CAIRO – As global interest in climate action grows, carbon markets have emerged as a key tool for financing mitigation and adaptation efforts, said Chairman of the Board of Directors of the Financial Regulatory Authority (FRA) Mohamed Farid.
Egypt is considered one of the countries most vulnerable to the risks of climate change, yet it has played a pioneering role in this field, he added in an op-ed in the fourth edition of Climate Policies Journal, which is a periodic series issued by the Egyptian Cabinet’s Information and Decision Support Center (IDSC).
He, meanwhile, said that the pioneering initiative of the FRA in developing a voluntary, regulated carbon market is the cornerstone of implementing Egypt’s strategy to confront climate change, by addressing regulatory challenges, reducing barriers for local developers, and ensuring transparency standards.
The FRA has placed Egypt in a distinguished position in the carbon market in Africa, he said, adding that this regulated market is not only pivotal to achieving Egypt’s climate goals but also serves as a model for other developing countries aiming to harness the power of carbon to achieve sustainable growth.
