In recent years, Guernsey has implemented a range of measures to support development of the island’s sustainable finance industry.
Building on this, in summer 2024, the Guernsey Financial Services Commission (GFSC) launched a consultation paper seeking feedback from the finance sector on the potential impact of adopting the new global baseline sustainability standards issued by the International Sustainability Standards Board (ISSB). The paper provides an overview of the current global sustainability reporting landscape and aims to help shape an appropriate reporting framework for the Bailiwick, based on the feedback gathered. The consultation also outlines additional proposed measures to strengthen licensees’ sustainability risk governance.
At PwC, we believe that a pragmatic, risk-based approach is key to establishing a framework that supports global alignment and ensures the Bailiwick remains competitive as an International Finance Centre (IFC). Observing the implementation strategies adopted by other jurisdictions, such as the UK’s economy-wide adoption of the TCFD framework and step-wise introduction of the UK Sustainability Disclosure Requirements, offers valuable insights into how the Bailiwick can proportionately introduce measures to enhance transparency in reporting and encourage sustainable investment practices.
The consultation closes on 25 October 2024. We encourage all industry stakeholders to participate. To support this engagement, we’ve created a series of short, bite-sized videos to help break down key concepts and the opportunity for Guernsey.
Guernsey’s Role as a Sustainable Finance Leader
