"Let's just get on with it!"

Monday 21 October 2019

Businesses should stop waiting for government to take action and start embracing green finance, according to the founder of a new accreditation scheme.

Marc Laine recently launched the Environmental and Social Impact (ESI) Monitor having sold his shares in local technology firm C5 Alliance.

Speaking at an Institute of Directors breakfast meeting, he said he had decided to bankroll the not-for-profit organisation in order to kickstart positive social and environmental change. 

"During my time at C5 I came to the conclusion that government weren’t going to solve these problems any time soon," he said.

"Should we expect them to? Why don’t we just get on with it, we don’t need laws to impel us to make changes that are good for people and prosperity. 

Pictured: Selling carbon offsets to super yachts is something Marc Laine believes could be done successfully in Guernsey. 

"My view is, let’s just get on with it, let government catch up later."

ESI Monitor acts as a rating and accrediting organisation for a company's environmental and social performance. 

A business can apply to have their social and environmental credentials adjudicated by providing information, which is later audited, about the business including donations made to good causes, time contributions for staff to complete charity work and in-kind donations to the third sector.

If these contributions are of a sufficient level - the threshold for which is yet to be decided - then the business will receive an environmental award which Mr Laine says will provide powerful local and international recognition of their positive role in reducing Guernsey's impact on the planet. 

Mr Laine said green thinking will not only improve the island's reputation, but will also present new commercial opportunities. One of those is selling carbon offsets to clients such as super yachts, which has been done with success elsewhere.

"We could do that fantastically here, we have businesses like Voyonic, we have private aircraft, we have a whole area we can sell carbon offsets to."

Pictured: IoD Chairman John Clacy said environmental ratings are one way we can start to 'walk the walk' toward a green economy.

The monitor has been benchmarked against international standards by Innovest Advisory, who act as sustainable developments consultants to businesses and financial institutions. 

"Companies that do not seek to achieve progressive approaches when it comes to climate mitigation and achieving carbon neutral objectives in the future are going to be at risk from investors, from customers and potentially from regulation going forward," said Justin Sykes from the consultancy. 

‘Let’s just on with it and let government catch up later,’ says @laine_marc and he is walking the walk by setting up ESI Monitor to establish a social and environmental rating for business in #Guernsey pic.twitter.com/jdhFRuuoMm

— IoD Guernsey (@IoDGsy) 18 October 2019

The IoD's annual meeting focussed on climate change and Chairman John Clacy said the island had an opportunity to differentiate itself from competitors.  

"We hope the recent IoD Convention has inspired and energised local businesses to move forward and take advantage of the high opportunity that green finance has for the island as a specialist finance centre," said Mr Clacy. "However, we must add substance to our aspirations and that has to start a home. Environmental ratings are one way we can start to 'walk the walk' toward a green economy."

Pictured top: Marc Laine at the IoD meeting.