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Egypt’s Financial Regulatory Authority (FRA) will issue new registration rules for registering and delisting carbon emissions reduction certificates. It will also issue standards for accrediting carbon records within days
Egypt’s Financial Regulatory Authority (FRA) will issue new registration rules for registering and delisting carbon emissions reduction certificates. It will also issue standards for accrediting carbon records within days. This was revealed by the Chairman of FRA, Mohamed Farid at the 8th Annual Summit of Capital Markets.
Farid also said that the authority aims to start trading in futures contracts for carbon certificates on the Egyptian Exchange soon. Carbon certificates will be similar to any security that could be registered and traded. A comprehensive regulatory structure for the voluntary carbon market has been successfully finalized and will be implemented soon as a means to attaining carbon neutrality in line with global benchmarks. The FRA approved the registration of 3 entities on the list of verification and certification bodies for carbon emissions reduction projects. Three entities will be in charge of verifying projects that claim to reduce carbon emissions.
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The summit had the theme Structural Reforms – Sustaining Development supported by the Ministries of Finance, Planning, and Economic Development. It has deliberated on the Egyptian state’s comprehensive implementation of structural reforms throughout various economic domains.
