The Egyptian Stock Exchange and the Global Carbon Footprint Council allow the trading of carbon certificates
The Egyptian Stock Exchange and the Global Carbon Footprint Council allow the trading of carbon certificates
As part of the announcement of the first voluntary market for trading carbon emission reduction certificates in Africa – “The Egyptian Stock Exchange” and the “Global Carbon Footprint Council GCC” – one of the most prominent international entities – signed a memorandum of understanding, in order to support regional climate activities regarding the registration and trading of carbon certificates, and to strengthen their markets regionally. And globally.
This agreement allows the trading of carbon emission reduction certificates registered with the “Global Carbon Footprint Council” on theExchange, where investors can diversify their investment portfolios by increasing the supply of these certificates. Through this agreement, the Egyptian Stock Exchange will also enhance the important role assigned to the Global Carbon Footprint Council in Africa. Thus, developing government awareness, as well as companies and investors’ awareness of the importance of using market tools, in order to stimulate measures to confrontclimate changes.
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In this context, Rami Al-Dakani, Chairman of the Board of Directors ofThe Stock Exchange, said: “The agreement is a memorandum of understanding that helps build a very fair and transparent regional market. It also seeks to build a comprehensive system that increases the leadership of the Egyptian Stock Exchange and provides its investors with tools.” Investment – as well as non-traditional products – an agreement that comes within the state’s strategy to shift towardssustainable developmentand the green economy.”
Dr. Yousef Al-Horr, founding president of the Global Carbon Footprint Council, said: “Cooperation between carbon registries and exchanges is important in establishing a market capable of achieving fruitful results from mitigating emissions, and supportive of climate action. These two mechanisms will move towards enhancing the confidence, transparency and growth of carbon markets, contributing to building a future in which carbon emissions are low and more sustainable. We are confident of the impact of this cooperation between the Egyptian Stock Exchange and the Global Carbon Footprint Council in encouraging increased liquidity in the markets, so that projects to reduce carbon emissions can be financed.
