A new two-year plan has been introduced to drive the Isle of Man’s financial sector towards greater involvement in climate-focused investments and environmentally conscious practices.
The Sustainable Finance Roadmap aims to channel capital into investments that prioritise environmental and social considerations, according to BBC News.
Key objectives include promoting skills development within the industry and revisiting existing regulatory, legislative, and policy frameworks to support sustainable finance.
Michael Crowe, from the Department for Enterprise’s Finance Isle of Man agency, emphasised the plan’s potential to position the sector advantageously as sustainable markets evolve, describing it as a way for the island to “take advantage” of emerging opportunities while meeting its own sustainability goals.
A broad range of opportunities for financial services firms is outlined in the plan, such as attracting investment to protect marine ecosystems.
Developed by a steering group of government representatives, the Financial Services Authority, and finance sector stakeholders, the roadmap is designed to steer the island’s finance industry towards sustainable growth.
Greg Easton, chair of the sustainable finance steering group, noted that members deliberated extensively on the roadmap’s suitability, and that change within the sector would proceed gradually.
The document’s recommendations include creating a sustainable product labelling system, enhancing transparency, integrating nature-related financial risks, tackling greenwashing, and promoting the Isle of Man as a hub for nature finance.
To implement these initiatives, dedicated working groups will be established to address specific areas such as regulation and industry up-skilling.
Paul Blake, head of banking and fiduciaries at Finance Isle of Man, described the roadmap as a “critical step” for the Isle of Man’s positioning in sustainable finance on a global scale.
Enterprise Minister Tim Johnston expressed his hope that the sector will see the roadmap as a “useful tool” in navigating the rapidly shifting global finance landscape.
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