Carbon Credits
The Financial Regulatory Authority (FRA) has approved two new projects to register on the voluntary carbon market (AFRICARBONex).
The voluntary carbon market is a system that allows businesses, organizations, and individuals to voluntarily buy and sell carbon credits to offset their greenhouse gas emissions.
Approved by the FRA’s Committee for the Oversight and Supervision of Carbon Emission Reduction Units, chaired by FRA head Mohamed Farid, is a significant step in Egypt's effort to combat climate change through regulated carbon trading
Since trading commenced, several companies jumped into the market, allowing businesses to buy and sell these certificates to offset their carbon emissions.
Mohamed Farid, Chairman of the FRA, emphasized that the new regulated market represents a milestone in Egypt’s environmental and financial sectors
During last year’s COP27 conference, Egypt revealed that it would launch Africa’s first voluntary carbon market, allowing companies in Egypt and Africa to trade certified carbon credits
