The international Network of Financial Centres for Sustainability (FC4S) has added Jersey to its global network.
In joining FC4S – a collective of international financial centres working together to achieve the UN’s Sustainable Development Goals and the Paris Agreement – Jersey becomes the 39th member, outlining its shared commitment to the deployment of private capital towards sustainable objectives.
Jersey has been a major centre for international financial services for 60 years and acts as an important cog in the global financial system.
In March 2021, it launched an initiative to reinforce Jersey’s credentials as a sustainable international financial centre. Jersey for Good – A Sustainable Future outlines a long-term strategy and collective vision for the island, as well as an initial two-year plan to accelerate Jersey’s journey towards a sustainable future.
Based on the work of Equilibrium Futures, led by Andrew Mitchell – a founding member of the Taskforce for Nature Related Financial Disclosures (TNFD) and a specialist in sustainable finance – the strategy is a collaborative effort between members of Jersey’s finance industry, the Government of Jersey and the Jersey Financial Services Commission.
What FC4S membership means
Being admitted as a member of the FC4S network required Jersey Finance to participate in the FC4S Assessment Programme, which enables its members to evaluate how their institutional foundations, regulatory environment and market infrastructures align with a sustainable financial system.
This provides them with a baseline of where they stand in terms of sustainability, helps them identify areas where more focus is required, and allows them to visualize mid-term goals and set priorities. It also enables financial centres to keep track of their progress on this agenda.
Joe Moynihan (pictured), Chief Executive of Jersey Finance, said: “Joining FC4S is an important step for Jersey. As well as being the leading network for sharing best practice among sustainable finance centres, the assessment framework developed by FC4S and its partners provides us with better visibility over our sustainable finance ecosystem and a benchmark to measure our progress in achieving our 2030 vision – for Jersey to be recognised as the leading sustainable finance centre in the markets it serves.”