Egypt’s FRA registers 12 carbon reduction projects

The Egyptian Financial Regulatory Authority (FRA) approved on Monday the registration of 12 projects in its carbon emissions reduction projects database.

These projects were submitted from the Voluntary Carbon Registries of the Egyptian Organic Agriculture Association (EOL), which is accredited by the FRA.

The EOL Voluntary Carbon Registries is the first locally accredited voluntary carbon registry in Egypt, aimed at assisting project developers in adhering to the necessary standards and specifications for reducing carbon emissions and issuing certificates for the registered reduction projects.

These projects are eligible for trading through the platform established by the Egyptian Stock Exchange. Voluntary Carbon Registries are centralised electronic systems that manage the issuance, registration, and tracking of carbon emissions reduction certificates resulting from the implementation of emission reduction projects according to standards and methodologies set by standard programs.

This initiative follows the FRA’s launch of the first regulated market for trading voluntary carbon credits in August.

The 12 registered projects have generated approximately 13,291 voluntary carbon credits, representing a reduction of around 13.3 thousand tons of CO2 equivalent across various projects.