The Egyptian Financial Supervisory Authority has issued new regulations to expand the activities of the Regional Center for Sustainable Finance and Carbon Markets. The new regulations aim to develop the center's specialties and keep pace with the rapid developments in sustainable finance, climate finance, and carbon markets. The center is considered a "house of technical expertise, research, and training" for the Financial Services Institute.
The new regulations define the center's role and distinguish it from regulatory and supervisory bodies. The center will focus on providing technical services, research, and training, rather than regulatory or supervisory functions. The regulations outline a wide range of tasks for the center, including preparing and implementing training programs, studies, and research, as well as providing technical services and consultations.
The center's tasks also include supporting innovation in sustainable finance tools, preparing professional certification programs, and creating a carbon observatory and digital library. The regulations reflect a development in the center's work from traditional sustainable finance to a specialized professional system that requires expertise in measurement, disclosure, and verification.
The new regulations also reorganize the center's institutional framework by establishing an advisory council consisting of experienced individuals in fields related to the center's activities. The council will provide opinions and recommendations on matters related to the center's work.
The executive director of the center will be responsible for managing the center's activities, implementing the advisory council's recommendations, and proposing plans and programs to achieve the center's goals. The director will also be responsible for preparing periodic reports on sustainable finance and responsible investment.
Dr. Islam Azzam, head of the Financial Supervisory Authority, stated that the new regulations will enable the center to provide a comprehensive package of knowledge, including research, training, and professional certification programs. The center's work will support the development of sustainable finance and carbon markets in Egypt.
The new regulations are expected to contribute to the growth of sustainable finance and carbon markets in Egypt. The center will provide important services, including training programs, studies, and consultations, as well as professional certification programs and data and indicators.
Key points
- The new regulations aim to develop the center's specialties and keep pace with the rapid developments in sustainable finance, climate finance, and carbon markets.
- The center will focus on providing technical services, research, and training, rather than regulatory or supervisory functions.
- The new regulations will enable the center to provide a comprehensive package of knowledge, including research, training, and professional certification programs.
