Jersey Finance’s inaugural week-long Sustainable Finance Summit this month underscored the urgent challenges facing the planet.
Expert speakers painted a stark picture of the crisis while also highlighting the opportunity for international finance centres (IFCs) to help address a ‘metacrisis’ that is putting climate, nature, and sustainability firmly on the agenda.
Providing a keynote address at the Summit’s opening event, climate expert and best-selling author Professor Mike Berners-Lee explained how humanity’s future is hanging in the balance, with scientific data on the impact of the climate crisis providing compelling evidence of just how critical the situation is.
However, he also suggested that the tools exist to turn the crisis around – something that will require systemic change, spanning politics, media, business, finance and education. He also threw down a challenge to IFCs, including Jersey, to become exemplars in providing solutions for driving capital to support sustainability goals.
Attracting a total of more than 1,000 registrations for the various events throughout the week, the Summit also included a session tailored to CEOs, a seminar exploring the application of technology to drive sustainable finance solutions, and a conference exploring the next steps for Jersey in achieving its sustainable finance ambitions – including an analysis of the Jersey Sustainable Finance Action Plan, published recently by the Government of Jersey.
A number of satellite events were also held in Jersey by firms during the week, whilst Jersey Finance also hosted a sustainable finance-themed roundtable in South Africa and a session in London as part of its Women in Alternatives series. A further event is planned to take place in Singapore in the near future.
Other key themes highlighted over the course of the Summit included:
- inaction on climate change not only having an impact on our nature inventory but also a direct correlation to GDP and economic success
- the importance of wealth transfer dynamics globally and the need for financial services firms to rethink fiduciary duties in sustainability terms
- the challenges of businesses and governments being driven by short-termism rather than longer-term views
- the need for acceleration in tech adoption to tackle the challenges relating to the transition to a more sustainable economy
- the skill sets of IFCs being aligned with the needs of the planet, including governance, the ability to mobilise capital efficiently, experience in multi stakeholder collaboration, expertise in mitigating risk, and providing an ideal test-bed environment for sustainability-driven technologies
Reflecting on the Summit, Joe Moynihan, CEO, Jersey Finance, said: “Against the backdrop of the recent publication of Jersey’s Sustainable Finance Action Plan, and with this year marking the five-year countdown to both Jersey Finance’s own 2030 Sustainable Finance Vision and the UN Sustainable Development Goals, this Summit provided a timely reminder of just what is at stake.
“The Summit was both bleak and optimistic in equal measure. On the one hand, the fragile position of our planet is clear and the clock is ticking in terms of our ability to address that. On the other hand, I am encouraged by the discussions we had over the course of the week around what we can still do to make a positive difference – as an industry and as an IFC.
“Delivering on sustainable finance is no longer an option, it is a responsibility and a necessity – and I fundamentally believe that in Jersey we have the capabilities and the desire to play our part.
“It will take courage and commitment, but I hope this Summit can help maintain the momentum we need, collectively, to ensure we can come together to drive the change needed by Jersey and the wider world.”
Main picture: Representatives from Jersey Finance with guest speakers at the Summit’s opening event
