JFSC joins network to help improve environment and climate risk management

The Jersey Financial Services Commission (JFSC) has been accepted as a member of the Network for Greening the Financial System (NGFS). This was announced at COP26 in Glasgow by the NGFS Chair, Frank Elderson.

NGFS (Network for Greening the Financial System) is a network for Central Banks and Supervisors who, on a voluntary basis, exchange experiences, share best practices, contribute to the development of environment and climate risk management in the financial sector and mobilise mainstream finance to support the transition toward a sustainable economy.

The NGFS was launched at the Paris One Planet Summit on 12th December 2017 and brings together 100 central banks and supervisors and 16 observers. Together, they represent five continents and around 85% of global greenhouse gas emissions, and are responsible for the supervision of all of the global systemically important banks and two thirds of global systemically important insurers.

Jill Britton, Interim Director General, commented: “Joining this important global network of financial supervisors enables us to contribute to the development of environment and climate risk management, to share ideas and to bring that best practice directly into our work.

“Along with Government, other Island agencies, and Industry, we are committed to taking an active role in supporting the worldwide transition to a sustainable economy and our membership of NGFS is an important step as we develop that work.”

Matthew Clegg, Sustainable Finance Lead, added: “This year we introduced straightforward and effective disclosure requirements for funds in order to mitigate the risk of greenwashing. There is much more to be done and joining the NGFS helps us on this journey.

“Our membership combines with our local membership of Jersey for Good – A Sustainable Future, and will help us in bringing a global perspective to our vital work supporting the development of sustainable finance in Jersey.”