Egypt’s IFE acquires 350 carbon certificates to support sustainability
Updated 12/2/2024 4:10:00 PMArab Finance: The Insurance Federation of Egypt (IFE) has acquired 350 carbon emission reduction certificates from the Minya Group Project, an initiative by the Egyptian Biodynamic Association, according to an emailed press release.
The deal was facilitated by Beltone Financial Brokerage, licensed by the Financial Regulatory Authority (FRA) to handle voluntary carbon certificates.
This move aligns with the FRA's efforts to strengthen Egypt's voluntary carbon market, which promotes environmental sustainability and encourages investments in carbon reduction projects.
Egypt's first regulated voluntary carbon market was launched in August 2024 in partnership with the Ministry of Environment and six government ministers.
The initiative supports Egypt's climate goals and reflects commitments made during the COP27 Climate Conference to advance carbon markets.
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