Finance Isle of Man, an Executive Agency of the Department for Enterprise, has developed a comprehensive roadmap which will underpin their Sustainable Finance initiative.
The Isle of Man’s Sustainable Finance Roadmap (the Roadmap) is the first output of the strategic Sustainable Finance initiative which launched earlier this year. The initiative is designed to bolster the Island’s position as a leading International Finance Centre by directing capital and finance flows toward climate-related, socially-positive and nature-based sustainable solutions.
The Sustainable Finance Roadmap is a strategic document which outlines areas of significant opportunity for financial services businesses in the Isle of Man to develop new product and service lines to meet rapidly increasing global demand for sustainable investments. Supported by plans to develop a new regulatory framework and upskilling programme, the Roadmap sets out an implementation framework of two years through 2025 and 2026.
The document presents 10 targeted actions spread across four development pillars and was developed in collaboration with the Ireland-based International Sustainable Finance Centre of Excellence (ISFCOE), supported by extensive research and stakeholder engagement.
Tim Johnston MHK, Minister for Enterprise, commented: “I am pleased to see the Sustainable Finance Roadmap published today, which sets out a way forward for the Island to become a global leader in Sustainable Finance. The document has a core focus on talent development and channelling investment toward net-zero and nature-positive goals, and has been created in collaboration with industry leaders. I hope the Roadmap will be received by the sector and wider business community as a useful tool to help them navigate this rapidly evolving global market.
“The Economic Strategy identified that financial services forms one of the core key areas of the economy which needs to be protected. The Sustainable Finance initiative not only supports the Island’s economy by retaining and supporting a highly skilled workforce, but also has the clear potential to support progress towards the environmental and social sustainability goals of many businesses, and indeed the entire Island.’
Paul Blake (pictured), Head of Banking & Fiduciaries at Finance Isle of Man, added: “With the launch of the Sustainable Finance Roadmap, we are taking a critical step toward defining the Isle of Man’s role in the global Sustainable Finance landscape. This initiative is a commitment to aligning with global sustainability goals and the Roadmap is a testament to our collaborative and a forward-thinking approach to securing a prosperous, resilient future for our Financial and Professional services sector and our Island.”
