EGX Hosts A Session Chaired By Dr. Mahmoud Mohieldin In Preparation Of Egypt's Climate Summit Cop27

As part of Egypt's preparations to host the Cop27 Global Climate Summit, the Egyptian Exchange (EGX) held a session chaired by Dr. Mahmoud Mohieldin, (Egypt’s Climate Champion & UN Climate Change High-Level Champion for COP27). Dr. Mohamed Farid (Executive Chairman of EGX) moderated the session in the presence of representatives of business sectors concerned with sustainable related issues, such as Federation of Egyptian Industries and the Federation of Egyptian Chambers of Commerce.

Dr. Mahmoud Mohieldin pointed out that one of the objectives of the climate conference is to limit global warming to 1.5 degrees Celsius, compared to the current levels, and achieving zero carbon emissions in 2050. Noting that African countries account for no more than 3% of harmful emissions (GHG emissions) compared to China which accounts for 30%, and USA which accounts for 14%.

He stressed that African countries must have a share of investments related to climate projects, especially since they do not take responsibility for the damage caused by developed countries.

He added that the conference takes number of objectives, including the poverty, actual implementation, as well as the regional dimension, and the localization of sustainable development through projects implemented in cities and villages, as in the case of "Haya Karima Project".

Moreover, finance and investment through the commitments of the Copenhagen Summit, which pledged to provide $100 billion into climate projects, as well as investment in climate projects to which the private sector could contribute.

He noted that it is a priority to finance through investments rather than through loans, and added that a large part of the preparatory meetings aims to provide a list of projects that benefit from previous funding of $130 trillion to finance climate projects.

Dr. Mohammed Farid, Executive Chairman of EGX, reviewed EGX’s efforts to push forward towards further involvement of the sustainability activities, including climate change, by coordinating efforts with all parties especially Ministry of Environment with the aim of building and developing the capacity of companies on how to prepare an ESG reports related to their sustainability activities and climate change.

The first round was launched in coordination with the Global Reporting Initiative benefiting more than 100 companies; this was according to the best practices in this regard.

He added that EGX developed a comprehensive vision to support and develop the capabilities of listed companies on how to prepare disclosure reports on sustainability activities as well as climate change risks and impacts.

The training program will also be followed in the coming period by another training program with the Federation of Euro-Asian Stock Exchanges (FEAS) and the United Nations Sustainable Stock Exchanges (SSE) Initiative to develop the capabilities of the listed companies and qualify them to disclose the financial impacts of climate change.

Dr. Farid added that EGX has been cooperating with the Egyptian Environmental Affairs Agency since 2018, with the aim of developing a mechanism to register these projects, to make it easier for existing companies to get carbon certificates.

He continued: Companies that have succeeded in reducing carbon emissions in one of their projects in accordance with the new UN standards, which will be issued in the coming period, following the suspension of previous standards, will be able to apply for carbon certificates.

In addition, pointed out that this step is part of the action plan adopted and implemented by the Egyptian Exchange's administration to support the efforts of the Egyptian state in preparing for hosting the Climate Summit (COP27) in Egypt.