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The Guernsey Financial Services Commission (GFSC) has become a member of the Taskforce on Nature-related Financial Disclosure.
The Commission, which had its application accepted in May, joins other environmentally-focused regulators such as the Bank of England and Banque de France. The membership aims to further the island’s aim of developing as a leading centre for sustainable finance.
Guernsey Finance’s Head of Sustainable Finance, Stephanie Glover, said the GFSC membership was “another step forward on an exciting journey”.
“The GFSC is already a member of the Sustainable Insurance Forum and the Network for Greening the Financial System, so this is another step on an exciting journey to Guernsey leading as a force for global good,” she said.
Pictured: Guernsey Finance’s Head of Sustainable Finance, Stephanie Glover.
Miss Glover continued: “Guernsey is not just talking about this, it is demonstrating its commitment to the cause by collaboration with key stakeholders in the goal of mitigating climate change and shifting global financial flows away from nature-negative outcomes toward nature-positive outcomes.”
The taskforce was established to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related risks. Being a member of the forum will help the GFSC to gain greater insights into global developments within nature finance and ensure an enabling framework in the Bailiwick for firms that wish to be become more active in sustainable finance.
As a member, the Commission intends to contribute to the forum’s ongoing innovative work.
GFSC Director of Investement, Fiduciary and Pension Division, Gillian Browning, said the forum provided an opportunity to be better informed about the latest thinking and developments in nature-based disclosures.
Pictured: Guernsey Finance hopes the island will become a leading centre for sustainable finance.
“The Forum will give us access to increased resources and expertise as we continue to develop our policy in this important area,” said Ms Browning.
The GFSC also recently published proposals for the introduction of a Natural Capital Fund designation for funds that are committed to making nature positive investments.
Together with the Guernsey Green Fund, the proposals would allow Guernsey funds a choice of complementary sustainability designations based on globally agreed environmental standards.
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