Egypt is selling its UN carbon credits directly to companies and banks for the first time. Bids close on 31 October. A senior government source says the credits are positioned as a cheaper option for exporters facing pressure from foreign buyers, but they will not help with the EU carbon border tax. The same issue also covers a USD 2.2 bn contract for a 2.3 GW gas-fired plant in Saudi Arabia and new interconnection work for Egypt's electricity ministry. For carbon market watchers, the direct credit sale is the key item: it shows Egypt trying to monetize its UN offset pipeline without waiting for a larger voluntary market.
