Egypt’s Financial Regulatory Authority (FRA) has approved the formation of an advisory group to support the Committee for the Supervision and Oversight of Carbon Emission Reduction Units (CCRC), aimed at strengthening technical input into the regulated voluntary carbon market and drawing on local and international expertise. The group will provide technical advice across areas linked to the committee’s work and review topics assigned to it, with its recommendations submitted to the CCRC for consideration. Under FRA Board decision No. 279 of 2024, the advisory group will comprise 13 members with expertise in emissions reduction, sustainable development, climate change and clean energy, appointed by the committee for a one-year term renewable, based on nominations from the committee chair. Meetings will be called by the committee chair as needed and may be held using modern communication tools; a valid meeting requires a quorum of more than half the members including the group chair or deputy, and decisions are taken by majority with the meeting chair holding a casting vote in the event of a tie. The initiative builds on the FRA’s launch of a regulated voluntary carbon market in August and the establishment of the CCRC, chaired by the FRA head and including representatives from the FRA, the Ministry of Environment, the Egyptian Exchange and carbon market experts. The FRA cited a package of nine decisions setting the regional regulatory framework, alongside the approval of five registries and the operation of four verification and validation bodies, enabling the registration of more than 145,000 carbon certificates and around 21 projects across six project types, including sustainable agriculture, afforestation and reforestation, biogas, energy access, cookstoves and water purification.
Egypt Financial Regulatory Authority 2025-01-22
Egypt Financial Regulatory Authority creates 13-member advisory group to support the carbon emission reduction units oversight committee
Egypt's Financial Regulatory Authority (FRA) has approved an advisory group to support the Committee for the Supervision and Oversight of Carbon Emission Reduction Units (CCRC), enhancing technical input into the regulated voluntary carbon market. The 13 experts will provide technical advice and review topics for the CCRC, with recommendations submitted for consideration. This follows the FRA's launch of a regulated voluntary carbon market and the establishment of the CCRC, supported by a regional regulatory framework and the registration of over 145,000 carbon certificates.