Egypt launches Africa’s first carbon credit market
Access to development financing solutions is being boosted through a new platform that will help the African private sector to lower its carbon emissions.
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 Egyptian Exchange Holding Company for Capital Markets Development, the Agricultural Bank of Egypt, and Libra Capital on Nov. 6 signed an agreement to set up Egypt’s first entity to issue carbon credits.
Similarly, on Nov. 9 the voluntary carbon market launched, for businesses to purchase carbon credits to offset their CO2 emissions. The two new entities come as the UN Conference on Climate Change or Conference of the Parties (COP27) takes place in Sharm al-Sheikh Nov. 6-18.
Businesses are not obliged to participate, but their carbon credits will be traded as securities on the newly launched market, so these companies will be able to recoup a portion of their investment in reducing carbon emissions.
