Egypt unveils $40.7m fund to invest in cutting carbon emissions projects – The North Africa Post

The Egyptian government created a fund for investment in projects to issue carbon certificates. The authorized capital was EGP 1 billion, or $40.7 million.

The fund, dubbed EgyCOP, will finance Egyptian companies’ projects that reduce carbon emissions through the issuance of globally-accredited certificates from Switzerland’s The Gold Standards Foundation, the Arab country said in a statement.

“EgyCop provides more functional space to release public funds towards adaptation projects, especially in the current context of slowing global economic activity and limited financial resources,” the statement added.

The new fund will allow for more public funding to be released for adaptation projects. EgyCOP carbon certificate will also be issued by this fund.

Arab Finance reports that on November 9th, the Egyptian government launched Africa’s first voluntary carbon exchange. It was held in Sharm El-Sheikh as part of COP27.