Egypt seeks World Bank’s assistance to launch mandatory carbon credit market
Updated 12/14/2023 9:30:00 AM
Arab Finance: The Egyptian government has sought the assistance of the World Bank to launch a mandatory market for carbon certificates, which is expected to make debut within the coming year, sources familiar with the matter told Al Borsa News.
The bank will assist in the incorporation of the market as well as in transferring the needed expertise and offering the consultations required for the enactment of the legislative law on the mandatory market.
The government is currently working in establishing a registry office which will be affiliated with the Ministry of Environment, the sources said.
They pointed out that the formation of a technical committee for the anticipated carbon market is underway, adding that the government will adopt standardized carbon certification procedures, including the verification and validation of the national carbon emissions certificates.
Initially, the mandatory market will include sectors indicated in Egypt’s Nationally Determined Contributions (NDC) report.
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