URGENT: EGX launches AFRICARBONX

The Egyptian Exchange (EGX) on Thursday launched the African Voluntary Carbon Market (AFRICARBONX), to trade Carbon Emission Reduction Certificates and reduce greenhouse gas emissions across Africa.

EGX Chairman Ahmed El-Sheikh announced the market is ready for trading, with the first transactions expected soon.

This initiative supports EGX’s strategy to introduce new financial tools and deepen market engagement, enhancing Egypt’s role in the African economy and supporting companies in reducing emissions and meeting international sustainability standards.

The market’s activation involved collaboration among state institutions, including the Egyptian Cabinet, Parliament, Ministry of Environment, and Financial Regulatory Authority (FRA).

Key milestones include establishing a central database for carbon reduction projects and launching an electronic platform for certificate trading.

The initiative began in November 2022 during COP27 in Sharm El-Sheikh. By December 2023, the platform and trading systems were ready, and the first trading approval was granted to Beltone Securities Brokerage in July 2024.

Notably, EGX and FRA have issued several regulatory decisions to support the market, including standards for registering verification entities and rules for listing and trading the certificates.

The market will operate transparently, using systems developed by the Egyptian Information Dissemination Company (EGID). Moreover, EGX plans future activities to support their issuance of carbon certificates.

Attribution: EGX Statement