The Egyptian Exchange (EGX) has joined on Monday the ‘Ring the Bell for Climate’ Campaign, which is organised by the World Federation of Exchanges (WFE).
The campaign runs in conjunction with the United Nations Climate Change Conference COP28 in Dubai, to reiterate commitment to global climate risk mitigation and the transition to a low-carbon economy.
As the world grapples with the climate crisis, stock exchanges sit at the core of the financial market, playing a crucial role in creating the vehicles for capital to be deployed into sustainable development.
The green transition cannot take place without securing the appropriate financing in place.
This campaign will see a global network of exchanges around the world demonstrate their support for this cause by ringing the bell for climate. Some exchanges will be holding virtual bell ringing ceremonies, workshops and events to highlight new plans and targets for their own businesses.
Ahmed El-Sheikh, EGX chairman, and Heba El- Serafi, EGX vice chairman together with other senior management members have participated in the Ring-the-Bell for Climate 2023 opening ceremony that took place at the bourse’s historical headquarters in Cairo.
The EGX joined this global initiative aiming to promote the importance of climate action and sustainable development as building blocks for a resilient industry and a better future, El-Sheikh said in a statement.
EGX launches African Voluntary Carbon Market
He further added that the Egyptian bourse recognises its role as a financial and sustainability leader in the region. He has also announced the launch of its African Voluntary Carbon Market which is a pivotal step that can help accelerate the transition to a net-zero economy, reflecting EGX’s commitment to achieve sustainable development goals (SDG’s) and promote environmental initiatives.
“The involvement of exchanges is crucial to facilitating the transition to a greener economy, as they provide a key source of investment. Climate is a central issue to all our members, and we are pleased to see them engaging with these issues.” Nandini Sukumar, CEO of the WFE, said.
“By ringing the bell, EGX is demonstrating its commitment to this cause. We look forward to collaborating with them, and our other members, as we continue to build on the successes the industry has had this year, such as the global agreement of our Green Equity Principles.”
“Our members are taking pivotal steps to play their part in creating a more sustainable world for generations to come.” Sukumar concluded.
