Jersey’s finance industry is making ‘significant progress’ in implementing the recommendations of a report aimed at establishing Jersey as a leading centre for sustainable finance, according to speakers at an event held recently.
Speaking at ‘Jersey for Good: One Year On’, held on 22nd March at the Radisson Hotel, Joe Moynihan, CEO, Jersey Finance, highlighted how the industry has addressed key recommendations of the ‘Jersey for Good: a Sustainable Future’ report, initially published in March 2021, to encourage collaboration, focus on communication and deliver on upskilling on sustainable finance. These achievements include:
- Creating a shared stakeholder governance structure for the strategy, with representatives from across the industry as well as government and the JFSC
- Collaborating with organisations beyond Jersey’s borders, with Jersey Finance obtaining membership of the UN-convened Network of Financial Centres for Sustainability (FC4S) and the JFSC joining the Network for Greening the Financial System (NGFS)
- Undertaking a skills mapping exercise to understand key skills gaps and working with the CISI to offer digitally delivered targeted upskilling opportunities
- Establishing the first baseline stocktake of sustainable finance in Jersey, benchmarking its ability to deliver capital for the UN Sustainable Development Goals
- Supporting Jersey’s participation at COP26 and the process for extending the UK’s climate commitments under the Paris Agreement
- Working with fintech title FinExtra on a study exploring the synergies between IFCs, fintech and sustainable finance
The event formed part of a week-long series of events organised by Jersey Finance marking one year since the strategy and vision were first published, aimed at supporting Jersey’s journey towards a sustainable future. Commissioned by Jersey Finance and undertaken by Jersey-based consultancy Equilibrium Futures, the strategy sets out the aim that ‘by 2030, Jersey will be recognised by its clients, key stakeholders and other partners as the leading sustainable international finance centre in the markets it serves’.
Announcing that Jersey Finance would host its first ever sustainable finance awards in October this year, Joe Moynihan said: “What is clear is that action on sustainable finance has to come through collaboration from all key stakeholders.
“Our focus over the past year has been on getting the fundamentals right and we’ve made significant progress on that front. In fact, in Jersey we already have a number of early adopters who are aligned with global standards, such as the UN Principles of Responsible Banking. These firms are already playing their part in driving forward Jersey’s reputation as a centre of excellence for sustainable finance.”
The event also featured James Alexander, Chief Executive Officer at the UK Sustainable Investment and Finance Association (UKSIF), as keynote speaker, as well as Andrew Mitchell, Founder and CEO of Equilibrium Futures and Vice Chair of the Stewardship Council of the Taskforce on Nature-related Financial Disclosure (TNFD), who added:
“We’re talking about a real revolution in the way money moves around economies, and there is still much to do as things move at pace – from new regulations and requirements around reporting to a shift in the focus on climate towards a much broader understanding of what ‘environmental’ means. Jersey has huge enthusiasm and a good platform now in place to build on this encouraging start and realise the ambitious outcomes of its vision.”
David Postlethwaite, Sustainable Finance Lead at Jersey Finance, commented: “A key part of our activity over the past year has been a stocktake of our sustainable finance proposition. It’s given us a huge amount of data to help inform our policy going forward. What’s clear is that other centres are moving very quickly, with an acceleration in policy interventions driving the mainstreaming of sustainable finance. The landscape is evolving rapidly. We need to move fast, but we also need to follow a pathway that is appropriate for Jersey for the coming years. The work we have done this year puts us in a good position to do that.”
Meanwhile, the week also featured a number of other events including a session in partnership with the Jersey Association of Trust Companies (JATCo) and STEP Jersey exploring trustee duties when it comes to sustainable finance, an event for future ‘eco-leaders’, and a sustainable finance demo day aimed at showcasing Jersey-based innovation in the sustainable finance and corporate sustainability space.
