The world is rapidly changing, and global tensions and trends are now a major concern and likely to remain so in the long-term.
As island communities are generally far less resilient than mainland countries in responding to external factors beyond their control, this very unstable situation is already presenting economic, social, and environmental challenges for many island jurisdictions and organisations.
To meet these challenges and, in particular, to respond to qualitative feedback from island-based businesses on their data and information needs, a unique service under the brand Islefact has now been launched. This service is designed to inform and support island organisations by:
- Identifying the implications of rapidly changing global and regional conditions on a broad sample of island communities,
- Analysing the resultant economic, social, and environmental impact and risk scenarios on island administrations and economic/social sectors and then,
- Setting out possible options to minimise such impacts and risks.
The first Review addresses Island Resilience.
Having a diverse economy is always advantageous for an island. It helps it to mitigate risks associated with dependence on a single economic sector. Unfortunately, there is every possibility that, during this century, many islands globally will become uninhabitable due to several factors such as climate change, unsustainable on-island costs, and a lack of job opportunities leading to depopulation. The first Review therefore focuses on the resilience of islands which are now primarily dependent upon just one economic sector (e.g. Tourism or Financial Services).
Every island economy, including those of Jersey and Guernsey, is subject to life cycles and no economic sector is immune to growth, maturity, and decline. However, there are many other challenges to be aware of such as on-island resources, location, and global factors.
The Review highlights many weaknesses and threats which island communities now face over the course of the next few decades. Some are insurmountable particularly for islands with small and ageing populations, lack of available land for economic development, and having to meet the impacts of climate change.
While economic diversification is crucial to the resilience and long-term stability of island economies, there are several inherent limitations and challenges associated with achieving and maintaining economic diversity in an island context.
On the other hand, with strategic planning, investment in education and infrastructure, and a focus on sustainable development, islands can overcome some of these limitations and build more diverse and resilient economies. There are increasing pressures on islands and innovation and sustainability will be key focus areas going forward. However, these must be considered jointly by both public and private sectors. Examples of islands with diverse economies are highlighted in the Review.
In this context, a tunnel connection between Jersey and Guernsey would undoubtedly be a major economic and social enabler for both islands. A tunnel connection onwards to France from Jersey could also generate significant trade and tourism benefits for both islands which would encourage economic diversification investment and opportunities.
Pictured: Chris Brook, Principal Advisor at Islefact
