الهيئة العامة للرقابة المالية

• 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.