Guernsey Finance gets green injection

Thursday 07 November 2019

Guernsey Finance has been given a grant of £300,000 from the Future Guernsey Economic Fund to support the development of green finance initiatives.

The finance sector and the professional services sector in Guernsey see green finance as an area where there is significant potential growth for the economy.

Deputy Lyndon Trott and Lindsay de Sausmarez's amendment to the budget will help the Board of Guernsey Finance to achieve the following objectives:

1. To lead the development of green finance strategy, such as continuing the development of the institutional foundations, the investment environment, and the development of products and services required to make Guernsey a genuine global leader in sustainable finance;
2. To participate in and support global policy and research to demonstrate our commitment to the cause of climate change mitigation and green finance;
3. To ensure that stakeholder engagement and communications activity are sufficiently credible measured against Guernsey’s closest competitors; and
4. To fully maximise and exploit the global promotional potential of Guernsey in relation to green finance.

Deputy Trott said it was a one-off investment for 2020, with a further funding plan for 2021-23 to be drawn up next year that will aim to ensure sustainable funding. 

The amendment faced no opposition on the voting cards, however Deputy David De Lisle did say he would prefer to see money invested in local environmental schemes rather than initiatives and offsetting in other parts of the world.