Thursday 01 December 2022
Select a region
Business

Roadmap for a transition to net zero

Roadmap for a transition to net zero

Friday 23 September 2022

Roadmap for a transition to net zero

Friday 23 September 2022


A new report commissioned by Guernsey Finance, in association with Baringa Partners, has identified the vital role that the financial services industry can play in achieving a transition to a net zero future.

The research highlights the opportunities that exist for various financial services industry sectors and outlines a potential roadmap highlighting key steps spanning the next three decades, translating strategy into action, to accelerate the transition towards decarbonisation of the economy. ‌

The report, 'Private finance and its role in supporting the transition to net zero', addresses the broad steps and provides sector-specific guidance that different industries within the financial services sector could follow to support the transition and decarbonise the economy. It outlines key opportunities, risks and mitigations for insurance, investment funds and management, trust and company, private banking and pensions.

It also highlights the strengths of Guernsey’s specialist financial services sector and the opportunities for growth that exist by assuming a proactive transition strategy and by creating more products and services to facilitate the transition.

The transition to net zero represents a substantial opportunity for product innovation in areas such as transition finance, turning ‘brown’ activities to ‘green’. As a leading international finance centre and green finance hub, Guernsey can play a role disproportionate to its size in supporting the transition, with potential benefits such as growth of Guernsey’s green investment sector from £4.5bn to £56bn by 2040, according to the report.‌

Stephanie Glover, Head of Sustainable Finance at We Are Guernsey (pictured top right) said: “The opportunity to utilise financial services in driving the transition to net zero, especially in such a way that is as fair and inclusive as possible, is enormous. This report provides practical guidance that organisations can take to embark upon that journey if they have not already begun.‌

“The challenges are serious, but the solutions are there and Guernsey, as a force for global good, has a fundamental role to play in securing a net zero future.”

Rupert Pleasant, Chief Executive at We Are Guernsey (pictured top left), welcomed the report: “The conversation is very much focused on achieving net zero, and this report covers the actions that organisations can take in order to embark on that journey and beyond. Equally important is making sure that the transition is just.

“This report provides a roadmap to net zero and shows that a joined up approach is needed. Guernsey as an international finance centre can support those changes across the whole of the finance industry.”

Read more...

Community support for Sustainable Finance Week

GFSC takes another step on sustainable finance journey

GEL supports sustainable sailing

Several new companies join TISE sustainable




 

Sign up to newsletter

 

Award success for JTC

Comments

Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.

There are no comments for this article.

To place a comment please login

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?