Egypt’s Financial Services Institute has expanded the mandate of the Regional Center for Sustainable Finance and Carbon Markets, giving it a wider role in research, training, technical services and capacity building.
The decision, issued by the institute’s board and chaired by Financial Regulatory Authority (FRA) Chairman Dr. Islam Azzam, replaces the center’s previous framework and establishes it as the institute’s technical, research and training hub for sustainable finance.
The center will develop programs for carbon market professionals, provide guidance on emissions reporting and climate disclosure, prepare monitoring, reporting and verification guides, and support carbon project developers. Its work will also include research papers, technical guides, conferences, professional indicators, databases, a digital library and a sustainable finance observatory.
The FRA said the center’s designation as a “house of expertise” does not include regulatory, supervisory or legislative powers. Those responsibilities will remain with the FRA and its General Department for Sustainable Development, while the center focuses on knowledge development, training and technical and advisory services.
The new framework also creates an advisory board of experts, with members serving renewable three-year terms. The center’s executive director will oversee operations, budgets, training programs, reporting and partnerships with external organizations.
The expanded role comes as Egypt develops its carbon market framework. Earlier this year, the FRA introduced carbon footprint reporting and offsetting requirements for certain non-banking financial services companies through the regulated voluntary carbon market.
Source: Fast Company Middle East
