Guernsey Press

Benefits to the island turning green

WITH Guernsey already having green pound notes, it somehow seems apt that 300,000 of them are now being effectively deployed in the name of green finance.

Published

Deputies have agreed to back Guernsey Finance’s green finance initiative to the tune of £300,000. Industry chiefs had already voiced their support for such a step before the funding was approved by politicians last week.

Allocating such money to further develop the island’s green finance sector, according to proponents, will enable Guernsey to do good first and foremost.

The argument is that it will help increase the flow of money and investment into green projects and businesses – putting the island’s expertise to use when it comes to the battle against climate change.

In turn, it could help the island shake off lingering perceptions in some quarters of being a ‘tax haven’. Instead, it will become known as a ‘green haven’. In the meantime, it could also result in new business for the island. Economically beneficial while doing something good for the world. Not a bad mix at all, arguably.

Of course, there will be concerns about so-called ‘green washing’. It’s an issue that the island’s finance sector is alert to, not least because investors want confidence in the green credentials of what they are putting their money into.

The Guernsey Green Fund product has been designed to provide such reassurance by acting as a green kitemark. Such innovations could help further drive the green finance sector, but need time and money to develop.

That’s where pump-prime funding from the public purse could make a difference, whether that is supporting critical research to a communications drive on what ‘Green Guernsey’ can already do and will be able to do when it comes to green finance. Positive spins-offs could include a repositioning of how the island is seen internationally, which could be particularly valuable depending on the outcome of the UK general election.

It will also, of course, be important for islanders to be kept up to date on developments and what their money is delivering. But if this initiative works, it could be good news for all of us.