Home Northern Africa Egypt Establishes Committee for Supervision of Carbon Emission Reduction Units

Northern Africa

Egypt Establishes Committee for Supervision of Carbon Emission Reduction Units

January 26, 2025

(3 Minutes Read)

The new committee will oversee the issuance, monitoring, and verification of carbon credits, ensuring transparency and setting criteria for selecting bodies to verify and certify carbon reduction projects.

As part of Egypt’s broader strategy to strengthen its voluntary carbon market, the Financial Regulatory Authority (FRA) has established a Committee for Supervision of Carbon Emission Reduction Units (CCRC).

With 13 members, the committee will provide expert technical advice on key areas related to the committee’s responsibilities, which include carbon emission reduction, sustainable development, and clean energy.

The CCRC, chaired by the head of the FRA, is composed of representatives from the FRA, the Ministry of Environment, the Egyptian Stock Exchange, and experts in the carbon market. Members will serve renewable one-year terms, chosen based on nominations from the committee’s chairperson.

Launched in August 2024, Egypt’s voluntary carbon market is the first on the African continent to be governed by financial regulatory bodies. The market, which financial regulators supervise, was introduced with the backing of six ministers as part of a broader initiative to promote green energy and sustainability. The advisory group and CCRC are expected to play a critical role in supporting these efforts.