Prime Minister Mostafa Madbouly’s decision in December 2022 to establish a voluntary market on the Egyptian Exchange to trade decarbonization certificates is set to cause a big leap in incentivizing companies and the private sector to achieve sustainability, Invest-Gate reports, citing Chairman of Redcon, Tarek El-Gammal.

The decision encourages companies to reduce carbon emissions in all projects across all fields, El-Gammal says.

He notes that the decision will give rise to new financing instruments for companies to fund their expansion plans for sustainable projects.

The top executive states that Madbouly’s decision will support Redcon’s plans to cut carbon emissions by developing the Golden Gate project, the first multi-use project that applies sustainable building and green urbanization in all its elements.

The project uses energy consumption, thus reducing carbon emissions, El-Gammal adds.