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The Guernsey Financial Services Commission has published a Spring Green Consultation Paper and its Thematic Review of the Guernsey Green Fund Regime, underlining the Bailiwick’s "ongoing commitment" to green finance.
The Spring Green Consultation Paper proposes an addition to the Finance Sector Code of Corporate Governance, to take specific account of climate change considerations and two minor modifications to the Guernsey Green Fund Rules.
The Thematic Review analyses the existing Guernsey Green Fund population, their compliance with the Guernsey Green Fund Rules, and some of the key findings.
The Commission wants to encourage Bailiwick firms to consider the impact of climate change on their business strategies, and to discuss sustainability matters in an appropriate way with their clients.
The Commission is also keen to ensure that consumers and professional investors are able to take advantage of opportunities to invest in genuinely green assets and that so-called “greenwashing*” does not occur in the Bailiwick.
“2020 was a year of huge evolution in the area of sustainability," said Director General William Mason.
"With the modest changes to the Finance Sector Code of Corporate Governance on which we are consulting, our intention is to encourage those firms which are not already advanced in their sustainability thinking, to start considering what they need to do over the coming years.
"Green investment has gone from being a minority interest to a mainstream concern in the barely three years since we launched the Guernsey Green Fund rules to create, we believe, the world’s first regulated green investment vehicle. We think Boards need to prepare for a sustainable future and consider how to adapt their businesses in a sensible manner.”
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