{"id":577341,"date":"2022-11-20T04:02:28","date_gmt":"2022-11-20T04:02:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/africas-first-voluntary-carbon-market-will-launch-in-mid-2023\/"},"modified":"2022-11-20T04:02:28","modified_gmt":"2022-11-20T04:02:28","slug":"africas-first-voluntary-carbon-market-will-launch-in-mid-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/africas-first-voluntary-carbon-market-will-launch-in-mid-2023\/","title":{"rendered":"Africa\u2019s first voluntary carbon market will launch in mid-2023"},"content":{"rendered":"

<\/a> The EGX will launch Africa\u2019s first <\/strong>voluntary carbon market<\/a><\/strong> in mid-2023<\/strong>, EGX boss Ramy El Dokany said during a presser last week. The bourse is close to finalizing contracts with a Canadian fintech to supply the technology for the carbon credit platform, El Dokany said.<\/p>\n

Don\u2019t expect local carbon credits to come on the market for a couple years:<\/strong> Auditing and verification alone takes at least 18 months to complete, El Dokany said, adding that the platform\u2019s target will be to issue some 7 mn tons of local carbon credits within the first three to four years.<\/p>\n

What industries will be eligible? <\/strong>The market will not limit eligibility to specific industries, El Dokany said, adding that it will start by looking at the agribusiness sector. The EGX is partnering with the Agricultural Bank of Egypt<\/a> and Enara Group\u2019s Libra Capital to establish Libra Carbon<\/a>, the Egyptian company that will develop, manage, and issue carbon certificates. Other industries showing interest include the industrial sector, building materials, and banks, El Dokany added.<\/p>\n

\u201cAfrica will be the hub for carbon credit supply,\u201d <\/strong>El Dokany said, adding that the bourse has a first-mover advantage on the continent and will be able to get started with African issuances at the same time as our local carbon credit market takes form. \u201cWe want to build an African OPEC for carbon that can regulate and standardize prices,\u201d El Dokany added.<\/p>\n

There are still a lot of details to iron out: <\/strong>The regulatory framework for the market is still pending the cabinet\u2019s review, El Dokany said. Another key issue is auditing and verification, which El Dokany says needs some form of \u201cdisruption\u201d \u2014 whether through tech or by setting up local verifiers \u2014 to be able to scale. Verification of carbon certificates requires annual review. The EGX is currently in talks with global offset verifiers including Verra<\/a> and Gold Standard<\/a>, he said.<\/p>\n

Roadshow in the cards: <\/strong>The bourse is still looking into how to market carbon trading, but holding roadshows around Africa is on the table, El Dokany said.<\/p>\n

BACKGROUND- Voluntary carbon markets are gathering steam across the region.<\/strong> Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund, last month<\/a> set up a regional voluntary carbon market company, which auctioned<\/a> 1.4 mn tons of carbon credits at Davos in the Desert.<\/p>\n

EGYPT LAUNCHES CARBON CREDIT FUND- <\/strong><\/p>\n

Planning Minister Hala El Said launched a fund <\/strong>that will in<\/strong>vest up to EGP 1 bn <\/strong>in low-carbon projects that issue carbon credits<\/strong>, the Planning Ministry said in a statement<\/a> Thursday. The fund \u2014 dubbed EgyCOP \u2014 will complement the launch of the planned carbon market, the statement said.<\/p>\n

What projects will be eligible? <\/strong>The statement does not specify what industries it will be focusing its investments on, but El Said name-checked sectors like transport, energy, waste, and biodiversity in the statement. The companies will have their credits verified by Gold Standard.<\/p>\n

The Financial Regulatory Authority is working on approvals for the establishment of the fund<\/strong>, and on amendments to the Capital Markets Act that would validate the use of carbon certificates as a tradable security, the regulator said in a statement (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGX will launch Africa\u2019s first voluntary carbon market in mid-2023, EGX boss Ramy El Dokany said during a presser last week. The bourse is close to finalizing contracts with a Canadian fintech to supply the technology for the carbon credit platform, El Dokany said. Don\u2019t expect local carbon credits to come on the market […]<\/p>\n","protected":false},"author":1,"featured_media":577342,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[7303],"tags":[102,682,68,6398,72,727,6397,678,2313],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-carbon-footprint","tag-egx","tag-egycop","tag-enterpriseam","tag-hala-el-said","tag-libra-carbon","tag-planning-ministry","tag-ramy-el-dokany","wpautop","entry"],"acf":{"mongo_id":"facb23b0-ce8f-482b-98b6-c5ded1a74b26","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/296.jpg","photo_position":"above","related_issue":[577335],"teaser":"","voice_url":""},"yoast_head":"\nAfrica\u2019s first voluntary carbon market will launch in mid-2023 - EnterpriseAM Egypt<\/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\/egypt\/2022\/11\/20\/africas-first-voluntary-carbon-market-will-launch-in-mid-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa\u2019s first voluntary carbon market will launch in mid-2023\" \/>\n<meta property=\"og:description\" content=\"The EGX will launch Africa\u2019s first voluntary carbon market in mid-2023, EGX boss Ramy El Dokany said during a presser last week. 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