The Island has become the 39th member of the initiative, known as FC4S, as part of its commitment to use private capital for sustainable goals. The Island’s finance industry employs 14,000 people and oversees more than £1.3 trillion of assets.
Earlier this year Jersey Finance, which promotes the industry, launched the ‘Jersey for Good – A Sustainable Future’ programme, which outlined a long-term strategy and vision, including an initial two-year plan, to accelerate Jersey’s sustainability objectives.
The strategy – based on the work of Equilibrium Futures, led by sustainable finance expert Andrew Mitchell – is a joint scheme between the finance industry, Government of Jersey and the Jersey Financial Services Commission.
Being admitted as a member of the FC4S required Jersey Finance to participate in the network’s FC4S assessment programme, which enables its members to evaluate how they align with a sustainable financial system.
Joe Moynihan, chief executive of Jersey Finance, said: ‘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, focused 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.
‘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 co-operation and partnerships that membership of the FC4S network offers.’
In addition to Jersey joining the FC4S, the JFSC recently became a member of the Network of Central Banks and Supervisors for Greening the Financial System.
Following the recent COP26 climate conference in Glasgow the UK government announced its intention to extend its commitments under the Paris Agreement to Jersey.
Stephen Nolan, managing director of FC4S, said: ‘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.’