Thursday July 25th, 2024
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First Voluntary Carbon Market in Africa Established at COP27

The carbon market will financially incentivize eco-friendly practices, and regulate the issuing of carbon certificates across Africa.

Cairo Scene

First Voluntary Carbon Market in Africa Established at COP27

With carbon certificates financially incentivizing businesses to reduce hazardous carbon emissions, the government of Egypt has launched Africa’s first voluntary carbon market on the sidelines of COP27.

After recently establishing the country’s first Carbon Certificates Trading Company, Africa’s voluntary carbon market will connect institutions and economic entities across the continent to work toward the same goal using eco-friendly practices, while allowing the sale and exchange of certificates.

The Egyptian Stock Exchange and Egypt’s Financial Regulatory Authority are set to develop new business models and frameworks, in order to establish a new market and practice within Egypt and Africa at large, and to regulate the issuing of certificates to ensure they’re used in line with environmental guidelines.

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