A groundbreaking transaction took place on the Egyptian Exchange as the first carbon credits were issued and traded in the new voluntary market. The Egyptian Biodynamic Association (EBDA), the leading organic and biodynamic agriculture association in Egypt and the Middle East, sold the credits to Isis for Food Manufacturing. This marks a significant milestone in the EBDA’s mission to expand biodynamic farming practices through its “Economy of Love” standard while addressing climate change in Egypt and Africa.
Beltone Securities Brokerage, a subsidiary of Beltone Holding, one of the fastest growing financial institutions, executed the transaction under the supervision of the Egyptian Financial Regulatory Authority and the Egyptian Exchange.
Isis for Food Manufacturing has acquired carbon credits equivalent to 500 tons of carbon dioxide from ten farms within the “Minya Group”. These credits were certified under the “Economy of Love” standard, established by the EBDA to empower small-holding farmers transitioning to organic and biodynamic agriculture. By implementing tree planting, compost production, soil carbon sequestration, and renewable energy initiatives, these farmers are actively capturing and storing carbon.
Isis acquired carbon certificates to offset its emissions and reduce its carbon footprint. These certificates were traded on Egypt’s newly established voluntary carbon market, which was announced to be established during the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in Sharm El Sheikh. Regulated by the Egyptian Financial Regulatory Authority, this market provides a transparent platform for carbon trading across Egypt and Africa.
We are really thrilled that the Egyptian Exchange led the initiative of launching the first African voluntary carbon market and its African Carbon Exchange. We just witnessed the successful auction of Isis for auctioning the first listed “Economy of Love” credits. This is a huge step and an important achievement for the continent and for being a crucial part of the global solution for climate change mitigation. The new platform gives Egyptian and African farming communities a chance to join the global fight against climate change. We have successfully demonstrated in Egypt that the “Economy of Love” credits provide significant improvement of the livelihoods of Egyptian small-holding farmers and boost affordable and healthy food production across the country. We believe more auctions will support more farmers in their transition to apply sustainable, regenerative and biodynamic principles.
Justus Harm, Co-Executive Director, EBDA
Beltone Securities Brokerage, the first company to obtain the license to trade carbon emissions reduction certificates and futures contracts, acted as the sole executor of the transaction in accordance with the Egyptian Financial Regulatory Authority’s regulations.
Beltone Securities Brokerage is proud to announce the successful execution of the first carbon credits trade on the Egyptian Exchange. The landmark transaction marks a significant milestone for Africa’s first regulated voluntary carbon market, launched on the sidelines of COP27 in 2022. This transaction culminates months of close collaboration with the FRA, EGX and several governmental entities such as the Ministry of Environment to formulate the trading rules of carbon credits and their futures contracts, as well as embodying Egypt’s ambitious ESG strategy, which Beltone Holding is proud to partake in by offering a growing suite of ESG-based financial products, as well as continuing to apply sustainability across our operations.
Khalil El Bawab, CEO of Markets, Beltone
The “Economy of Love” standard surpasses traditional carbon sequestration initiatives by prioritizing holistic and sustainable development that harmonizes social, economic, cultural, and ecological dimensions for farmers. In recognition of their dedication to organic and biodynamic farming, the EBDA hosted celebratory events nationwide to honor small-holding farmers. Under the theme “Climate Heroes,” 295 farmers from nine governorates have been celebrated for their exceptional contributions to reducing greenhouse gas emissions. These farmers have received carbon certificate revenues from 2022, rewarding their implementation of sustainable practices such as organic composting and renewable energy utilization.
The “Economy of Love” standard advocates for biodynamic agriculture as a solution to climate change and improving farmers’ livelihoods. By fostering holistic agricultural transformation, expanding carbon market opportunities, and attracting sustainable investments, EBDA seeks to build a thriving future for both people and the planet.”
