The opening of the trading session in the stock exchange on the occasion of the beginning of the activities of the Climate Summit in Egypt

A group of capital market leaders opened the trading session today, Monday, in the Egyptian Stock Exchange, with the participation of Claire Dorian, Head of Sustainable Finance for Capital Markets at the London Stock Exchange, on the occasion of the launch of the activities of the Conference of Parties to the United Nations Climate Change Convention COP27, which is currently hosted in Sharm El-Sheikh.

During his speech, Ramy El-Dakani, Chairman of the Egyptian Stock Exchange, said that the Egyptian state’s organization of the climate summit activities during this year is the culmination of the national efforts extended from 2014 to achieve sustainable development and move forward with climate and development efforts side by side, as well as promoting green transformation efforts under the umbrella of the national strategy Climate Change 2050, whose fourth axis deals with ways to enhance climate finance.

Al-Dukani added, in a press statement, that today’s celebration comes in line with what was witnessed in yesterday’s procedural session of handing over the presidency of the climate conference, where the London Stock Exchange Group has had an active role since the COP26 climate summit last year in Glasgow, and the group, adopted and activated a number of Initiatives and efforts, especially with regard to commitments to carbon neutrality in the financial markets, and achieving zero carbon emissions.

The Chairman of the Egyptian Stock Exchange confirmed that the activities of this edition of the Earth Summit have a special character, as it has set a main goal for this year’s meetings, which is to move from the “pledges phase to the implementation phase”, especially the financing pledges, where it is expected that the summit’s recommendations will witness the issuance of the “Sharm El-Sheikh Guide to Equitable Finance” To stimulate innovative financing and enhance climate finance efforts locally, regionally and internationally.

For her part, Heba El-Serafy, Vice-President of the Egyptian Stock Exchange, said that Egypt’s hosting of the Climate Summit this year enhances sustainability initiatives in the capital markets, which is consistent with the practices of the Egyptian Stock Exchange in accelerating the pace of integrating companies restricted to the concept of sustainability in their operational work by enhancing their capabilities in preparing and drafting reports Disclosure of sustainability and the impact of climate change.

It sheds light on the efforts of the African continent regarding the challenges of accessing equitable financing for climate change issues, noting that the continent’s needs amount to 1.6 trillion dollars during the coming period until 2030 to implement its specific national contribution to mitigation and adaptation to reduce carbon emissions.

The management of the Egyptian Stock Exchange attaches great importance to the events and sessions of the COP27 Climate Summit, where the Stock Exchange participates in a number of main sessions devoted to discussing mechanisms for mobilizing resources for climate financing through new solutions such as carbon markets to provide development financing products and stimulate private sector investments towards mitigation, climate adaptation and access to carbon neutrality. By having a mechanism to offset carbon emissions that cannot be reduced.

The Stock Exchange’s management participates in the activities of the CEO’s Round Table of the members of the United Nations Sustainable Stock Exchanges Initiative, which discusses the role of financial markets in achieving carbon neutrality.

The stock exchange management will also participate in a special session in cooperation with the African Development Bank and the London Stock Exchange Group, which will discuss the axes of the role of regulators in facilitating climate finance and reviewing challenges and opportunities in financing renewable energy projects in the continent of Africa

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