Farid also stated that said that the authority aims to start trading in future contracts for carbon certificates on the Egyptian Exchange soon
The Financial Regulatory Authority (FRA) will issue new registration rules for registering and delisting carbon emissions reduction certificates and standards for accrediting carbon records within days, according to a statement by the Chairman of FRA, Mohamed Farid during his participation at 8th Annual Summit of Capital Markets.
Farid also stated that said that the authority aims to start trading in future contracts for carbon certificates on the Egyptian Exchange soon. In the session, the FRA chairman also stated that Europe considers carbon certificates like any security that could be registered and traded.
During his recent meeting with Prime Minister Mostafa Madbouly, yesterday Farid emphasized that the comprehensive regulatory structure for the voluntary carbon market has been successfully finalized.
This development bolsters Egypt's commitment to attaining carbon neutrality in line with global benchmarks, as well as Egypt's Vision 2030 for accomplishing this goal.
Earlier in February, the FRA approved the registration of 3 entities on the list of verification and certification bodies for carbon emissions reduction projects.
The three entities will be In charge of verifying projects that claim to reduce carbon emissions. This comes in line with the FRA’s launch of the voluntary carbon market.
This summit came with the theme Structural Reforms – Sustaining Development supported by the Ministries of Finance, Planning, and Economic Development, aims to deliberate on the Egyptian state's comprehensive implementation of structural reforms throughout various economic domains.
