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Jersey has become the 39th member of a collective of international financial centres working together to achieve the UN’s Sustainable Development Goals and the Paris Agreement.
Being admitted as a member of the International Network of Financial Centres for Sustainability (FC4S) required Jersey Finance to participate in the FC4S Assessment Programme.
It involved an evaluation of the island’s institutions, regulatory environment and market infrastructures to ascertain where they stand in terms of sustainability and identify which areas need more focus.
“We recognise that Jersey has a responsibility to leverage its expertise and capital to support the transition to an environmentally and socially sustainable global economy. As a dynamic, focussed IFC committed to good global citizenship, we have the power and the obligation to accelerate this journey and help create a brighter and sustainable future for all,” said Jersey Finance CEO Joe Moynihan.
“Joining FC4S is an important step for Jersey. As well as being the leading network for sharing best practice among sustainable finance centres, the assessment framework developed by FC4S and its partners provides us with better visibility over our sustainable finance ecosystem and a benchmark to measure our progress in achieving our 2030 vision – for Jersey to be recognised by its clients, stakeholders and other key partners as the leading sustainable finance centre in the markets it serves. We look forward to the opportunities for cooperation and partnerships that membership of the FC4S network offers.”
“FC4S is pleased to welcome Jersey Finance as a new member. Jersey has demonstrated a real commitment to a greener future by presenting alternatives to current practice, detailing a new vision and strategy to change, and evidencing that sustainable finance is key for both planet and people. With our network of international financial centres, Jersey will now have access to a suite of knowledge and data that outlines what’s worked and what hasn’t in jurisdictions from Rio de Janeiro to Nur-Sultan. Thus, giving it insight to best practices around the world,” added Stephen Nolan, Managing Director of FC4S.
It comes after the JFSC was announced as the latest member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) – a global grouping of regulators and central banks that fosters climate action – at COP26.
Meanwhile, in March, Jersey Finance launched an initiative to reinforce Jersey’s credentials as a sustainable international financial centre, ‘Jersey for Good – A Sustainable Future’.
Based on the work of Equilibrium Futures’ Andrew Mitchell – a founding member of the Taskforce for Nature Related Financial Disclosures and an expert in sustainable finance – the strategy was a collaborative effort between finance industry members, the Government, and the JFSC.
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