الهيئة العامة للرقابة المالية

أحداث وفاعليات الهيئة

FRA Publishes Annual Sustainability Report 2024 – Sunday 7 September

• The report details the significant progress the Authority made in achieving its sustainability goals throughout the year.
• The launch of the Voluntary Carbon Market is among the most notable efforts of the year, following the issuance of 9 regulatory decisions.
• The Authority measured its carbon footprint for 2024 in an unprecedented step as the first regulatory body to do so.

The Financial Regulatory Authority (FRA) chaired by Dr. Mohamed Farid has published its Annual Sustainability Report 2024. The report offers a detailed look at the Authority’s strategic transition toward a greener and more sustainable economy. It documents the key initiatives and qualitative changes implemented by FRA throughout the year, highlighting major sustainability issues addressed and the tangible outcomes achieved. This demonstrates a strong alignment between Egypt’s ambitious development plans and their practical execution.

According to the report, FRA’s most significant accomplishment in 2024 was the finalization of the legislative framework for the Voluntary Carbon Market, followed by its official launch. This milestone event, attended by six ministers and all relevant stakeholders, represents a major stride toward establishing a low-emission economy and reaffirms the Authority’s dedication to foster a sustainable and balanced environmental system.

The report also outlines various sustainability practices adopted by FRA to integrate environmental, social and economic considerations, in line with Egypt’s Vision 2030. These efforts included promoting the Voluntary Carbon Market both locally and globally, enhancing climate-related financial instruments, and increasing their issuance. As a direct result, the market successfully registered projects from Egypt, Oman, Nepal, India and Bangladesh.

The report also includes an annex detailing the measurement of the Authority’s 2024 carbon footprint. This was a landmark move, as FRA is the first Egyptian regulatory body to measure its own emissions. The measurement was performed by a specialized national firm, which is officially registered with FRA as a Validation and Verification Body (VVB).

These VVBs, both local and foreign, are tasked with a crucial role: measuring, registering and documenting environmental projects aimed at reducing carbon emissions. They do this by carefully reviewing project details, including objectives, technology used and projected emissions reductions. Their evaluations and information verification ensure that investors and the public can trust that registered projects are meeting their stated goals. FRA currently has six VVBs registered.

These initiatives are part of FRA’s broader commitment to support Egypt’s state-led efforts to develop regulated markets, first announced at COP27. The Authority’s work led to the issuance of nine regulatory decisions that established the regional framework for the Voluntary Carbon Market. This framework has enabled the creation of five registries and the operation of six VVBs, which have facilitated the registration of approximately 34 projects from five countries namely Egypt, Oman, Nepal, India and Bangladesh. These projects have already contributed to the treatment of over 170,000 tons of carbon emissions.

FRA implemented a series of key measures to establish the Voluntary Carbon Market. First, based on a proposal from its board, FRA secured Prime Minister’s Decree No. 4664 of 2022. This decree amended the Capital Market Law, officially designating carbon credits as a financial instrument. Following this, the first Carbon Credit Regulatory Committee (CCRC) to control and supervise carbon emission reduction units (CERUs) was formed with its specific powers defined.

Next, the Authority focused on regulatory standards. It issued a decision outlining the criteria for registering Validation and Verification Bodies (VVBs) on its official registry. This was followed by the creation of rules for listing and delisting carbon credits on Egyptian Stock Exchanges. FRA also established accreditation standards for local voluntary carbon registries. These registries serve as secure, electronic central custody systems for issuing, recording and tracking the ownership transfer of carbon credits generated from reduction projects. Finally, the Authority accredited the trading and settlement rules for voluntary carbon credits on the Egyptian Exchanges.

To view the report, click here.

FRA Completes First-Ever Carbon Footprint Measurement 2024 – Saturday 6 September 2025

• The Authority will offset its carbon emissions by purchasing carbon credits from the voluntary carbon market.
• A specialized national firm that is accredited as a Validation and Verification Body (VVB) on the Authority’s official registry conducted the measurement.

Dr. Mohamed Farid – FRA Chairman:

• FRA’s first-ever carbon footprint measurement is a practical commitment and a pivotal step toward building a more sustainable future.

The Financial Regulatory Authority (FRA), led by Chairman Dr. Mohamed Farid, has completed its first-ever measurement of its carbon footprint for 2024. The results were published in a dedicated report as part of the Authority’s annual sustainability report. This unprecedented move makes FRA the first Egyptian regulatory body to measure its own emissions, reinforcing its commitment to environmental sustainability. The Authority also aims to fully offset its carbon emissions by purchasing carbon credits traded on the Egyptian Voluntary Carbon Market in the coming period. This action is part of FRA’s ongoing commitment to build a low-emission economy. These efforts focus on improving resource efficiency, adopting international sustainability standards and reducing its environmental impact. Ultimately, this solidifies the Authority’s role as a leading regulatory body that places sustainability at the top of its priorities.

According to Dr. Farid, the first-ever carbon footprint measurement is a practical commitment and a pivotal step toward building a more sustainable future. He explained that FRA believes regulatory bodies should be at the forefront of adopting responsible environmental practices, serving as a role model for the entities they supervise.

Dr. Farid added that offsetting emissions through the Egyptian Voluntary Carbon Market confirms the Authority’s continued support for this promising sector. He stated that the move reflects national responsibility toward the environment and society, contributing directly to achieve Egypt’s ambitious climate change goals.

A specialized national firm that is accredited as a Validation and Verification Body (VVB) on the Authority’s official registry conducted the measurement. This step underscores the Authority’s commitment to enhance the capabilities of local institutions, enable them to perform measurement and verification operations according to the highest global standards. Ultimately, this shall support the national economy and strengthen Egypt’s leadership in sustainability and environmental services.

Since its official launch in August 2024, the Egyptian Voluntary Carbon Market has played a pivotal role. As the first of its kind in Egypt and Africa to be regulated by capital market authorities, it has already registered approximately 34 projects from five countries: Egypt, Oman, Nepal, India and Bangladesh. These projects have successfully treated over 170,000 tons of carbon emissions.

The market is expected to help Egypt save up to $250 billion by 2030 by reducing the costs of implementing national climate initiatives. This aligns with global trends, as World Bank data indicates that worldwide carbon pricing revenues reached $104 billion in 2023, reflecting the accelerating growth of market-based solutions to combat climate change.

Financial Regulatory Authority (FRA) is committed to promote a more sustainable business environment. FRA encourages all entities under its supervision to adopt similar practices which will help build a resilient, low-carbon national economy and contribute to sustainable development for future generations.

FRA Approves Registration of Four Voluntary Carbon Reduction Projects – Friday 5 September 2025

• The approval was granted during the tenth meeting of the Carbon Credit Regulatory Committee (CCRC), which was chaired by the Authority and included all relevant stakeholders.
• The registered projects are Abu Minqar Solar in the New Valley Governorate and soil organic carbon (SOC) in the Oases and Minya.
• The projects are being developed by Lotus for Agricultural Development and Investment, Value Network Venture and Mars for Selling and Distributing Energy.
• These decisions underscore the Authority’s dedication to accelerate the development of the Voluntary Carbon Market to achieve carbon neutrality goals.
• The committee also gave preliminary approval for the registration of the Spanish company (Applus) as accredited Validation/Verification Body (VVB).
• To date, 34 emission reduction projects have been registered in the Authority’s databases, with 170,000 carbon credits now available for trading on the voluntary carbon market.

The Financial Regulatory Authority (FRA) has approved the registration of four new projects through the CCRC which oversees carbon emission reduction units. This pivotal move officially adds these projects to the Authority’s database, clearing the way for the future issuance of tradable carbon credits after they undergo full verification and validation.

Among the new projects are  Abu Minqar Solar PV initiative in the New Valley Governorate and Soil Organic Enhancement for Climate Change Mitigation (SOC) projects located in the Oases and Minya Governorates. These are being developed by a consortium of companies: Lotus for Agricultural Investment, Value Network Venture, and Mars for Selling and Distributing Energy, the latter being a subsidiary of the renewable energy firm Karma Solar.

In a related decision, the Committee granted preliminary approval to the Spanish company Applus, allowing it to serve as a validation and verification body for these carbon reduction projects. The meeting brought together key representatives from  FRA,  Ministry of Environment and  Egyptian Exchange, along with several subject-matter experts.

Validation/Verification Bodies (VVBs) registered with the Authority are responsible for the comprehensive measurement, registration and documentation of environmental projects designed to reduce carbon emissions. To do this, they perform a rigorous evaluation of all project-related information, including the project’s objectives, the technologies used and the estimated emission reductions. These bodies then verify the accuracy of the data, which provides transparency and trust for investors, institutions and the general public.

This process ensures that all registered projects are legitimate and are achieving their stated goals. The number of registered Validation/Verification Bodies currently stands at six , including both local and foreign entities.

With the recent additions, the total number of voluntary carbon emission reduction projects registered in the Authority’s database has increased to 34. These projects have generated 170,000 carbon credits, all of which are available for trading on the designated carbon credits trading platform.

Carbon Credits Registries are defined as centralized electronic systems that include records for issuing, registering and tracking the transfer of ownership of carbon credits. These credits are generated from the implementation of carbon reduction projects in accordance with methodologies issued by Standard Programs.

Abu Minqar Solar PV projects reduce carbon emissions through agriculture and the generation of renewable energy. The Soil Organic Enhancement for Climate Change Mitigation (SOC) projects, on the other hand, reduce carbon emissions by sequestering carbon in the soil through agricultural activity.

The Committee also granted preliminary approval for the Spanish company Applus to be registered as an international Validation/Verification Bodies. This decision was made after a company representative provided a detailed presentation of their business model and the countries in which they operate.

This initiative comes in light of the Authority’s commitment to accelerate the activation of the Voluntary Carbon Market. The Authority pioneered the launch of the first organized Voluntary Carbon Market in Egypt and Africa, aiming to enable the implementers and financiers of carbon emission reduction projects – whether agricultural, industrial, or otherwise – to issue and sell carbon credits on designated trading platforms. This is intended to attract new categories of both local and international investors to purchase these carbon credits.

The Financial Regulatory Authority’s goal is to enhance Egypt’s  efforts toward achieving carbon neutrality and reducing emissions. This is a primary objective currently adopted by countries worldwide to ensure a habitable planet and mitigate the significant negative effects of rising global temperatures caused by carbon emissions which can lead to fires and floods that threaten business operations.

This initiative, in line with the announcements made at COP27, aims to empower the implementers and financiers of carbon emission reduction projects—whether they are agricultural, industrial, or other types of projects. By enabling them to issue and sell carbon credits on designated trading platforms, the Authority seeks to attract new categories of local and international investors. This will generate additional revenue for project implementers, increase investment rates in these projects, and ultimately help Egypt achieve a leadership position in this field and realize sustainable economic growth.

The foundation of the new market began with Prime Ministerial Decree No. 4664 of 2022. This decree amended the Capital Market Law (No. 95 of 1992) to officially classify carbon credits as a financial instrument. Based on a proposal from the Authority’s Board of Directors, the decree also mandated the Stock Exchange to create a trading platform and establish a regulatory committee. Following this, the Financial Regulatory Authority (FRA) formed the CCRC which oversees carbon emission reduction units. The Committee, chaired by FRA Chairman, includes representatives from  FRA, Ministry of Environment, Stock Exchange, and experts in carbon markets.

To accelerate the market’s activation, a crucial step for boosting Egypt’s carbon reduction efforts,  FRA continued its proactive approach. It issued a decree to regulate the criteria for listing Validation and Verification Bodies (VVBs). The new Committee began receiving applications from interested bodies, conducting interviews to verify their qualifications and capabilities. This process resulted in the listing of six local and foreign bodies to perform the necessary validation and verification tasks.

To complete the market’s framework, the Authority established comprehensive rules for the listing and delisting of carbon credits on Egyptian Stock Exchanges. It also set criteria for accrediting local voluntary carbon registries, which function as electronic central systems for issuing, registering and tracking the ownership transfer of these carbon credits. This was all done according to the methodologies of relevant standards-setting bodies. In parallel, following extensive consultation, the Authority approved the trading and settlement rules for voluntary carbon credits on the Egyptian Stock Exchange.

مؤتمرات و ندوات

Press Releases

FRA Publishes Annual Sustainability Report 2024 – Sunday 7 September

• The report details the significant progress the Authority made in achieving its sustainability goals throughout the year.
• The launch of the Voluntary Carbon Market is among the most notable efforts of the year, following the issuance of 9 regulatory decisions.
• The Authority measured its carbon footprint for 2024 in an unprecedented step as the first regulatory body to do so.

The Financial Regulatory Authority (FRA) chaired by Dr. Mohamed Farid has published its Annual Sustainability Report 2024. The report offers a detailed look at the Authority’s strategic transition toward a greener and more sustainable economy. It documents the key initiatives and qualitative changes implemented by FRA throughout the year, highlighting major sustainability issues addressed and the tangible outcomes achieved. This demonstrates a strong alignment between Egypt’s ambitious development plans and their practical execution.

According to the report, FRA’s most significant accomplishment in 2024 was the finalization of the legislative framework for the Voluntary Carbon Market, followed by its official launch. This milestone event, attended by six ministers and all relevant stakeholders, represents a major stride toward establishing a low-emission economy and reaffirms the Authority’s dedication to foster a sustainable and balanced environmental system.

The report also outlines various sustainability practices adopted by FRA to integrate environmental, social and economic considerations, in line with Egypt’s Vision 2030. These efforts included promoting the Voluntary Carbon Market both locally and globally, enhancing climate-related financial instruments, and increasing their issuance. As a direct result, the market successfully registered projects from Egypt, Oman, Nepal, India and Bangladesh.

The report also includes an annex detailing the measurement of the Authority’s 2024 carbon footprint. This was a landmark move, as FRA is the first Egyptian regulatory body to measure its own emissions. The measurement was performed by a specialized national firm, which is officially registered with FRA as a Validation and Verification Body (VVB).

These VVBs, both local and foreign, are tasked with a crucial role: measuring, registering and documenting environmental projects aimed at reducing carbon emissions. They do this by carefully reviewing project details, including objectives, technology used and projected emissions reductions. Their evaluations and information verification ensure that investors and the public can trust that registered projects are meeting their stated goals. FRA currently has six VVBs registered.

These initiatives are part of FRA’s broader commitment to support Egypt’s state-led efforts to develop regulated markets, first announced at COP27. The Authority’s work led to the issuance of nine regulatory decisions that established the regional framework for the Voluntary Carbon Market. This framework has enabled the creation of five registries and the operation of six VVBs, which have facilitated the registration of approximately 34 projects from five countries namely Egypt, Oman, Nepal, India and Bangladesh. These projects have already contributed to the treatment of over 170,000 tons of carbon emissions.

FRA implemented a series of key measures to establish the Voluntary Carbon Market. First, based on a proposal from its board, FRA secured Prime Minister’s Decree No. 4664 of 2022. This decree amended the Capital Market Law, officially designating carbon credits as a financial instrument. Following this, the first Carbon Credit Regulatory Committee (CCRC) to control and supervise carbon emission reduction units (CERUs) was formed with its specific powers defined.

Next, the Authority focused on regulatory standards. It issued a decision outlining the criteria for registering Validation and Verification Bodies (VVBs) on its official registry. This was followed by the creation of rules for listing and delisting carbon credits on Egyptian Stock Exchanges. FRA also established accreditation standards for local voluntary carbon registries. These registries serve as secure, electronic central custody systems for issuing, recording and tracking the ownership transfer of carbon credits generated from reduction projects. Finally, the Authority accredited the trading and settlement rules for voluntary carbon credits on the Egyptian Exchanges.

To view the report, click here.

FRA Completes First-Ever Carbon Footprint Measurement 2024 – Saturday 6 September 2025

• The Authority will offset its carbon emissions by purchasing carbon credits from the voluntary carbon market.
• A specialized national firm that is accredited as a Validation and Verification Body (VVB) on the Authority’s official registry conducted the measurement.

Dr. Mohamed Farid – FRA Chairman:

• FRA’s first-ever carbon footprint measurement is a practical commitment and a pivotal step toward building a more sustainable future.

The Financial Regulatory Authority (FRA), led by Chairman Dr. Mohamed Farid, has completed its first-ever measurement of its carbon footprint for 2024. The results were published in a dedicated report as part of the Authority’s annual sustainability report. This unprecedented move makes FRA the first Egyptian regulatory body to measure its own emissions, reinforcing its commitment to environmental sustainability. The Authority also aims to fully offset its carbon emissions by purchasing carbon credits traded on the Egyptian Voluntary Carbon Market in the coming period. This action is part of FRA’s ongoing commitment to build a low-emission economy. These efforts focus on improving resource efficiency, adopting international sustainability standards and reducing its environmental impact. Ultimately, this solidifies the Authority’s role as a leading regulatory body that places sustainability at the top of its priorities.

According to Dr. Farid, the first-ever carbon footprint measurement is a practical commitment and a pivotal step toward building a more sustainable future. He explained that FRA believes regulatory bodies should be at the forefront of adopting responsible environmental practices, serving as a role model for the entities they supervise.

Dr. Farid added that offsetting emissions through the Egyptian Voluntary Carbon Market confirms the Authority’s continued support for this promising sector. He stated that the move reflects national responsibility toward the environment and society, contributing directly to achieve Egypt’s ambitious climate change goals.

A specialized national firm that is accredited as a Validation and Verification Body (VVB) on the Authority’s official registry conducted the measurement. This step underscores the Authority’s commitment to enhance the capabilities of local institutions, enable them to perform measurement and verification operations according to the highest global standards. Ultimately, this shall support the national economy and strengthen Egypt’s leadership in sustainability and environmental services.

Since its official launch in August 2024, the Egyptian Voluntary Carbon Market has played a pivotal role. As the first of its kind in Egypt and Africa to be regulated by capital market authorities, it has already registered approximately 34 projects from five countries: Egypt, Oman, Nepal, India and Bangladesh. These projects have successfully treated over 170,000 tons of carbon emissions.

The market is expected to help Egypt save up to $250 billion by 2030 by reducing the costs of implementing national climate initiatives. This aligns with global trends, as World Bank data indicates that worldwide carbon pricing revenues reached $104 billion in 2023, reflecting the accelerating growth of market-based solutions to combat climate change.

Financial Regulatory Authority (FRA) is committed to promote a more sustainable business environment. FRA encourages all entities under its supervision to adopt similar practices which will help build a resilient, low-carbon national economy and contribute to sustainable development for future generations.

FRA Approves Registration of Four Voluntary Carbon Reduction Projects – Friday 5 September 2025

• The approval was granted during the tenth meeting of the Carbon Credit Regulatory Committee (CCRC), which was chaired by the Authority and included all relevant stakeholders.
• The registered projects are Abu Minqar Solar in the New Valley Governorate and soil organic carbon (SOC) in the Oases and Minya.
• The projects are being developed by Lotus for Agricultural Development and Investment, Value Network Venture and Mars for Selling and Distributing Energy.
• These decisions underscore the Authority’s dedication to accelerate the development of the Voluntary Carbon Market to achieve carbon neutrality goals.
• The committee also gave preliminary approval for the registration of the Spanish company (Applus) as accredited Validation/Verification Body (VVB).
• To date, 34 emission reduction projects have been registered in the Authority’s databases, with 170,000 carbon credits now available for trading on the voluntary carbon market.

The Financial Regulatory Authority (FRA) has approved the registration of four new projects through the CCRC which oversees carbon emission reduction units. This pivotal move officially adds these projects to the Authority’s database, clearing the way for the future issuance of tradable carbon credits after they undergo full verification and validation.

Among the new projects are  Abu Minqar Solar PV initiative in the New Valley Governorate and Soil Organic Enhancement for Climate Change Mitigation (SOC) projects located in the Oases and Minya Governorates. These are being developed by a consortium of companies: Lotus for Agricultural Investment, Value Network Venture, and Mars for Selling and Distributing Energy, the latter being a subsidiary of the renewable energy firm Karma Solar.

In a related decision, the Committee granted preliminary approval to the Spanish company Applus, allowing it to serve as a validation and verification body for these carbon reduction projects. The meeting brought together key representatives from  FRA,  Ministry of Environment and  Egyptian Exchange, along with several subject-matter experts.

Validation/Verification Bodies (VVBs) registered with the Authority are responsible for the comprehensive measurement, registration and documentation of environmental projects designed to reduce carbon emissions. To do this, they perform a rigorous evaluation of all project-related information, including the project’s objectives, the technologies used and the estimated emission reductions. These bodies then verify the accuracy of the data, which provides transparency and trust for investors, institutions and the general public.

This process ensures that all registered projects are legitimate and are achieving their stated goals. The number of registered Validation/Verification Bodies currently stands at six , including both local and foreign entities.

With the recent additions, the total number of voluntary carbon emission reduction projects registered in the Authority’s database has increased to 34. These projects have generated 170,000 carbon credits, all of which are available for trading on the designated carbon credits trading platform.

Carbon Credits Registries are defined as centralized electronic systems that include records for issuing, registering and tracking the transfer of ownership of carbon credits. These credits are generated from the implementation of carbon reduction projects in accordance with methodologies issued by Standard Programs.

Abu Minqar Solar PV projects reduce carbon emissions through agriculture and the generation of renewable energy. The Soil Organic Enhancement for Climate Change Mitigation (SOC) projects, on the other hand, reduce carbon emissions by sequestering carbon in the soil through agricultural activity.

The Committee also granted preliminary approval for the Spanish company Applus to be registered as an international Validation/Verification Bodies. This decision was made after a company representative provided a detailed presentation of their business model and the countries in which they operate.

This initiative comes in light of the Authority’s commitment to accelerate the activation of the Voluntary Carbon Market. The Authority pioneered the launch of the first organized Voluntary Carbon Market in Egypt and Africa, aiming to enable the implementers and financiers of carbon emission reduction projects – whether agricultural, industrial, or otherwise – to issue and sell carbon credits on designated trading platforms. This is intended to attract new categories of both local and international investors to purchase these carbon credits.

The Financial Regulatory Authority’s goal is to enhance Egypt’s  efforts toward achieving carbon neutrality and reducing emissions. This is a primary objective currently adopted by countries worldwide to ensure a habitable planet and mitigate the significant negative effects of rising global temperatures caused by carbon emissions which can lead to fires and floods that threaten business operations.

This initiative, in line with the announcements made at COP27, aims to empower the implementers and financiers of carbon emission reduction projects—whether they are agricultural, industrial, or other types of projects. By enabling them to issue and sell carbon credits on designated trading platforms, the Authority seeks to attract new categories of local and international investors. This will generate additional revenue for project implementers, increase investment rates in these projects, and ultimately help Egypt achieve a leadership position in this field and realize sustainable economic growth.

The foundation of the new market began with Prime Ministerial Decree No. 4664 of 2022. This decree amended the Capital Market Law (No. 95 of 1992) to officially classify carbon credits as a financial instrument. Based on a proposal from the Authority’s Board of Directors, the decree also mandated the Stock Exchange to create a trading platform and establish a regulatory committee. Following this, the Financial Regulatory Authority (FRA) formed the CCRC which oversees carbon emission reduction units. The Committee, chaired by FRA Chairman, includes representatives from  FRA, Ministry of Environment, Stock Exchange, and experts in carbon markets.

To accelerate the market’s activation, a crucial step for boosting Egypt’s carbon reduction efforts,  FRA continued its proactive approach. It issued a decree to regulate the criteria for listing Validation and Verification Bodies (VVBs). The new Committee began receiving applications from interested bodies, conducting interviews to verify their qualifications and capabilities. This process resulted in the listing of six local and foreign bodies to perform the necessary validation and verification tasks.

To complete the market’s framework, the Authority established comprehensive rules for the listing and delisting of carbon credits on Egyptian Stock Exchanges. It also set criteria for accrediting local voluntary carbon registries, which function as electronic central systems for issuing, registering and tracking the ownership transfer of these carbon credits. This was all done according to the methodologies of relevant standards-setting bodies. In parallel, following extensive consultation, the Authority approved the trading and settlement rules for voluntary carbon credits on the Egyptian Stock Exchange.

FRA in the News

القرية الذكية- 10 نوفمبر 2020 : د. عمران بصفته رئيساً لمجلس إدارة معهد الخدمات المالية يوقع اتفاقاً مع معهد دراسات البورصة IEB الإسباني لمنح درجة الماجستير في الأسواق المالية بحضور السفير الإسباني بالقاهرة ،وسفيرنا في مدريد عبر تقنية الفيديو كونفرس

FRA Publishes Annual Sustainability Report 2024 – Sunday 7 September

• The report details the significant progress the Authority made in achieving its sustainability goals throughout the year.
• The launch of the Voluntary Carbon Market is among the most notable efforts of the year, following the issuance of 9 regulatory decisions.
• The Authority measured its carbon footprint for 2024 in an unprecedented step as the first regulatory body to do so.

The Financial Regulatory Authority (FRA) chaired by Dr. Mohamed Farid has published its Annual Sustainability Report 2024. The report offers a detailed look at the Authority’s strategic transition toward a greener and more sustainable economy. It documents the key initiatives and qualitative changes implemented by FRA throughout the year, highlighting major sustainability issues addressed and the tangible outcomes achieved. This demonstrates a strong alignment between Egypt’s ambitious development plans and their practical execution.

According to the report, FRA’s most significant accomplishment in 2024 was the finalization of the legislative framework for the Voluntary Carbon Market, followed by its official launch. This milestone event, attended by six ministers and all relevant stakeholders, represents a major stride toward establishing a low-emission economy and reaffirms the Authority’s dedication to foster a sustainable and balanced environmental system.

The report also outlines various sustainability practices adopted by FRA to integrate environmental, social and economic considerations, in line with Egypt’s Vision 2030. These efforts included promoting the Voluntary Carbon Market both locally and globally, enhancing climate-related financial instruments, and increasing their issuance. As a direct result, the market successfully registered projects from Egypt, Oman, Nepal, India and Bangladesh.

The report also includes an annex detailing the measurement of the Authority’s 2024 carbon footprint. This was a landmark move, as FRA is the first Egyptian regulatory body to measure its own emissions. The measurement was performed by a specialized national firm, which is officially registered with FRA as a Validation and Verification Body (VVB).

These VVBs, both local and foreign, are tasked with a crucial role: measuring, registering and documenting environmental projects aimed at reducing carbon emissions. They do this by carefully reviewing project details, including objectives, technology used and projected emissions reductions. Their evaluations and information verification ensure that investors and the public can trust that registered projects are meeting their stated goals. FRA currently has six VVBs registered.

These initiatives are part of FRA’s broader commitment to support Egypt’s state-led efforts to develop regulated markets, first announced at COP27. The Authority’s work led to the issuance of nine regulatory decisions that established the regional framework for the Voluntary Carbon Market. This framework has enabled the creation of five registries and the operation of six VVBs, which have facilitated the registration of approximately 34 projects from five countries namely Egypt, Oman, Nepal, India and Bangladesh. These projects have already contributed to the treatment of over 170,000 tons of carbon emissions.

FRA implemented a series of key measures to establish the Voluntary Carbon Market. First, based on a proposal from its board, FRA secured Prime Minister’s Decree No. 4664 of 2022. This decree amended the Capital Market Law, officially designating carbon credits as a financial instrument. Following this, the first Carbon Credit Regulatory Committee (CCRC) to control and supervise carbon emission reduction units (CERUs) was formed with its specific powers defined.

Next, the Authority focused on regulatory standards. It issued a decision outlining the criteria for registering Validation and Verification Bodies (VVBs) on its official registry. This was followed by the creation of rules for listing and delisting carbon credits on Egyptian Stock Exchanges. FRA also established accreditation standards for local voluntary carbon registries. These registries serve as secure, electronic central custody systems for issuing, recording and tracking the ownership transfer of carbon credits generated from reduction projects. Finally, the Authority accredited the trading and settlement rules for voluntary carbon credits on the Egyptian Exchanges.

To view the report, click here.