Doha, Qatar–The Doha-based Global Carbon Council (GCC) and Egyptian Exchange (EGX) have signed a memorandum of understanding (MoU) to launch Africa’s first regulated voluntary carbon market.
The MoU was signed by GCCs founding Chairman Dr. Yousef Alhorr and EGX’s Executive Chairman Rami El Dokany.
As an outcome of this agreement GCC-issued carbon credits (CCs) will be listed on the EGX platform, thus expanding the marketplace’s offerings to buyers seeking a diversified portfolio of CCs.
Meanwhile, EGX will leverage GCCs international profile to advance the growth of the carbon market in Africa and subsequently raise awareness among regional stakeholders, including governments, businesses, and investors, about the importance of the use of market instruments to catalyze climate actions.
Founding Chairman of GCC Dr. Yousef Alhorr said: “Collaboration between carbon offsetting platforms and exchanges is vital to building a well-functioning marketplace to promote climate action and deliver highly integral mitigation outcomes. By working in unison, these two mechanisms promote transparency, trust, and growth for carbon markets. Ultimately, by doing so, they contribute to a more sustainable, low-carbon future. We are positive that GCCs collaboration with EGX will create a lasting impact that will undoubtedly encourage decarbonization of critical sectors by incentivizing businesses pursuing carbon reduction projects.”
In the same regard, EGX’s Executive Chairman Rami El Dokany stressed that the MoU between GCC and EGX marks a significant step towards strengthening the carbon market and improving the liquidity and accessibility of carbon credits through increased transparency and reliability.
As part of the agreement, the two entities will also collaborate on development initiatives aimed at improving the efficacy of carbon offsetting mechanisms contributing to the global efforts to tackle climate change.
The Doha-based Global Carbon Council (GCC) is a globally well-known entity that aims to enhance regional climate activities regarding the registration and circulation of those certificates and to promote their markets regionally and internationally.