As published on guernseypress.com, Monday November 4, 2019.
BUSINESS groups and finance industry leaders are backing a proposal which seeks a grant of £300,000 for Guernsey Finance to invest specifically in support of the island’s green finance initiative.
The proposal by Policy & Resources committee vice-president Deputy Lyndon Trott, seconded by Deputy Lindsay de Sausmarez, is due to be discussed in the States tomorrow and suggests the funding should come from the Future Guernsey Economic Fund.
Additional funding for Guernsey’s green finance initiative is considered a necessary step if the island’s ambition to become the go-to jurisdiction for green and sustainable finance is to be realised.
It is hoped that could be a major boost to the island’s economy and financial services sector as well as ensuring the island plays a significant role in helping mitigate climate change.
Guernsey International Business Association chairman Tony Mancini highlighted both the economic and social benefits of becoming a leading jurisdiction for green finance.
‘Guernsey has made a promising start in the area of green and sustainable finance.
‘We need to capitalise and keep momentum going.
‘Additional funding would enable further activities to position Guernsey as the leading jurisdiction for green financial services, whether that be promoting the cause or creating new green finance products.’
He said this would place Guernsey as a world expert and encourage those looking to invest in green finance to use Guernsey’s financial services for that purpose.
Chairman of the Guernsey Investment & Funds Association Christopher Jehan said: ‘GIFA supports the proposal from Deputy Trott, which would enable our island to properly market our innovative products and their global benefits, and would like to encourage the support of the States of Guernsey in ensuring appropriate allocation of funds.’
Guernsey Chamber of Commerce Finance industry lead Stephen Rouxel said it was imperative that Guernsey’s green finance initiative was given the resources it needed to market the island and its green credentials to the wider world in order to capitalise on the foundations it had already put in place.
‘Globally, green and sustainable finance remains a priority for financial services businesses and their customers and more and more money is being set aside for investment in these areas,’ he said.
‘As such, the Chamber of Commerce welcomes the amendment laid by Deputy Trott and Deputy de Sausmarez which will provide Guernsey Green Finance resources it needs to continue to taking its initiatives to the wider world and grow our green economy.’
Guernsey’s green development strategy was launched in April 2018, leading to the formation of Guernsey Green Finance – through which Guernsey delivers on its strategic commitment to sustainable finance – in November 2018 and the introduction of the world’s first regulated green fund product – the Guernsey Green Fund.
The International Stock Exchange, headquartered in Guernsey, launched a green segment in November 2018, and Guernsey is now also a member of the United Nations’ Finance Centres for Sustainability Network.