Global Carbon Council & Egyptian Exchange sign MoU to promote climate actions

By Arya M Nair, Official Reporter
  • Follow author on
Representational image

Qatar’s Global Carbon Council (GCC), an internationally recognized provider of high-integrity carbon credits, and The Egyptian Exchange (EGX) have signed a Memorandum of Understanding (MoU) to promote regional climate actions and strengthen carbon markets regionally and globally.

Under the agreement, signed by GCC’s Founding Chairman, Dr. Yousef Alhorr, and EGX’s Executive Chairman, Mr. Rami El-Dokany, the GCC-issued carbon credits (CCs) will be listed on the EGX platform, thus expanding the marketplace’s offerings to buyers seeking a diversified portfolio of CCs.

Meanwhile, EGX will leverage GCC’s international profile to advance the growth of the carbon market in Africa and subsequently raise awareness among regional stakeholders, including governments, businesses, and investors, about the importance of the use of market instruments to catalyze climate actions.

Dr. Yousef Alhorr_GCC_EGX MoU
Dr. Yousef Alhorr
Founding Chairman

“Collaboration between carbon offsetting platforms and exchanges is vital to building a well-functioning marketplace to promote climate action and deliver highly integral mitigation outcomes. By working in unison, these two mechanisms promote transparency, trust, and growth for carbon markets. Ultimately, by doing so, they contribute to a more sustainable, low-carbon future. We are positive that GCC’s collaboration with EGX will create a lasting impact that will undoubtedly encourage decarbonization of critical sectors by incentivizing businesses pursuing carbon reduction projects.”

Mr. El-Dokany said that “We believe that a real impact, will be achieved by a well-organized the workflow between different stakeholders. EGX’s collaboration with GCC will help in achieving global climate goals besides creating new business opportunities for the African continent through a transparent and fair ecosystem, this the collaboration will increase the liquidity in the market & give investors access to high-quality carbon credits which they can use to offset their residual emissions and take their steps towards achieving net-zero goals.”

Introduced as an outcome of COP27 and necessitated by the need to normalize carbon trading in Africa, EGX’s carbon market provides Egyptian companies undertaking emissions-reducing projects with the opportunity to buy or sell carbon credits through a new local trading market instead of relying solely on foreign platforms. EGX offers a platform for trading these carbon credits to local and international buyers, thereby encouraging investment in Greenhouse Gases (GHG) mitigation projects.

The MoU between GCC and EGX marks a significant step towards strengthening the carbon market and improving the liquidity and accessibility of carbon credits through increased transparency and reliability. As part of the agreement, the two entities will also collaborate on development initiatives aimed at improving the efficacy of carbon offsetting mechanisms contributing to the global efforts to tackle climate change.

Related: ADNOC to decarbonize Germany’s industrial heartland North Rhine-Westphalia