The Doha-based Global Carbon Footprint Council signed a memorandum of understanding with the Egyptian Stock Exchange (EGX), as part of announcing the launch of the first regulated voluntary market for trading certificates of carbon emissions reductions in Africa.
The memorandum was signed by Dr. Youssef El Horr, Chairman of the Board of Directors of the Global Carbon Footprint Council, and Mr. Ramy El Dokani, Chairman of the Board of Directors of the Egyptian Stock Exchange (EGX).
Under the agreement, carbon emission reduction certificates registered with the Global Carbon Footprint Council will be available for trading on the Egyptian Stock Exchange, which allows investors to diversify their investment portfolios.
According to the memorandum, the Egyptian Stock Exchange will enhance the international standing of the Global Carbon Footprint Council in the African continent, and thus raise awareness of the importance of using market tools to stimulate actions and activities to confront climate change.
Dr. Al-Horr said that cooperation between carbon registries and carbon exchanges is important to building a market that promotes climate action and achieves integrated emissions mitigation results, adding, “These two mechanisms work in harmony to enhance transparency, trust and growth for carbon markets to build a more sustainable future.
