VATupdate

Egypt: A voluntary carbon market

A recent Prime Ministerial Decree No. 4664 of 2022 (“Decree“) was published on 25 December 2022, incorporating new provisions to the executive regulations of the Capital Markets Law No. 95 of 1992.

The Decree provides for the establishment of a voluntary carbon market platform within the Egyptian Stock Exchange (EGX) for the trading of carbon emissions reduction certificates (CERs). The CERs are tradeable financial instruments for greenhouse gases (GHG) and are to be issued in favor of entities establishing projects reducing GHG emissions after obtaining the approval of the relevant authorities which are not currently specified. Each CER unit shall represent the equivalent of one metric ton of carbon dioxide reduced

Source Baker & McKenzie

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