Egypt’s Financial Regulatory Authority (FRA) is working on a regulatory and technical framework to create the nation’s first credit rating agency dedicated to carbon reduction certificates, according to Tarek Seif, Executive Director of the FRA’s Financial Services Institute. At a workshop on non-banking financial sector developments on 24 October, Seif announced that the initiative seeks to strengthen market trust and guarantee an accurate evaluation of the certificates’ environmental impact and financial worth. Carbon reduction certificates, often known as carbon credits, represent verified reductions of greenhouse gas emissions, typically equal to one metric ton of Carbon Dioxide avoided or removed. Projects such as solar farms, wind energy, or reforestation can earn these certificates after independent verification. Companies can trade or purchase them to offset emissions, creating a market-based incentive for emission cuts. A credit rating agency would assess the quality and reliability of financial or environmental instruments. Egypt’s proposed agency would evaluate how credible each carbon certificate is, verifying that the emissions cuts are real, measurable, and permanent, and assessing the financial stability of the issuing projects. This could boost investor trust and help prevent greenwashing or trading of low-quality certificates.Continue reading "Egypt’s FRA to Establish First Credit Rating Agency for Carbon Certificates"
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