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New Egyptian fund to invest in projects issuing carbon certificates

REUTERS
EgyCop will provide more functional space to release public funds towards adaptation projects

Egypt has launched the first domestic fund to invest in projects that issue carbon certificates (EgyCop), Egypt Today newspaper reported.

The Egyptian fund for investment in projects that issue EgyCOP has an authorised capital of EGP1 billion ($40.78 million). It funds projects of local companies that reduce emissions in the country and issues them internationally accredited certificates to offset emissions from the Swiss Gold Standard Corporation.

Minister of planning and economic development Hala El-Said said that EgyCop is a vivid example of the vision of the Cop presidency for this year.

Egypt and Africa will have a greater role in investing in balancing emissions, the minister said, noting that Egypt has a variety of qualified projects that can help reduce carbon emissions in the transport, energy, solid waste and biodiversity sectors.

The Egyptian government launched the first African voluntary carbon market on the sidelines of the Cop27 climate summit in Sharm El-Sheikh, the newspaper said.

The African Market for Carbon Certificates is a platform to help economic entities in Egypt and Africa to engage in activities to reduce carbon emissions and to benefit from the issuance and sale of certificates.