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Egypt has unveiled the first local fund to invest in projects that issue carbon certificates (EgyCOP).
The fund has an authorised capital of 1 billion Egyptian pounds ($40.78 million) and will finance local projects that reduce emissions by issuing them global accredited certificates to offset emissions from the Swiss Gold Standard Corporation, Egypt Today newspaper said.
Earlier, Egypt set up the first African voluntary carbon market on the sidelines of the COP27 climate summit in Sharm El-Sheikh to help reduce emissions.
(1 US = 24.56 Egyptian Pounds)
(Writing by P Deol; Editing by Anoop Menon)
