Finance Isle of Man, an Executive Agency of the Department for Enterprise, has launched an initiative to develop a Sustainable Finance proposition for the Isle of Man.
This project aims to enhance the Island’s reputation as a leading International Finance Centre by facilitating capital flows for sustainability-based products.
The initiative, supported by the Economic Strategy Board, aligns with the Isle of Man Government’s long-term Economic Strategy and leverages the Island’s unique status as the world’s only whole-nation UNESCO Biosphere. A Steering Group, consisting of industry and public sector representatives has been formed to provide strategic direction, project management and governance.
In the project’s initial phase, Finance Isle of Man has partnered with the International Sustainable Finance Centre of Excellence (ISFCOE) in Dublin. They will also collaborate with the United Nations’ Financial Centres for Sustainability (FC4S). The Isle of Man has already been granted observer member status by FC4S, which will conduct a baseline assessment of the Island’s positioning to guide the development roadmap and serve as a benchmark for the initiative.
Tim Johnston MHK (pictured), Minister for Enterprise, commented: “The global financial system, and its products and services, play a critical role in providing the capital needed for countries and institutions to meet the sustainability goals set under the Paris Agreement. With financial services representing around 48% of the Isle of Man’s economy, this sector can play an important role in this evolution.
“Furthermore, this project aligns closely with the long-term ambitions of the Economic Strategy, leveraging the green economy to build a more secure, vibrant and sustainable future for the Isle of Man.’
Paul Blake, Head of Banking & Fiduciaries at Finance Isle of Man, added: “We see this as a ‘must-do’ initiative for the Isle of Man’s Financial and Professional Services sector. This project helps to ensure that our proposition remains competitive and relevant. Key market indicators predict increasing demand for Sustainable Finance products and services. We are particularly pleased to establish a partnership with ISFCOE and to become an observer member of FC4S early in our journey, enabling us to tap into some of the best thinking around in this area. Additionally, our unique status as the only entire UNESCO Biosphere nation in the world has already sparked considerable interest from our partners.”
To formally launch this initiative, Finance Isle of Man will be hosting a financial services industry engagement day on 8th August 2024 at the Manx Museum. More information can be found here.
