The United Nations’ Financial Centres for Sustainability launched its European arm in Dublin, Ireland, with Guernsey as one of nine financial centres involved.
The new European network sees Guernsey join other leading financial centres including London, Frankfurt, Paris and Zurich, among others in a broader European commitment to sustainable finance.
“We are pleased to be one of the leading European green and sustainable finance centres involved with the launch of the European network of the UN’s FC4S, demonstrating the commitment of Guernsey Green Finance to international engagement and pursuing the goals of FC4S, and our position at the forefront of green finance,” said Andy Sloan, deputy chief executive, strategy, at Guernsey Finance, the promotional agency for the industry body in the island.
“We look forward to sharing our expertise in product development and learning from our partners in this initiative to help us to achieve our objectives in developing green and sustainable finance,” he added.
The European Commission says some €177bn will be needed between 2021 to 2030 to invest in clean energy and other mitigation measures, aimed at keeping average global temperature increases to well below 2C as agreed in the 2015 Paris Climate Accord. Scientists say ambition needs to be scaled-up to limit increases to no more than 1.5C, to prevent catastrophic warming.
The EU has pledged to help deliver the transition to a low-carbon and more resource efficient economy, including developing innovative ways of financing projects.
The FC4S network is supported by an investment of €1.5m over three years from Europe’s EIT Climate-KIC agency.
Guernsey Green Finance’s strategic approach is to align with a global green taxonomy, to develop its product offer across financial services, to develop a programme of engagement to promote green and sustainable finance, and to work in partnership to foster international cooperation.
The world’s first regulated green fund has been registered in Guernsey as a Guernsey-domiciled agribusiness fund, as reported by International Investment.
The European network event takes place during Dublin’s Climate Innovation Summit, part of Climate Week Ireland, the centrepiece of a programme of events to mark the country’s Year of Sustainable Business in 2018.