A delegation from the Egyptian Exchange (EGX) took part in the 2023 African Climate Summit, which is being held in Nairobi, Kenya.
The EGX and the Financial Regulatory Authority (FRA) held a panel discussion on Friday titled “The Future of Carbon Certificates in Africa: Opportunities and Challenges in Light of Climate Change.”
The panel discussion was moderated by Rehab Salam, Director of International Relations at the EGX, and featured Mohamed AboElMagd, Executive Strategic Planning Manager at the EGX; Ahmed Rushdi, Executive Director of the Regional Center for Sustainable Finance of the FRA; Helmy Abouleish, CEO of SEKEM Group; and Bogolo Kenewendo, Africa Director and Special Adviser to the UN Climate Change High-Level Champions.
The EGX team presented its vision for the green economy in Africa in general and carbon markets in particular and explained how African financial markets can play a more effective role in building sustainable carbon markets that contribute to managing and directing investments and green economy financing more efficiently.
The FRA presented the proposed role of the regulatory and supervisory bodies in developing, monitoring, and enhancing carbon markets in the continent, as well as the role of the certification and verification bodies in the system of functioning of carbon markets and the conditions that they must meet to operate according to international best practices.
This effort comes as a continuation of what was announced by the Egyptian government, the FRA, and the EGX regarding the voluntary carbon emission reduction certificate trading market on the sidelines of the COP27 conference and in line with Egypt’s Vision 2030.
The 2023 African Climate Summit aims to make the African continent a driving and influential force in the field of renewable energy by developing and implementing a common vision of green development policies in Africa.
It also emphasizes the importance of the international community bearing its responsibility towards allocating international investments and financial aid to benefit from the resources and skills available to the countries of the continent, considering that only 3% of global investments directed towards energy transformation reach Africa.