Consulations are underway in Egypt to launch a carbon market
Plans to launch carbon credits in Egypt are alive and well: Egypt’s Financial Regulatory Authority is holding consultations about plans to set up a local carbon market, it said in a statement (pdf) Wednesday. The idea of launching carbon credits in Egypt has been around for a few years and has been pushed by the Environment Ministry and the EGX under its former boss (and now head of the FRA) Mohamed Farid. In February the two sides were said to be preparing to present the plans to the cabinet but nothing has been heard since. Carbon credits are tradable certificates designed give companies incentives to lower emissions.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- HSBC Bahrain plans to roll out debit, credit and commercial payment cards made out of recycled PVC (rPVC) plastic, eliminating single-use PVC plastic by the end of 2026, the company announced in a statement.
- Munich-based banknote printing firm Giesecke+Devrient will introduce a range of environmentally friendly materials in MENA, including a “green banknote” manufactured using recycled plastic waste, chairman of the company told Gulf News.
- In the UAE, Deliveroo is reducing its use of single-use plastic by joining sustainability initiative Dubai Can, according to a statement picked up by Zawya.
- UK climate action startup Expect raised GBP 750k in their pre-seed funding round to expand in the GCC and other regions, according to a statement.
Correction: 3 September 2022
A previous version of this story incorrectly stated that the FRA was holding consultations to introduce a carbon offset tax.