Egypt’s stock market, Global Carbon Council to expand regional climate action scope

The Egyptian Exchange (EGX) signed a memorandum of understanding (MoU) with the Global Carbon Council (GCC) to enhance regional climate activities, Arab Finance reports citing an emailed press release.

According to the agreement, carbon footprint certificates registered with the Global Carbon Council will be available for trading on the EGX, allowing investors to diversify their investment portfolios.

Carbon credit or carbon offset, is a permit that allows the owner to emit a certain amount of carbon dioxide or other greenhouse gases.

Companies that pollute are awarded credits that allow them to continue to pollute up to a certain limit, which is reduced periodically.

EGX’s Chairman Rami El-Dokany and the Founding Chairman of the GCC Yousef Alhorr signed the agreement.