Sustainable Finance Action Plan

​​​​​​​​​​​​​​​​About the action plan

The Sustainable Finance Action Plan’s​ purpose is to build capabilities within our financial services ecosystem over the next two to three years.

​Using the fast follower approach, this plan will:

• future-proof the financial services industry
  
• open new business opportunities
  
• enhance our connectivity internationally
  

For each of these areas, we'll develop support within our sustainable finance ecosystem, which will become the 3 key pillars of the action plan:

• risk and governance
• incentives
  
• engagement​
  

​Sustainable Finance Action​ Plan

The plan has been developed in cooperation with Jersey Finance and the Jersey Financial Services Commission, all of which will participate in its implementation.​​

​The 10 action points​​

Based on the 3 key pillars, this action plan will deliver on 10 action points:

• ​​5 to protect our finance industry
• ​​5 to promote its success

Protecting our finance industry​​

1. ​​E​nvironmental Crime: We'll reinforce our financial crime risk framework on environmental crime, including our range of predicate offences and the tools necessary for identification and reporting. By cooperating with Jersey’s Financial Intelligence Unit, we'll work to facilitate corporate SAR reporting and the identification of predicate offences through guidance and enhanced engagement with industry
2. Corporate Sustainability Disclosures: We'll be one of the first IFCs to adopt a robust and proportionate disclosure framework, aligned to internationally recognised sustainability disclosure standards
3. Sustainability Risk Management: We'll embed sustainability risk management obligations within our regulatory framework, so that our financial services businesses consider how to manage their sustainability risk exposure (including as to climate risk) helping to future-proof businesses for the benefit of our local community and the planet
4. ESG Business Integrity Risk: We'll expand our existing principles-based anti-green washing measures both at product and corporate levels to ensure business advertising and client services are transparent, well informed and substantiated in the field of sustainability. This way Jersey maintains an environment with high market integrity able to promote its services in a fair, clear and effective manner.
   
5. Market Access: ​We'll protect Jersey’s financial services access to key markets and jurisdictions on a bilateral basis or through our network of international agreements

Promoting our finance industry​

1. International Engagement: This will include leveraging our inter-agency cooperation to maximise the presence and impact of our interactions with international partners and alliances, organisation and forums of interest
   
2. Fiduciary Duties: Our trusts law is flexible enough to accommodate sustainable considerations in the exercise of fiduciary duties, we'll support the development of client service excellence, reinforcing messages around legal certainty and sharing best practice as to how client aspirations may be better met
3. Skills: We'll support the upskilling off our financial services industry to ensure better risk management, increased client services excellence and to ensure our industry can grasp the opportunities that sustainable finance can bring
4. New Products: We'll review our product suite and develop innovative new products to maximise the attraction of sustainable capital (and the talent behind it). This will enable Jersey to increase its role in the deployment of sustainable capital
5. Data: We'll grow our sustainability data analysis capabilities at jurisdictional level using technology, including artificial intelligence. We'll enhance our cooperation with key local stakeholders, enabling us to provide richer analysis of our local financial services performance. Our data insights will enable us to spot market opportunities and better articulate internationally our substantial contribution to the sustainability of our planet and communities