Arab Finance: The Board of Directors of the Financial Supervisory Authority, headed by Dr. Mohamed Farid, issued Resolutions No. 252 and 253 of 2024, regarding amending the rules of registration and delisting. Carbon emission reduction certificates on the Egyptian stock exchanges, and the standards for registering verification and certification bodies for carbon emissions reduction projects with the Authority.
The decision stipulates the amendment of Resolution No. 31 of 2024, stipulating that emission reduction projects may be registered in the project database before issuing the reports of the certifying bodies for them, provided that the Authority is provided with a copy of the aforementioned reports within one year from the date of the project registration. Otherwise, the registration will be considered invalid. However, the Authority may extend this period based on serious justifications accepted by the Authority.
This comes within the framework of motivating and encouraging companies to reduce carbon emissions and issue and offer certificates that enable them to recover part of their investment spending directed towards the reduction, by facilitating these procedures, which allows for an increase in the supply of emission reduction projects and enhances the Authority’s ability to continuously limit and measure the size of the market.
The amendments also included adding a new condition to the conditions for registering verification and certification bodies with the Authority, stipulating the necessity of obtaining an ISO accreditation certificate for the requirements for accreditation of verification and certification bodies – ISO-14064-2:2019 for measurements of carbon emissions gases, with the aim of increasing the capabilities and efficiency of verification bodies. And local authentication.
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