Minister of Environment, reviewed the Egyptian government's efforts to create a climate supportive of environmental action in Egypt by changing the perception of the environment and climate file and placing it among the state's priorities.
The Ministry of Environment established the Environmental and Climate Investment Unit with the aim of searching for investment opportunities at various levels from the perspective of the climate change file.
The Minister of Environment added that the ministry is working on how to involve the private sector, whether by implementing investment-attracting projects such as: renewable energy, and also encouraging it to enter into projects that touch promising areas for the future, such as economies based on vital resources, such as benefiting from agricultural waste in building a promising industry for the production of raw materials.
In addition to strengthening the role of the banking sector, as the Ministry of Environment cooperates with the Central Bank to build the capacity of the banking sector in the field of climate finance and to introduce the difference between mitigation and adaptation projects.
The minister pointed out that the government's role is to draw a road map and a vision for how to involve the private sector, how ministries implement the specified national contributions plan, help the banking sector to identify opportunities for climate financing, and benefit citizens by facing environmental challenges in innovative ways.
The Minister listened to the latest developments of EgyCOP related to issuing licenses and the approval of the Financial Supervision Authority for carbon markets, and mobilizing the necessary financing, as the company aims to start in Egypt in cooperation with the Sovereign Fund of Egypt and a number of banks, and work to complete the necessary feasibility study.
The Minister highlighted some of the steps that the Ministry is taking in the coming period to promote investment opportunities in carbon certificates as part of investing in the climate, as it will organize a consultative session for the private sector on the carbon market, which will include the private sector with huge investments, startups and the banking sector.