Guernsey reps jet out for COP28

Monday 04 December 2023

One of Guernsey's most senior politicians has defended his trip to Dubai for the COP28 summit saying it's essential for the island's economy.

Deputy Jonathan Le Tocq, along with Deputy Lindsey de Sausmarez and leaders from the island's finance sector, are in Dubai for the United Nations Climate Change Conference.

The politicians flew to Dubai on Saturday, while some of the business professionals headed there last week.

Responding to some criticism levied at the pair on social media before their trip had started, Deputy Le Tocq used X (formerly Twitter) to explain why he was going.

2/… I would much rather not be travelling again to be frank. Just back from representing Guernsey’s interests in Brussels; most of our business is European focussed & if we lost it we’d not have the jobs & salaries which pay the taxes & circulate the money within our economy…

— Jonathan Le Tocq (@letocq) November 30, 2023

Having just returned from Brussels - where Deputy Le Tocq regularly represents the island in his role as Member of the Committee for Policy and Resources for External Relations - he had a short stop at home before flying to Dubai.

He tried to use the short format messaging platform to explain that if Guernsey wants to continue to trade with the rest of the world then "I’m afraid we can’t ignore the UN’s COP initiatives. For starters, most Free Trade Agreements our businesses want us to sign up to require us to be engaged with COP standards such as the Paris agreement."

Deputy Le Tocq highlighted that even though he disagrees with "significant parts" of the Paris agreement, he knows that the island needs to be on the right side of the global movement to slow down climate change.

He also explained that Guernsey Finance are there because of the work it does to promote Guernsey business on the global platform and that by being at such a large event it means GF can highlight its work on sustainability and financial greening among other things. 

Guernsey at COP28

Away from the political delegation, Guernsey Finance Chief Executive Rupert Pleasant, Head of Strategy and Sustainable Finance Stephanie Glover, Communications Director Rosie Allsopp and Middle East Representative Aaron Russell-Davison are also at the COP28 conference.

There are also representatives of regulator, the Guernsey Financial Services Commission (GFSC) too.

Pictured: William Mason and Stephanie Glover.

Today, 4 December, William Mason, the Director General of the GFSC, is moderating a panel titled Crossed perspectives on the macroeconomic challenges of the race to net zero at the Network for Greening the Financial System’s one day event. 

Tomorrow, a group of Guernsey’s sustainability leaders will come together for a panel session at the Island of Hope event, which intends to bring together key global actors from small island states and climate-vulnerable regions.  

The panel is titled Circular Economy in Guernsey – a Case Study and features panellists Stephanie Glover, Deputy de Sausmarez, and Peter Barnes, Head of Energy & Climate Change at the States of Guernsey with Ms Allsopp as moderator. Discussions will centre around Guernsey's path to creating a world-leading recycling program and how it links to embracing the circular economy model.  

The same day will also see Ms Allsopp interview Racquel Moses, CEO of the Caribbean Climate-Smart Accelerator, in a fireside chat focusing on accelerating and financing the energy transition for small island developing states (SIDS). 

On 6 December, Mr Mason will discuss the importance of balanced regulation, exemplified by the GFSC, to support and implement environmental benefits and actions in a fireside chat with Ms Allsopp.  

Mr Mason will then sit alongside sustainable finance figureheads at The World Climate Summit, taking place on 8 December, in a panel titled Transitioning the Finance Sector- Investments for the Transition to a 1.5°C Resilient Future. The panel will explore strategies investors are implementing to successfully transition their portfolios to net zero. 

While the delegation are in Dubai, Guernsey Finance will sign a Memorandum of Understanding with the Dubai International Finance Centre (DIFC) on 5 December. Guernsey Finance Chief Executive Rupert Pleasant will sign the MoU with the CEO of the Dubai International Financial Centre Authority Arif Amiri, cementing the relationship between two leading international finance centres.

Ms Glover said: “Guernsey’s presence at COP28 cements the island’s ongoing commitment to sustainable finance and advancing our offerings through global collaboration. 

“We are thrilled to be able to connect with other leaders in the sustainable finance space and discuss Guernsey’s ever-growing suite of sustainable offerings.”