Egypt, Gold Standard mull cooperation in carbon credit field
Updated 3/19/2023 11:22:00 AM
Arab Finance: Minister of Environment Yasmine Fouad held a meeting with representatives of Gold Standard and MGM company to mull over future cooperation regarding carbon certificates, the Environment Ministry said in a statement on March 17th.
The meeting tackled Egypt’s efforts to enter the market of issuing and trading carbon certificates after the launch of the first African voluntary carbon exchange during COP27.
The African exchange for carbon credit is a platform to help economic entities operating across different productivity-related activities in Egypt and Africa to engage in carbon emissions reduction activities.
The general framework regulating this market is currently being prepared, through which Egyptian entities will obtain accreditation to be internationally certified in the field of carbon credits.
The two sides also discussed the possibility of cooperation in financing nature-based solutions, which is a new field for Gold Standard.
Established in 2003 by Worldwide Fund for Nature (WWF) and other international non-governmental organizations (NGOs) as a best practice standard, Gold Standard aims to ensure projects that reduced carbon emissions, featured the highest levels of environmental integrity, and contributed to sustainable development.
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