CAIRO - 6 November 2022: The Egyptian Exchange Holding Company for Capital Markets Development, the Agricultural Bank of Egypt and Libra Capital Group signed Sunday a framework to establish a Carbon Certificates Trading Company. Carbon certificate trading is a mechanism that aims to reduce companies’ emissions by setting a price for the polluting activities resulting from them, and allowing companies to buy and sell carbon credits related to the volume of their emissions. In return, the companies that reduce emissions sell their available emissions credits to achieve profit, which provides a financial incentive to reduce pollution. “The establishment of the first entity to manage and develop the environmental products and carbon market in Egypt, enhances the company’s efforts in the field of green energy, reducing emissions and preserving the environment,” said Sherif Magdy El-Gabaly, director of Libra Capital. He pointed out that Europe is the best in standards and activity in the areas of carbon markets, and China has benefited from it and adapted it to its needs, expressing his hope that the market will be active in Africa and Egypt.

Source: Egypt Today November 06, 2022 17:56 UTC