Nyon, Switzerland – 15.08.2024
SCB Environmental Markets SA, a global leader in environmental commodity markets, proudly announces its role in facilitating the inaugural trade of carbon credits on the Egyptian Voluntary Carbon Market, as has now been reported by the Egyptian Financial Regulatory Authority (FRA).
SCB Environmental Markets purchased 2,500 carbon credits from VNV Advisory. This transaction served to highlight SCB’s active participation in the inaugural trades and commitment to supporting carbon reduction efforts through the new market.
The FRA noted, “This transaction highlights SCB’s active participation in the inaugural trades and their commitment to supporting carbon reduction efforts through the newly established market“.
This groundbreaking transaction, executed in partnership with VNV Advisory Services, was officially recognised by the Financial Regulatory Authority and the Egyptian Stock Exchange.
SCB collaborates with partners worldwide to drive impactful change and support the transition to a low-carbon economy. This historic trade underscores SCB’s unwavering commitment to advancing sustainable futures by championing innovative, market-based environmental solutions.
In response to the positive news, SCB CEO Kevin McGeeney said, “We are proud and excited to participate in the first Egyptian Voluntary Carbon Market transaction. The tremendous leadership shown by the Egyptian Financial Regulatory Authority and Stock Exchange gives us the courage to complete the journey to a low-carbon future.”
“The establishment of this market is the result of collaboration between all relevant parties, including development partners” stated Rania Al-Mashat, Minister of Planning and Economic Development.
As noted in the Financial Regulatory Authority’s Press Release, he market features a comprehensive regulatory framework that governs the registration, issuance, and trading of carbon reduction certificates. The Egyptian Stock Exchange has integrated various trading mechanisms, such as continuous auctions, single auctions, and pre-agreed transactions, to facilitate the smooth operation of this market
As reported by the National Carbon Monitoring Centre in Tanzania, Minister Mashat stated, “carbon markets are a key global mechanism for reducing emission“. She noted that these markets are “innovative financing model(s)”. She went on to praise both the financial returns of carbon markets and explain that they had been recommended in the Sharm El-Sheikh Guide for Just Finance, a pivotal guide in green finance in Egypt.
Dr Mohamed Farid Saleh, Executive Chairman of the Financial Regulatory Authority, Dr Yasmine Fouad, Minister of Environment, and Mr Ahmed El Sobeiy, Chairman of the Egyptian Stock Exchange, were present to witness this historic event.
