The launch event of our inaugural Sustainable Finance Summit saw a panel of expert speakers paint a picture of both challenge and opportunity for the planet, Jersey as an Island and the finance community as the polycrisis and, in turn, metacrisis, come to the forefront of the sustainability agenda.
Climate expert and best-selling author Professor Mike Berners-Lee headlined the event, held at the Freedom Centre, setting out a stark picture for the planet. Professor Berners-Lee explained to a rapt audience that the future is hanging in the balance and scientific data on the impact of the climate crisis is extremely worrying but that we do have the tools at our disposal to turn this round. What is needed now is systemic change – from politics, media, business, finance and education – with the planet acting as a global tribe. He described, with optimism, how this situation provides an opportunity though, at the same time, to raise standards in honesty and trust within institutions that set the agenda and the call-to-action is for individuals and business alike to seek out the clearest, non-biased forms of information they can find.
Professor Berners-Lee concluded by throwing down a challenge to Jersey to become an exemplar in sustainability in all aspects.
Senior Advisor at the UNDP’s International Network of Financial Centres for Sustainability, Mark Halle, extended these points and highlighted the importance of nature in the climate crisis. Mark cited agriculture as the biggest contributor to climate change. US$1.4 trillion is spent annually on activities that undermine nature and he put to the audience the case for finance involving the destruction of nature being seen in the same light as finance that involves slavery. He urged the audience to challenge accepted norms around nature in the same way that society has now challenged norms from the past.
Helen Avery from The Green Finance Institute in the UK talked about risk and how the natural environment can impact businesses’ ability to operate. Using findings from a research report undertaken by the institute, she delivered a stark wake-up call to the audience about the chronic impact inaction has on both our nature inventory and its direct correlation to GDP.
International thought leader Andrew Mitchell then brought the individual presentations to a close with an impassioned presentation on wealth transfer and the need for the finance industry to rethink fiduciary duties. He spoke about the imminent movement of up to US$68 trillion to millennials, Gen Z and – vitally – women; researchers estimate that 98% of the world’s wealth will be owned by Gen X by 2035. Andrew illustrated the disconnect between a generation and gender who are passionate about their investments decisions, with financial providers who are ready to provide services tailored to their needs. Administrators should ask themselves: who are they really listening to?
Finally, the launch event came to a close with a panel session led by Andrew Mitchell which discussed the challenges of businesses being driven by short term profits and growth rather than longer term views. A conclusion that traditional CSR is broken was mooted, in addition to a section on greenhushing – why businesses avoid publicising ESG-related activity for fear of being caught out by regulators.
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