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COP27: Prime Minister of Egypt launches EGX Voluntary Carbon Market,  UN SSE moderates panel at launch event

On 9 November 2022 at COP27 in Sharm El-Sheikh, the Prime Minister of Egypt, H.E. Dr. Mostafa Madbouly, launched the Egyptian Exchange (EGX)’s voluntary carbon market. The announcement comes in the context of EGX’s growing role in sustainable finance in the regional and local economy and reflects its aim to encourage the transformation to a green economy in line with Egypt's Vision 2030.

Other speakers featuring in the panel were HE Dr. Hala El-Said, Minister of Planning and Economic Development, HE Dr. Yasmine Fouad, Minister of Environment and COP27 Climate Envoy, Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority, Mr. Rami El Dokany, Executive Chairman of EGX, Mr. Sherif El Gabaly, Libra Carbon and Mr. Sherif El Diwany, EgyCOP.

Anthony Miller, Coordinator of the UN SSE, moderated the launch event. “We applaud the efforts of Egyptian policy makers and the Egyptian Exchange on the occasion of announcing their new voluntary carbon market,” said Mr. Miller. “The VCM environment is evolving at a rapid pace, and the involvement of exchanges will support the promotion of greater integrity, transparency and scaling, which are needed for VCMs to support the goal of net zero economies.”

Against the backdrop of the EGX announcement, the UN Sustainable Stock Exchanges initiative (UN SSE) has published a Market Monitor on Voluntary Carbon Markets (VCMs) which covers introductory questions and answers on VCMs.

Anthony Miller, Coordinator SSE (left) welcoming H.E. Prime Minister Dr Mostafa Madbouly (right) in the Egyptian Pavillion at COP27

Over the last 6 months, the UN SSE has engaged in informal discussions with a range of organisations from Partner Exchanges, regulators and other organisations who are active in the VCM environment. This has resulted in the creation of a workstream that will explore the role of exchanges in relation to carbon markets. 

UN SSE announced earlier in the day at an IOSCO event, the launch of a new SSE Advisory Group for Carbon Markets which will work on developing further thought leadership and guidance for exchanges who are already active in the carbon market environment or exploring options for involvement.

Policymakers and the private sector are both looking to carbon markets as part of the answer to finance the transformation needed to address the climate crisis. VCMs have the potential to mobilise investments and infrastructure where resources may otherwise be insufficient to realise emission reduction commitments.


If you are interested to learn more about the VCM workstream or joining the Advisory Group please reach out to [email protected]