We are excited to celebrate a significant milestone in Egypt’s and Africa’s sustainable finance landscape. Isis for Food Manufacturing, a SEKEM Holding Company, has successfully completed its first carbon credit transaction with the Egyptian Biodynamic Association (EBDA). This landmark achievement, celebrated on the sidelines of the official launch of Africa’s first voluntary carbon market, underscores SEKEM’s unwavering commitment to environmental stewardship and sustainable development.
The groundbreaking transaction
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 and adopt sustainable practices like tree planting, compost production, and renewable energy.
This transaction not only offsets Isis’ carbon footprint but also demonstrates the immense potential of carbon markets to drive positive change.
The Power of the “Economy of Love” Standard
The EBDA’s “Economy of Love” standard is a pioneering approach to sustainable farming practices. By integrating social, economic, cultural, and ecological dimensions, the standard empowers farmers while converting to organic and biodynamic farming practices. The EoL Whole System Carbon Credits rely on multiple methods to sequester carbon: biodynamic agricultural approaches, afforestation projects, supporting farmers to avoid methane and CO2 emissions through compost production, and the implementation of renewable energy.
What It Means for Us
Our subsidiary, Isis, has been instrumental in a groundbreaking carbon credit transaction, highlighting our dedication to sustainable business practices and positive environmental impact. We are excited about the growth potential of carbon markets in Egypt and Africa. This successful transaction represents a significant milestone in our efforts to foster a low-carbon economy and inspire others to adopt sustainable practices. Through our initiatives, SEKEM aims to set a benchmark for businesses in the region, demonstrating the transformative power of sustainable development.
Read more about the news in: Enterprise and Zawya