{"id":74663,"date":"2022-11-07T02:13:26","date_gmt":"2022-11-07T02:13:26","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/07\/egypts-stock-exchange-sets-up-company-to-manage-carbon-credit-exchange\/"},"modified":"2022-11-07T02:13:26","modified_gmt":"2022-11-07T02:13:26","slug":"egypts-stock-exchange-sets-up-company-to-manage-carbon-credit-exchange","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/07\/egypts-stock-exchange-sets-up-company-to-manage-carbon-credit-exchange\/","title":{"rendered":"Egypt\u2019s stock exchange sets up company to manage carbon credit exchange"},"content":{"rendered":"

<\/a> Egypt\u2019s<\/strong> bourse forms carbon credit company: <\/strong>A subsidiary of the Egyptian Exchange (EGX) has signed an agreement with the Agricultural Bank of Egypt<\/a> and Enara Group\u2019s Libra Capital to establish Libra Carbon, the first Egyptian company to develop, manage, and issue carbon certificates, according to a joint statement<\/a>.<\/p>\n

How will it work? <\/strong>The company will serve as the building block for \u201can organized market for the trading of carbon certificates, which includes all the necessary components not only for trading but also for issuance,\u201d Egypt\u2019s Financial Regulatory Authority chief Mohamed Farid said. There are still no details on how the company plans to value, issue, and allow the trading of carbon credits.<\/p>\n

Explainer:<\/strong> Read more about what Egypt\u2019s local carbon exchange could look like in EnterpriseAM\u2019s recent Going Green<\/a> vertical.<\/p>\n

Expect a regional carbon exchange to follow:<\/strong> The move is a first step towards developing a voluntary, Africa-wide carbon credit exchange to encourage and diversify investment in the continent\u2019s green economy, Egypt\u2019s EGX head Rami El Dokany said in the statement. Egypt\u2019s Environment Minister Yasmine Fouad said<\/a> Egypt would launch the exchange \u2014 which has been in the works since 2018<\/a> \u2014 at COP27.<\/p>\n

There\u2019s a growing market for carbon credits \u2014 but it needs standardizing:<\/strong> \u201cThe volume of transactions associated with carbon certificates is growing at 20x annually,\u201d Bloomberg Asharq<\/a> quotes COP climate czar Mahmoud Mohieldin, who attended the signing ceremony, as saying. But trading prices vary widely, with a certificate for one ton of carbon emissions selling for anything from USD 2 to USD 100 across the continent, he added. The regional exchange will look to standardize prices.<\/p>\n

Carbon markets have also been picking up steam across the region<\/strong>, with Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF) setting up a regional voluntary carbon market company last month<\/a>. The company kicked off the world\u2019s largest credit auction, facilitating an auction of 1 mn tons of carbon credits. Meanwhile, Singapore is looking to buy carbon credits from Morocco and other countries outside the region as the Asian country looks to reduce its emissions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s bourse forms carbon credit company: A subsidiary of the Egyptian Exchange (EGX) has signed an agreement with the Agricultural Bank of Egypt and Enara Group\u2019s Libra Capital to establish Libra Carbon, the first Egyptian company to develop, manage, and issue carbon certificates, according to a joint statement. How will it work? The company will […]<\/p>\n","protected":false},"author":1,"featured_media":74664,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1144],"tags":[1143,98,1212,11,1214,864,1213,1215],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-carbon-market","tag-carbon-market","tag-carbon-markets","tag-egx","tag-enterpriseclimate","tag-fra","tag-mahmoud-mohieldin","tag-mohamed-farid","tag-rami-el-dokany","wpautop","entry"],"acf":{"mongo_id":"f2d24668-bf4a-49e8-8e5a-5ec23423b2aa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/135.jpg","photo_position":"above","related_issue":[74656],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s stock exchange sets up company to manage carbon credit exchange - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/07\/egypts-stock-exchange-sets-up-company-to-manage-carbon-credit-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s stock exchange sets up company to manage carbon credit exchange\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s bourse forms carbon credit company: A subsidiary of the Egyptian Exchange (EGX) has signed an agreement with the Agricultural Bank of Egypt and Enara Group\u2019s Libra Capital to establish Libra Carbon, the first Egyptian company to develop, manage, and issue carbon certificates, according to a joint statement. 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