An ideal fit for finance's sustainability

First, it signals a return to physical events for the promotional agency – though it will have overseas speakers connected online and an online audience – which in normal times are one of its key functions. It is easy for us to forget in Guernsey that real human interaction has not happened much in any business community for more than a year.

Secondly, the calibre of speaker and discussion topics will once again show that Guernsey was right to take an early stake in the green and sustainable finance revolution.

It has been something of a slow burn over the past three years. Some elements of the local industry have been reluctant to embrace a new venture when they are quite busy enough already. Some haven’t held the same sort of belief in the project, feeling it didn’t quite hit the needs of the market.

And the green finance revolution has been somewhat swamped over that same period with the meteoric rise of ESG (Environmental, Social and Governance) factors, which, while it encompasses some of the green agenda, is a much broader issue and one where Guernsey can’t claim to have a leading-edge position.

However, with the Guernsey Green Fund, launched three years ago as a world first, and green principles for the private equity industry – reinforcing our market-leading position in that sector – Guernsey has the product and expertise that funds and their investors are looking for.

Global financial centres are now making significant progress in developing sustainable finance ecosystems. Many have doubled or even tripled the capital outflows towards the low-carbon transition or the achievement of the UN’s Sustainable Development Goals.

Guernsey’s strategy to become a leader in this market fits well with its leadership position in several other specific markets across the breadth of financial services.

Such diversification and expertise serves the island well as we contemplate a future where tax may no longer be a significant differentiator.