CARBON MARKETS-

Egypt’s FRA facilitates the sale of 350 carbon credits: The Egyptian Financial Regulatory Authority (FRA) has facilitated an agreement for the Egyptian Insurance Federation (EIF) to purchase 350 carbon credits from the Egyptian Biodynamic Association’s (EBDA) Minya carbon offset project, according to a statement released on Thursday. Beltone — which led some of the first carbon tradings since the launch of Egypt’s voluntary market in August — managed the transaction.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

More on the offset transaction: The EIF bought the credits to offset emissions from air flights for the attendees of its insurance conference in Sharm al-Sheikh. The FRA-listed EBDA’s offsets are part of the organization’s Minya Comprehensive Project for carbon offsets.

More could be coming: The Cabinet said the sale represents a “first phase” of a “larger” transaction that will be announced later. It is unclear whether the sale will include other players or not, and there are no details on the total number of credits.

REMEMBER- Egypt officially launched its voluntary carbon trading market — the first in the country and Africa — in August. The market allows companies to issue and trade voluntary carbon certificates in Egypt and Africa, which can be bought by other companies wanting to offset their emissions. The FRA was in charge of wrapping up all the requirements and procedures to register carbon emissions-reducing projects and kick-start the market.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Saudi joins IPHE: Saudi Arabia has officially joined the International Partnership for the Hydrogen and Fuel Cells in the Economy. The IPHE aims to support international collaboration to expand the adoption of hydrogen and fuel cell technologies. (SPA)
  • Iran constructing 36 water treatment plants: Iran is building 36 new water treatment plants with a combined total capacity of 2.7 mn cubic meters, according to the head of the National Water and Wastewater Engineering Company. The projects come under the government’s attempt to improve water infrastructure and increase access to clean drinking water. (Tehran Times)
Tags: