Guernsey Aiming To Be Green Finance Leader
by Jason Gorringe, Lowtax.net, London
06 April, 2018
Guernsey is looking to position itself as the "go to" jurisdiction for green financial services, according to the island's financial services promotion agency, Guernsey Finance.
Guernsey Finance's Acting Director of Strategy, Andy Sloan, said the ambition is to develop the broadest and best range of products with a green focus among international finance centers, incorporating investment, securities, and insurance markets and services.
"The potential for green and sustainable finance is enormous and streams into major global initiatives," said Sloan. "Action in this area builds on Guernsey's strengths and expertise in private equity and infrastructure, supports other initiatives in areas such as impact investing, and supports a general repositioning of the island's financial services offering."
Underlining this new commitment to green finance, Guernsey Finance says the island's regulator, the Guernsey Financial Services Commission, is poised to launch a new regulatory initiative known as the Guernsey Green Fund. Compliance with green criteria will be required and it will be open to all types of funds. The Commission expects to issue a consultation paper next month and hopes to launch the Green Fund initiative by the middle of the year.
The Commission has also announced plans to work with the global insurance industry to enable long-term green investments to be taken on as assets to meet long-term life insurance liabilities.
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