Guernsey Finance acting director of strategy Andy Sloan said that the ambition was to develop the broadest and best range of products with a green focus among international finance centres.
“The potential for green and sustainable finance is enormous and streams into major global initiatives,” Sloan said.
“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,” he said.
Green fund initiative
One of the key elements of the development strategy is a regulatory initiative being launched by the Guernsey Financial Services Commission (GFSC) known as the Guernsey Green Fund.
“Compliance with green criteria will be required and [the Guernsey Green Fund] will be open to all types of funds,” the GFSC said.
The commission said it expects to issue a consultation paper next month and hopes to launch the Green Fund initiative by the middle of the year.
In addition to the fund, the GFSC has announced its intention to work with the global insurance industry.
“The initiative seeks to make it easier for insurance companies to access long-term investments, that in turn will make it easier for insurance companies to offer sustainable long-term returns to policyholders; and to widen the pool of purchasers for green investments,” the GFSC said.
Sloan added: “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”.