Carbon credits could save $250b by 2030 – minister
Egypt’s Minister of Planning and Economic Development, Rania Al-Mashat, announced that carbon credit trading could potentially cut the global cost of implementing nationally determined contributions (NDCs) by more than half, saving up to $250 billion by 2030.
Speaking at the Financial Regulatory Authority’s (FRA) conference, marking the launch of the first regulated carbon market in Egypt, she emphasised that the launch of Egypt’s first voluntary carbon market is a significant step in boosting the green economy’s contribution to the national GDP and enhancing green investments.
She added that the World Bank has provided technical support to the authorities concerned to assist in the establishment of the first voluntary market in Egypt for issuing and trading carbon credits.
“The establishment of this carbon market, supported by the World Bank’s “Development Policy Financing” programme, reflects collaboration between various stakeholders and positions Egypt as a regional leader in the green economy.”
The ministry is also working with the European Union through the Technical Assistance and Information Exchange Instrument (TAIEX) to support the Carbon Border Adjustment Mechanism (CBAM), which will benefit key entities, including the Ministry of Industry, Al-Mashat added.
Additionally, she highlighted that energy projects under the “NWFE” programme are vital to the national climate change strategy, aiming to reduce carbon dioxide emissions by 17 million tons annually.
The ministry’s ongoing cooperation with the World Bank and other organisations is part of a broader effort to support sustainable growth and facilitate green transition, opening opportunities for further South-South cooperation with African nations, the minister said.
Attribution: The Egyptian Cabinet
Subediting: M. S. Salama
