Cairo: Egypt's Financial Regulatory Authority (FRA) is developing a regulatory and technical framework to establish the country's first credit rating agency for carbon reduction certificates, the executive director of the FRA's Financial Services Institute, Tarek Seif, said on Friday.According to State Information Service Egypt, Seif made this announcement at a workshop on non-banking financial sector developments. The initiative aims to boost market credibility and ensure proper assessment of both the environmental impact and financial value of the certificates. Additionally, the FRA is preparing a comprehensive insurance policy for carbon reduction projects to cover various risks, including operational, natural, credit, political, and pricing risks, to enhance project sustainability and investor confidence.Seif also highlighted that regulations for renewable energy certificates (I-REC) have been completed. This development allows them to be traded as financial instruments under amendments to the Capital Market Law. Furthermore, the authority is finalizing a digital framework for carbon certificate trading, which includes rules for ownership transfer and off-exchange futures contracts.He emphasized that the initiative aligns with Egypt's Vision 2030. This vision aims to integrate environmental sustainability across all economic sectors and strengthen the country's green finance ecosystem.