Steering Sustainable Infrastructure into the Future - The FAST-Infra Label Executive Advisory Committee meets
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In a pivotal meeting held on November 15, 2023, the Executive Advisory Committee (EAC) of the FAST-Infra Sustainable Infrastructure Label convened to discuss and shape the trajectory of the FAST-Infra Sustainable Infrastructure® (FAST-Infra) Label. This biannual meeting is a cornerstone event, where the diverse group convenes to ensure the effectiveness and relevance of the FAST-Infra Label's initiatives. This committee plays a crucial role in steering the governance structure and fostering inclusivity within the label’s development.
The EAC comprises representatives from various sectors, including financial services, public and private banks, multilateral agencies, civil society, NGOs, and developers. With expertise in diverse geographical locations, these members contribute to a holistic perspective that reflects the global nature of the Label. Their involvement ensures equal representation and participation, aligning with the FAST-Infra Label's commitment to inclusivity.
The agenda of the meeting primarily focused on the status update of the FAST-Infra Label, addressing key areas such as framework development, criteria indicators, and the progress made on self-assessed projects. Noteworthy discussions revolved around forming multiple working groups (WGs), each spearheaded by Steering Committee (SC) members, dedicated to various aspects of the label.
Some of the Key Working Groups are as follows:
- Sector/Asset Focused Framework Group: To adapt the methodology and criteria indicators to specific sectors.
- Assurance Working Group: Tasked with reviewing verification and labelling requirements.
- Impact Measurement Working Group: Focused on the label's theory of change and strategy.
- Governance and Operation Working Group: Responsible for scrutinizing various policies and procedures.
- Financing Sustainable Infrastructure in Developing Countries Working Group: Ensuring regional contextualization of the label.
- Project Acquisition a: To strategize and oversee the roll-out and implementation of the labelling system.
- Financial Sustainability of the Label Working Group: A newly proposed group to explore the label's financial sustainability.
The committee delved into the progress made on the label's framework and dimensions, criteria indicators, self-assessed projects, and the assurance review process and timeline. Additionally, plans for training verification bodies, crucial for the verification of FAST Infra Label projects, were presented and discussed.
Looking ahead, the secretariat announced a significant development for 2024 – the launch of a public consultation for three key documents. This engagement aims to gather input from a broader audience and foster transparency in the label's operations. Stakeholders and interested parties are encouraged to stay tuned for updates on the FAST-Infra Label's website.
The recent EAC meeting stands as a testament to the commitment of the FAST-Infra Label to steering sustainable infrastructure initiatives. With diverse stakeholders actively contributing to the label's development, the future looks promising for sustainable infrastructure on a global scale. As the label moves towards a public consultation in 2024, it invites collaboration and input from a wider audience, reinforcing the importance of collective efforts in shaping the future of sustainable infrastructure.
Further Reading
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