Tarek ElGamal : Trading Carbon Emissions Reduction Certificates in the Stock Exchange Will Maximize Green Investments

Eng. Tarek ElGamal, Chairman of Redcon for Offices and Commercial Centers, heralded the decision of the Prime Minister, Dr. Mostafa Madbouly, to establish a voluntary market in the Egyptian Stock Exchange for trading carbon emissions reduction certificates, as a great decision to achieve a huge leap, by enabling companies and the private sector to pursue investments towards sustainability.

ElGamal added that “This decision encourages companies to reduce carbon emissions and pursue green investments within their projects. Trading these certificates will contribute to diversifying companies’ options by providing new financing tools that help them implement their expansion plans for more sustainable projects, following great success of this solution in the European market and the volume of investments achieved.”

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ElGamal pointed out that: “Egypt has become a leading African country in its adoption of sustainable efforts and by helping entities reduce harmful carbon emissions. This was evident after Egypt hosting of COP27, which achieved unprecedented positive results, as both corporates and individuals are more aware of the environmental challenges and why it’s time for implementation. This affirms the clear impact this trading decision will have on the Egyptian economy.”

ElGamal confirmed that: “This decision also supports Redcon for Offices and Commercial Centers plans to reduce carbon emissions through our project, ‘Golden Gate’, a mixed-use community that applies sustainable building and green architecture principles across all its design, construction, and operational phases. This approach will sharply reduce energy consumption rates, and thus reduce carbon emissions.” ElGamal added further: “We need to intensify events and workshops that help companies’ share their experiences and raise awareness about these new mechanisms, as well as their economic and social benefits that will be gained through these measures.”

According to the decision of the Prime Minister, Dr. Mostafa Madbouly, these certificates are issued in for any entities that implement projects which take into consideration the reduction of carbon emissions, where these entities are committed to notifying the Authority and the Ministry of Environment of all projects for which carbon emission reduction certificates will be issued. The entities that have obtained these certificates are also obligated to disclose any changes that may occur regarding the approvals issued to them by the relevant authorities throughout the issuance period.