Much has been said about insuring and investing in coal lately; let’s take a breather and talk green.
If you’re a supporter of green initiatives, then you might want to consider investing in Guernsey. The Guernsey Financial Services Commission (GFSC) is working on rolling out what will be called the Guernsey Green Fund aimed at shining a spotlight on green investment. The endeavour is part of the island’s new development strategy for its financial services sector.
The commission is looking at launching the initiative middle of this year, with a consultation paper set to be issued next month. Open to all types of funds, it will require compliance with green criteria and is envisioned to make Guernsey the go-to jurisdiction for green financial services.
“The potential for green and sustainable finance is enormous and streams into major global initiatives,” said Guernsey Finance acting director of strategy Dr Andy Sloan. “Action in this area builds on Guernsey’s strengths and expertise in private equity and infrastructure, supports other initiatives in areas such as impact investing, and supports a general repositioning of the island’s financial services offer.”
Bent on fostering international cooperation on green finance development, the island plans to work with the global insurance industry to enable long-term green investments to be taken on as assets in order to meet long-term life insurance liabilities. The goal is to make long-term investments more accessible to insurers to allow them to easily provide sustainable long-term returns to policyholders. Not to mention widening the pool of buyers.
“Guernsey uniquely has the skill sets and expertise necessary to create the conditions for the rapid development of a market in green financial services in the jurisdiction,” added Sloan.
