• Daltex leads as the first Egyptian private company to trade international carbon credits, boosting Egypt’s carbon economy.
• 1,500 Verra carbon credits purchased, worth over EGP 1.3 million, enhancing Daltex’s sustainability efforts.
• Strategic alignment with Egypt’s Vision 2030, reinforcing Daltex’s global market position and export capabilities.

Daltex Pioneers Egypt’s Carbon Market with Landmark Credit Purchase

Daltex, Egypt’s leading agribusiness and the world’s largest potato exporter, has made history by becoming the first private Egyptian company to purchase international carbon credits through Egypt’s voluntary carbon market, the first of its kind in Africa.

The voluntary carbon market, launched by the Financial Regulatory Authority (FRA) and the Egyptian Exchange (EGX), is a critical step toward a robust carbon credit economy aligned with Egypt’s Vision 2030 and Green initiative. Daltex’s acquisition of 1,500 Verra carbon credits, valued at over EGP 1.3 million (USD 27,000), underscores its commitment to sustainability and the global carbon economy.

“We commend the FRA for launching Africa’s first voluntary carbon market, a game-changer that lets Egyptian companies like ours foster sustainability while strengthening our economy,“ said Hesham S. El Naggar, Vice Chairman of Daltex Corporation. “This pioneering step reinforces our decarbonization agenda, in line with Egypt’s broader goal of building a robust carbon credit economy.“

Daltex plans to expand its carbon credit acquisitions through its existing and future sustainability projects, further solidifying its role in the carbon economy. “By trading international carbon credits locally, we are adding more value to our export projects, enhancing our overall export capabilities, and contributing to the local carbon economy,“ El Naggar added.

The Punjab Agroforestry Project, from which Daltex purchased the credits, is a vital part of this initiative. The project spans over 500,000 hectares in India, focusing on enhancing small-holder farmers’ incomes through carbon revenue and sustainable agricultural practices.

“The Punjab Agroforestry Project is dedicated to creating sustainable agricultural models that transform farming practices in rural India, boosting farmer incomes, and achieving high-integrity carbon reductions,“ said Omar El Nemr, Lead, Project Management and Structuring, MEA at VNV Advisory Services. “By providing Daltex with these credits through Egypt’s first voluntary carbon market, we are not only supporting local decarbonization efforts but also promoting sustainable practices on a global scale.“

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This strategic move strengthens Daltex’s global market position, increases the export potential of its agricultural products, and supports Egypt’s leadership in developing a local carbon market that directly contributes to the national economy. The Punjab Agroforestry Project is instrumental in Daltex’s sustainability journey, diversifying traditional farming practices and enhancing carbon sequestration in the region.

By participating in Egypt’s voluntary carbon market, Daltex not only positions itself as a leader in sustainability but also paves the way for other companies in the region to follow suit, fostering a greener, more sustainable future.