Egyptian Exchange & Financial Regulatory Authority Participate In Africa Climate Summit

A delegation from The Egyptian Exchange (EGX) participated in 2023 African Climate Summit in Nairobi, Kenya. EGX and Financial Regulatory Authority (FRA) organized a panel discussion on Tuesday, September 5th, 2023, titled "The Future of Carbon Credit in Africa: Opportunities and Challenges amidst Climate change".

Rehab Sallam, Head of International Relations at EGX, moderated the panel, with participation from Mohamed Abo El-Magd, Head of Strategic Planning at EGX, Ahmed Rushdy, Executive Director of Regional Center for Sustainable Finance at FRA, Helmy Abo El-Eish, Managing Director of SEKEM Group, and Bogolo Kinoendo, Special Adviser, Africa Director-High-level Climate Champions Team.

EGX team presented EGX's vision on green economy in Africa in general and the carbon markets in particular clarifying the role that African financial markets can play to participate more effectively in building sustainable carbon markets that contribute to manage and to funnel green economy investments and financing.

FRA presented the proposed role of regulatory and supervisory bodies in developing and monitoring carbon markets in Africa, and in improving these markets’ efficiency and transparency. In addition, FRA presented the assumed role of Verification and validation bodies (VVB's) in carbon markets ecosystem and their operating international best practices.

This comes in line with the Egyptian government, FRA, and EGX’s vision of voluntary carbon emission reduction market announced on the sidelines of COP27 and in line with Egypt’s 2030 Vision.

African Climate Summit 2023 aims to make Africa a driving and influential force in renewable energy by developing and implementing a common vision on green development policies in Africa. Also, it includes an emphasis on the importance of the international community shouldering its responsibility towards allocating international investments and financial aid to take advantage of the resources and skills available in Africa as only 3% of global energy investments reach Africa.

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Egyptian Exchange & Financial Regulatory Authority Participate In Africa Climate Summit - Kenya 2023