The Sovereign Fund of Egypt (TSFE) and several local banks are considering acquiring shares in EgyCOP, a direct investment company for carbon certificates, according to a document issued by the Information and Decision Support Center (IDSC) of the Cabinet. It is also discussing the accreditation mechanism for companies working in carbon certificates, to contribute to the national plan to reduce carbon emissions through investing in emission offsetting projects. He said that the company is complementary to the voluntary carbon market that the Egyptian Stock Exchange intends to launch this year. He told DNE that the company is still conducting some studies on the carbon certificates market, and is waiting to obtain a license from the Financial Regulatory Authority (FRA). She said that there is a clear complementarity between the main goal of launching EgyCOP and the voluntary carbon market, as it is the first direct investment company operating in voluntary carbon markets.

Source: Daily News Egypt October 01, 2023 09:25 UTC