November 2023

In a significant step towards promoting sustainable practices and combating climate change, the Egyptian Exchange and its subsidiaries, including Egypt for Information Dissemination - EGID (the technological arm of the Egyptian Exchange) and Taswyaat for Clearing Services owned by the exchange, have launched two pioneering systems: a platform for trading carbon credits and a system for settling carbon credits. On this occasion, the Chairman of the Egyptian Exchange, Mr. Ahmed El Sheikh, announced the market's readiness to operate initially after the launch of the trading and settlement systems for credits.

Egypt for Information Dissemination - EGID, the technological arm of the Egyptian Exchange, introduced a platform for trading carbon credits to simplify the process of buying and selling carbon credits among companies committed to reducing their carbon emissions. This platform serves as a central market where companies can trade carbon credits transparently, with each credit representing one ton of CO2 equivalent.

Taswyaat for Clearing Services, a subsidiary of the Egyptian Exchange, unveiled a system for settling carbon credits to complement the platform. This system ensures the secure and efficient transfer of funds and carbon credits between buyers and sellers, reducing the risks associated with carbon transactions and maintaining market integrity.

With the successful launch of both systems, EGX’s Chairman, Ahmed El Sheikh, proudly announced the market's readiness to commence operations. He emphasized the importance of these initiatives in supporting Egypt's national climate goals and enhancing the country's position as a regional hub for carbon trading.