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The Financial Regulatory Authority (FRA) has announced a new regulatory decision to expand the mandate and activities of the Regional Center for Sustainable Finance and Carbon Markets, strengthening its role in sustainable finance, climate finance and carbon markets.

The decision, issued by the Board of Directors of the Financial Services Institute (FSI), chaired by Dr. Islam Azzam, Chairman of the FRA, defines the center as the FSI’s technical, research and training hub for sustainable finance.

Under the new framework, the center’s activities will extend beyond conventional training programs to include capacity building, research and studies, technical and advisory services, as well as the development of technical guides, databases, professional programs and performance indicators.

The center will also support innovation in sustainable finance instruments, develop professional certification programs, train experts and instructors, and establish a sustainable finance observatory, digital library and specialized databases. It will further develop curricula, training manuals and applied research programs.

The new mandate places particular emphasis on low-carbon economic activities and carbon markets. This includes building the capabilities of carbon-market professionals, providing training on carbon markets and emissions reporting, and developing expertise in climate disclosure standards. The center will also prepare training materials covering monitoring, reporting and verification (MRV), build the capabilities of carbon project developers, and develop professional accreditation programs in climate finance.

The decision maintains a clear distinction between the center’s technical and knowledge-related role and the regulatory, supervisory and legislative responsibilities of the FRA and the General Administration for Sustainable Development. The center will provide research, technical guidance, training and advisory services without replacing the authorities responsible for regulation and supervision.

The new framework also establishes an advisory council comprising experts in areas related to the center’s activities. Members will be selected by the FSI Board of Directors based on nominations from its chairman for a renewable three-year term. The council will provide technical advice and recommendations on issues related to the center’s areas of work.

The center will be headed by an executive director at the level of Central Administration Head, with relevant expertise and professional qualifications. The executive director will oversee the center’s operations, develop implementation plans and training programs, supervise technical activities, and prepare annual plans and reports.

The executive director will also propose policies for attracting qualified professionals, financial allocations required for the center’s activities, and cooperation agreements and memoranda of understanding with training and consulting organizations. In addition, the director will oversee the organization of training courses, conferences and workshops and recommend fees for the center’s services.

Dr. Islam Azzam said the decision would enable the center to provide an integrated knowledge framework covering research and knowledge production, the development of training guides and curricula, capacity building, professional certification and specialized databases and observatories.

He added that the center’s upcoming programs, indicators, databases, professional certifications and training materials are expected to support the development of sustainable finance and carbon markets at both the national and regional levels.