Egypt unveils $40.7m fund to invest in cutting carbon emissions projects
The Egyptian government launched a fund for investment in projects issuing carbon certificates with an authorized capital of EGP 1 billion ($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 the release of more public funding for adaptation projects. The fund will also issue EgyCOP carbon certificates.
On November 9th, the Egyptian government launched the first African voluntary carbon exchange on the sidelines of COP27 in Sharm El-Sheikh, Arab Finance reports.