Arab Finance: Minister of Investment and Foreign Trade Mohamed Farid held a meeting with the UK's Special Representative for Climate Rachel Kyte to explore ways to enhance sustainable investment and clean energy, according to a statement.
The meeting discussed boosting green investments and renewable energy certificates ahead of the launch of the Green Growth Partnership between the two countries in May.
Both sides addressed mechanisms to activate Egypt’s first voluntary carbon markets (VCM) and reviewed plans to connect the local market with global financial centers. They also touched upon the renewable energy certificates file.
Farid highlighted the government’s efforts to create a unified national registry for climate projects, supporting the development of environmental certification systems such as carbon credits and international renewable energy certifications (I-RECs), which contributes to reducing companies' operating costs.
Moreover, the two officials discussed setting fair standards for measuring the carbon footprint of energy-intensive products, ensuring their compliance with global standards.
This will also maintain the competitiveness of Egyptian exports, particularly in light of the European carbon cap adjustment.
Regarding green financing, Farid and Kyte underlined strategies to secure the needed financing to back the industrial transition towards the use of green hydrogen and clean technologies.
