East African securities regulators develop framework to stimulate green finance

The East African Securities Regulatory Authorities (EASRA) on Monday has agreed to develop a regional framework promoting green finance in the region.

Josephine Okui Ossiya, the chair of the organisation, said that the harmonised framework will empower capital markets to mobilise funds used in combating the negative effects of climate change.

"The framework will provide standards for regulating sustainability linked issuance of securities, use of proceeds, projects evaluation, and reporting," she said in a statement issued in Nairobi, the capital of Kenya.

She also emphasised that the framework will also regulate how carbon credits are issued and traded as a means to achieve the region's net-zero emissions goals.

Ossiya, also chief executive officer of the Capital Markets Authority of Uganda, noted that the agreement lays the foundation for the development and implementation of the regional carbon credit framework which will be domesticated at the national level.