Egypt, Host of COP27, Setting up Carbon Market With Exchange: Reports (1)

مصر تؤسس سوق الكربون
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By Mathew Carr

The Egyptian Exchange and the nation’s Environment Ministry are working to set up a local carbon credit exchange, according to reports.

“Though plans are still in their infancy and details remain scant, Enterprise spoke with several government sources and industry experts to find out more about how the platform could work and whether it could succeed in reducing carbon emissions in Egypt,” according to this report on Enterprise news service.

 The exchange will allow entities that are undertaking emissions-reducing projects to sell certified emission credits, Moustafa Mourad, head of the Central Department of Air Quality at the Environment Ministry, told Enterprise. Each credit would be equivalent to one ton of CO2 and could be sold to both local and international buyers, he said in the report.

The desert nations of Egypt, Saudi Arabia, Israel and Jordan by NASA Johnson is licensed under CC-BY-NC-ND 2.0

But key details are yet to be ironed out, the report said: It remains unclear which industries would be covered by the scheme and whether participation would be compulsory.

The plan has been in the works since at least 2017.

In its Nationally Determined Contribution to the Paris climate agreement submitted in 2017, Egypt said:

“A national market for carbon trading may be established. This national market may
further be developed into a regional market, which can attracting foreign direct
investment in national carbon credit transactions, especially in the Arab and African
region.”

Almal News version.

In this report: Egypt documented 20 registered Clean Development Mechanism projects and six registered programmes of activities.

The CDM is a UN carbon market that’s merging with markets being created under the Paris climate deal.

Egypt’s current CDM portfolio, with a total estimated annual emission reduction of around 4.2 Mt CO2 eq, comprises six renewable energy activities (the highest estimated annual emission reduction for a project or activity is 248,609 t CO2 eq), two waste management activities (the highest estimated annual emission reduction for a project or activity is 370,903 t CO2 eq), one transport activity (the first ever programme of activities for the transport sector registered under the CDM, with an estimated annual emission reduction of 20 t CO2 eq from the first component project activity of the programme of activities), seven fuel-switching activities (the highest estimated annual emission reduction for a project or activity is 430,350 t CO2 eq), six energy efficiency activities (the highest estimated annual emission reduction for a project or activity is 186,230 t CO2 eq) and four N2O abatement activities (the highest estimated annual emission reduction for a project or activity is 1,065,881 t CO2 eq).

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