COP27: Egypt’s stock exchange launches the first African voluntary carbon market

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Egypt’s stock exchange (EGX) has launched on Wednesday during the COP27 climate summit taking place in Sharm El-Sheikh the first African voluntary carbon market.

The market will boost “financing African climate projects to achieve net zero”, the EGX said in a tweet.

Egyptian Minister of Planning Hala al-Saeed, Minister of Environment Yasmine Fouad, and Mohamed Farid, chairman of the country’s Financial Regulatory Authority (FRA), have attended the launch ceremony.

The market will ensure more commitment from the private sector to confront climate change, said Minister Fouad.

She added that it would also help implement the ministry’s updated national contribution plan in partnership between the government and the private sector to accelerate reaching low-carbon practices.

Voluntary carbon markets allow carbon emitters to offset their unavoidable emissions by purchasing carbon credits emitted by projects targeted at removing or reducing greenhouse gas (GHG) from the atmosphere.

 

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