The FRA chairman emphasized the importance of establishing and activating the voluntary market for trading carbon certificates, adding that it aims to encourage businesses to reduce emissions through adaptation and mitigation projects
The Financial Regulatory Authority (FRA) recently held a meeting at its headquarters to discuss the latest developments of the voluntary market for trading carbon certificates, as well as explore ways to accelerate the market’s activation and launch.
Alongside FRA’s Chairman of the Board of Directors Mohamed Farid, key figures from the Egyptian Stock Exchange, the Tawsiyat Company, Ahmed Rushdi, Executive Director of the Regional Center for Sustainable Finance, Mohamed Ayad, Director of the Authority's Media Center, Mahmoud Jibril, Head of the Central Administration for Corporate Finance, and officials from relevant Authority departments were in attendance.
According to an official statement by FRA, representatives from 35 companies engaged in activities related to carbon certificate trading were also present.
Farid reviewed the FRA’s efforts and steps taken to prepare for the launch of the voluntary market, and covered recent developments related to the Egyptian Stock Exchange and the Tasweyat Clearing Services Company in preparation for the market's launch with the aim of helping businesses align with international requirements.
The FRA chairman emphasized the importance of establishing and activating the voluntary market for trading carbon certificates, adding that it aims to encourage businesses to reduce emissions through adaptation and mitigation projects.
Reducing carbon emissions is now essential for global trade, stressed Farid, noting that the authority has created guidelines for entities involved in carbon emission reduction projects and certification, as well as for the registration of Egyptian and foreign entities.
These were developed based on recommendations from the Committee for Supervision and Control of Carbon Emission Reduction Units, which includes representatives from the Ministry of Environment, the Egyptian Stock Exchange, and experts in the field.
Representatives from the 35 companies expressed a strong desire to participate in the market, the statement wrote, adding that several discussions held with FRA officials to address their inquiries and to prepare specialized training programs and workshops.
FRA’s chairman pointed out that the voluntary market for trading carbon certificates is a platform that can help businesses in Egypt and Africa engage in activities to reduce carbon emissions and benefit from issuing and selling certificates. It would support companies in offsetting emissions that are difficult to reduce, and it requires well-organized and supportive regulatory controls to ensure the market's successful launch and growth.
The platform will also enhance companies' ability to develop eco-friendly practices in their journey towards carbon neutrality, explained the statement.
