We can help you hit green targets, St Pier tells Labour

THE message that Guernsey can play a ‘disproportionate’ role in helping decarbonise the global economy has been delivered to the Labour Party.

Labour leader Jeremy Corbyn is joined by the shadow cabinet after speaking at the party’s annual conference at the Brighton Centre, an event attended by Policy & Resources president Gavin St Pier, who took the opportunity to speak to shadow ministers about the island’s green finance offering. (Picture by Victoria Jones/PA Wire)

Policy & Resources president Gavin St Pier met Labour’s shadow Economic Secretary Jonathan Reynolds during the party’s conference in Brighton and discussed how the island can make a positive contribution when it comes to fighting climate change.

This week, Labour Party members backed a target to reach net zero emission targets by 2030 – and Deputy St Pier said Guernsey could help when it came to meeting such objectives by ‘symbiotically’ working with the United Kingdom’s financial services industry.

‘Because of the disproportionately important role that we have in global capital markets through our financial services and funds sector, we have a great opportunity to be able to play a disproportionately important role in the funding of the decarbonisation of the global economy, which is going to require huge sums of investment,’ he said.

‘The role that Guernsey can play through the world’s first regulated green fund, through the green market segment at The International Stock Exchange, these are things that it is important that the Labour Party understands can actually help them achieve their own agenda.’

During the conference, the president of P&R also met with shadow Treasury minister Anneliese Dodds. ‘It’s been an ongoing dialogue with her for a considerable period of time and I think she will tell you that she welcomes that engagement,’ said Deputy St Pier.

‘From our side, it’s important that we understand their objectives in relation to tax policy. But it’s also important that they understand the constitutional limitations on what they can achieve, for example, being able to legislate domestically for matters which sit within our own jurisdiction. It is a very important dialogue that we have.

‘But let’s be clear, UK domestic tax policy is a matter for the UK government. So, it’s entirely valid and appropriate that the Labour Party can develop and implement whatever tax policies they like in relation to their own jurisdiction. But obviously there are limits what they can do outside their jurisdiction.’

The discussions form part of an ongoing programme by the States of Guernsey to engage with UK parliamentarians across the political spectrum.