Egypt's First Carbon Emission Reduction & Offset Fund Launches at COP2
An Egyptian public-private partnership has been launched at COP27 to help offset the effects of climate change.
An Egyptian public-private partnership has been launched at the COP27 UN Climate Change Conference to help offset the effects of climate change. Coordinated by Avanz Capital and MGM Finance & Banking Consultants, together with the Sovereign Fund of Egypt, EgyCOP will be Egypt's first carbon emission reduction and offset fund, with a target size of EGP 1 billion.
With a focus on mitigation and adaptation projects, the fund is designed for investors who are working towards zero-carbon emissions or wish to fulfill obligations towards environmental and social responsibilities.
The fund will invest in projects within Egypt, and will seek grants from donors to provide technical assistance to projects. EgyCOP will aim to finance 12 to 15 high-quality projects, and will follow the Gold Standard, an international, voluntary carbon offset programme focused on setting the standard for climate development interventions around the world.
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