{"id":604294,"date":"2023-08-29T00:00:00","date_gmt":"2023-08-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/another-step-towards-a-local-carbon-credit-market\/"},"modified":"2023-08-29T00:00:00","modified_gmt":"2023-08-29T00:00:00","slug":"another-step-towards-a-local-carbon-credit-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/another-step-towards-a-local-carbon-credit-market\/","title":{"rendered":"Another step towards a local carbon credit market"},"content":{"rendered":"

A very happy hump day, dear readers. <\/strong>Driving the news agenda at home this morning: Plenty of debt news, the outcome (or lack thereof) from this week\u2019s GERD talks, and one of our own is going public in Riyadh next month. All that and more below.<\/p>\n

WATCH THIS SPACE- <\/strong><\/p>\n

<\/a> Another step towards a local carbon credit market: <\/strong> The Financial Regulatory Authority (FRA) yesterday released its carbon credit verification and certification standards, a fundamental part of the regulatory framework for the anticipated voluntary carbon market. The regulator is drawing up a list of local and foreign organizations capable of verifying and approving carbon credits. You can read the standards for local and foreign bodies here<\/a>.<\/p>\n

Remember: <\/strong>The EGX last year<\/a> announced it would set up Africa\u2019s first voluntary carbon market<\/a>. The market will allow companies in Egypt and Africa working on emissions-reducing projects to sell certified carbon credits, which can then be bought by other companies wanting to offset their emissions. The bourse is partnering with the Agricultural Bank of Egypt and Enara Group\u2019s Libra Capital to establish Libra Carbon, an Egyptian company that will develop, manage, and issue carbon certificates.<\/p>\n

FROM THE RUMOR MILL- <\/strong><\/p>\n

<\/a> Beltone denies plans to acquire Cashcall: <\/strong> Beltone Financial has not entered into any form of agreement to acquire fintech platform Cashcall<\/a>, the company said in an EGX disclosure (pdf)<\/a> yesterday. The filing came in response to a report from A<\/a> sharq Busines<\/a> s<\/a> that claimed Beltone is looking to acquire a 60% stake in the company for around EGP 500 mn. \u201cThere are no contracts, understandings, or written or unwritten agreements . . . to acquire any stakes,\u201d Beltone said.<\/p>\n

REMEMBER- <\/strong>The financial services provider earlier this month received the greenlight from the Financial Regulatory Authority (FRA) to <\/a> acquire<\/a> Minya-based microfinance provider Cash.<\/p>\n

HAPPENING THIS WEEK- <\/strong><\/p>\n

<\/a> Deadline day for the Smart Green Projects initiative: <\/strong> Submissions for the second phase of the Smart Green Projects initiative<\/a> will be due on Friday, 1 September<\/a>. The second iteration of the government-led initiative<\/a> is accepting applications for projects working on addressing issues like energy, emissions reduction, sustainable agriculture and green buildings. Shortlisted projects will get the chance to present their vision during COP28. The top three contenders in six categories are also awarded prizes between EGP 250k and EGP 750k.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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THE BIG STORY ABROAD- <\/strong><\/p>\n

The Trump circus continues in the US media this morning <\/strong> after a district judge yesterday announced that the former president\u2019s federal trial for allegedly trying to overturn the results of the 2020 election will begin on 4 March 2024. Trump\u2019s lawyers had been pushing to delay the trial date until after the presidential election, set for November next year. (Associated Press<\/a> | Reuters<\/a> | Financial Times<\/a> | Washington Post<\/a> | Wall Street Journal<\/a>)<\/p>\n

<\/a> Erdogan to discuss grain pact with Putin next week: <\/strong> Turkish president Recep Tayyip Erdogan will attempt to persuade Russian leader Vladimir Putin to re-enter the Black Sea grain pact with Ukraine during talks in Russia next week, according to Bloomberg<\/a>. Moscow pulled out of the agreement last month and reimposed a partial blockade on Ukraine\u2019s ports, threatening to provoke a fresh crisis in the global food market.<\/p>\n

Russia denies claims it destroyed grain headed our way: <\/strong>Claims by Ukraine and the US<\/a> that Moscow last week destroyed some 13k tons of grain<\/a> that had been headed to Egypt and Romania were dismissed as \u201cAmerican propaganda\u201d by the Russian Embassy in Cairo in a statement<\/a> on Sunday. The embassy reiterated its commitment to aiding Egyptian food security, noting that Russia provided some 8.1 mn tons over the past year.<\/p>\n

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CHECK OUT OUR AGENDA- <\/strong><\/p>\n

The Enterprise Finance Forum is taking place on 18-19 September at <\/strong> the St. Regis Hotel in Cairo. <\/strong> This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/p>\n

This is our first two-day event<\/strong>,which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS. <\/p>\n

Our full agenda will be out at month\u2019s end. Among the topics we\u2019ll be discussing: <\/strong><\/p>\n