Covid-19 offers an opportunity for real change in our society
Rupert Pleasant, chief executive officer of Guernsey Finance, offers his view on how we can build back better in the wake of the Covid-19 pandemic
PEOPLE often talk about change but never get round to actually implementing it.
The Covid-19 pandemic presents an opportunity for finance, and society as a whole, to create real change rather than simply pay lip service to it.
One area where we can see real change now in the finance sector is a focus on environmental, social and governance principles and making sure that money is invested accordingly.
We have seen proof that cutting carbon emissions is working – nature is being given a chance to thrive again with both our waters and skies being cleaner.
Covid-19 offers a real opportunity for climate change progress.
More than 150 multinational companies recently signed a statement backed by the UN Secretary-General that asks governments around the world to align their Covid-19 economic aid and recovery efforts with science-based climate goals.
Also, more than two-thirds of institutional investors expect investing in line with ESG factors to become standard practice across the industry within the next five years.
Guernsey is well placed to pick up on this due to being at the forefront of the development of green and sustainable finance.
Guernsey Green Finance, the umbrella body for green finance in the island, is developing and delivering a framework for the island, aligned with the assessment framework developed by the United Nations’ Financial Centres For Sustainability network, of which it is a member.
There are green finance products and initiatives in the island and Guernsey Green Finance can help drive change.
In its commitment to being a force for global good, Guernsey is becoming a leader in sustainability from a finance perspective and the way forward here can come from Guernsey demonstrating to the world that it is developing products and solutions to respond to real-world issues.