The Financial Regulatory Authority (FRA) is helping to develop the carbon certification market, according to Dr Mohamed Farid, chairman of the regulatory agency.
Dr Farid explained that carbon certificates are issued in relation to investments made to reduce carbon emissions, reported Amwal Alghad.
He emphasised the authority's efforts to develop the market by establishing a regulatory framework for assessing and classifying carbon certificates to attract specialised rating agencies. The FRA would also help develop specialised insurance products to reduce the risks associated with issuing and trading carbon certificates. The market also aims to attract climate financing for carbon emission reduction projects.
He outlined these efforts in his address at the Climate Finance Forum last week, organised by the Ministry of Environment in cooperation with the Sustainability and Quality of Life Foundation for Development and Growth.