Egypt: Dr Yasmin Fouad, Environment minister of Egypt, seeks the latest update on Investment in voluntary carbon certificates. she held a meeting to discuss the latest updates on the first Egyptian carbon certificate investment company EgyCOP, launched during the events of the COP27 climate conference, as the first direct investment company operating in voluntary carbon markets.
In her remarks, she stated that “Investment in carbon certificates is part of the Investment in the climate. He will make a powerful push for Egypt and Africa in climate finance.”
In addition, Environment Minister stressed the company’s importance in helping Egypt and Africa achieve a greater role in investing in reducing emissions, especially as Egypt has a variety of eligible projects that can help reduce carbon emissions in the energy, transport and solid waste sectors.
Environment Minister Fouad also reviewed the Egyptian government’s efforts to prepare climate support for environmental work in Egypt by changing the view of the environment and climate files and placing it among the country’s priorities.
She also stated that the efforts are significant as part of the country’s direction to support Investment and engage the private sector; the Ministry of the Environment established the Environmental and Climate Investment Unit to seek investment opportunities on various Levels from a climate change file perspective.
Furthermore, the Ministry of Environment added that the Ministry is working on how to engage the private sector both by implementing attractive investment projects such as renewable energy along by encouraging it to enter projects that hit promising areas such as bio-based economies.
The Minister noted that “The role of the government is to draw a roadmap and vision on how to engage the private sector, how ministries implement the designated national contributions plan, assist the banking sector in identifying climate financing opportunities, and benefit the citizen by tackling environmental challenges in innovative ways.”
Moreover, the Minister has heard the latest updates on EgyCOP, relating to the issuance of licensing and approval of the Carbon Markets Financial Authority and needed funding as the company aims to start in Egypt in association with the Sovereign Monetary Fund of Egypt and a number of banks, working on completing the necessary feasibility study.
Meanwhile, Minister Fouad also highlighted some steps the Ministry is taking in the coming time span to promote investment chances in carbon certificates as part of climate investment, where it will hold a private sector advisory session on the carbon market that will include the large-scale investments private sector, start-ups and banking sector.