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Egypt’s Financial Regulatory Authority (FRA) has registered 12 new carbon reduction projects to its newly-launched carbon market, according to a statement. All 12 projects are certified under Egyptian Biodynamic Association’s Economy of Love standard, which aims to support small-scale farmers as they switch to organic and biodynamic farming methods. They will offer over 13.2k carbon credits that will help reduce 13.3k tons of carbon emissions.
ICYMI- Egypt debuted its voluntary trading carbon market — the first in the country and in Africa — in August. The market allows companies to issue and trade voluntary carbon certificates in Egypt and Africa, which can be bought by other companies wanting to offset their emissions.
Egypt’s VCN saw its fair share of activity: Local agriculture firm Daltex purchased 1.5k carbon credits from an agroforestry project in India’s Punjab during the first day of trading. Egyptian food producer Isis Organic also purchased carbon credits representing 500 tons of carbon dioxide from 10 farms through the Egyptian Biodynamic Association. More recently, Egypt’s Misr Ins. inked a preliminary agreement with Singapore-based Value Network Ventures Advisory Services that will see it make its entry into Egypt’s carbon market.
Egypt isn’t the only country looking to kick start its carbon market: Oman’s Environment Authority completed the final draft of a carbon markets policy framework last week as the sultanate eyes to become a carbon trading hub in the region. The 52-page document outlines plans for a national carbon registry and enhanced institutional capacity.
