Sir Roger Gifford, chair of the London Green Finance Initiative, also said that Guernsey and London working ‘hand in hand’ could help transform the fight against climate change through their financial services’ firepower.
‘We are transforming society through green finance – I do believe in the power of money to change the way that we live,’ said Sir Roger in his keynote address to the 2019 Guernsey Funds Forum held in London.
‘Green is no longer just for environmentalists, and it is no longer a marginal financial product.
'We’re absolutely not talking about compromising margin – if you compromise margin, this will never fly. This is about risk mitigation and commercial opportunity.’
Climate change was not a competition between London, Guernsey and Paris but a global problem. ‘We have to solve it through discussions and sharing best practice,’ he added.
Sir Roger thanked Guernsey for its work around green finance – which included the world’s first regulated green fund product – and looked ahead to future collaboration between the island and the City.
‘Is it right that Guernsey and London could work together? Absolutely – hand-in-hand, joined up in every possible way.
‘The problems we’re facing are cross-border. If we get the solutions right between us, then the funds flow will be so much greater. It has always been good between Guernsey and the UK, we work well together, we can do exactly the same in green and we should work together.’
Sir Roger previously visited the island in 2017 to discuss opportunities in green finance with Guernsey industry and government representatives.
n Guernsey’s and London’s green finance initiatives have confirmed their mutual support and commitment to collaborate.
Representatives of the two organisations met at City Week, the international financial services conference at London’s Guildhall, to strengthen ties between the sustainable finance initiatives of the two jurisdictions and foster cooperation on green finance.
Andy Sloan, who chairs Guernsey Green Finance, said their London counterparts had been incredibly supportive over the last two years: ‘They were instrumental in us developing Guernsey Green Finance and committing as a jurisdiction to strategic action on sustainable finance,’ said Dr Sloan, who is also deputy chief executive, strategy, at promotional agency Guernsey Finance.
‘I am delighted that we are able to formally confirm that collaborative approach between us to ensure that Guernsey fully plays its natural complementary role supporting the City and UK global leadership on green finance.’