Arab Finance: The Egyptian Environmental Affairs Agency (EEAA) has opened applications for companies, entities, and banks from both the public and private sectors seeking to purchase Certified Emission Reductions (CERs) until October 31, according to a statement.  

The CERs will be acquired through a voluntary cancellation process via the Clean Development Mechanism (CDM) registry under the UN Framework Convention on Climate Change (UNFCCC).

This initiative is designed to help organizations offset the carbon footprint of their various activities and projects while supporting the achievement of carbon neutrality goals.

Applications will be processed on a first-come, first-served basis and delivered to the EEAA's CEO at government headquarters in the New Capital by October 31.

Purchasers are not required to transfer ownership or open international accounts. However, they receive an official voluntary cancellation certificate issued by the UNFCCC Secretariat.

This certificate will include the name of the project, company, or beneficiary as specified in the application, noting that this name cannot be altered once the certificate has been issued.

Full, immediate payment of the total required amount is a prerequisite for completing the transaction.