Standard Chartered’s Jersey CEO outlines COP28 relevance to Jersey

The need for this year’s COP to deliver is high, considering that UN estimates put the odds of limiting global warming to 1.5°C at just 14%, even if all current plans and net zero targets globally are executed fully.

Five objectives, as outlined by Standard Chartered Research, that need to be met for COP28 to be a success, include:

• Renewable investment commitments need to triple in order to raise the share of renewable power in the energy supply mix from 16% in 2020 to 77% by 2050.
• Energy efficiency support needs to expand and focus on electric vehicles, EV-related charging infrastructure and residential home refurbishment solutions.
• Carbon storage needs greater attention to help increase storage capacity of new technologies and land- and ocean-based solutions c.4x between now and 2050.
• Greater adoption of carbon markets is needed to increase the share of emissions covered by compliance markets and rebuild credibility in the voluntary carbon market.
• Developing countries need much greater support, considering that regions such as Africa and the Middle East face a 7x rise in energy transition-related investments.

Commenting on these objectives and their relevance to Jersey, Henry Baye (pictured), CEO, Standard Chartered in Jersey, said: “The priorities for COP28 outlined by colleagues at Standard Chartered Research should resonate with the business community here in Jersey. Not only are we a jurisdiction with our own ambitions to transition to net zero, but the finance industry here has significant potential to play a part too.

“In terms of geographical reach, Jersey is incredibly well connected, with investors and asset managers in both developed and developing countries, whilst it also has the expertise, vehicles and environment to connect private and institutional investor capital with the urgent needs outlined here in a highly targeted, efficient way. The call to action is clear, and there are strong and compelling reasons for Jersey firms to be keeping a close watch on developments at COP this year.”