Legislate against environmentally damaging investment

The question needs to be asked how much Jersey's finance industry supports investment into large-scale environmentally damaging projects globally, such as mining, fossil fuel extraction and projects that involve widespread deforestation which will have a far wider environmental impact than Jersey's native carbon footprint. Ensure companies based in Jerseys finance sector are legislated to ensure green or environmentally neutral investments only. If this is not legislated for, it is very unlikely to happen voluntarily.

Why the contribution is important

It is possibly the greatest influence on environmental issues globally that Jersey could have. Ensuring investment is targeted to the green economy would have far-reaching impact.

by MaxLivesey on February 02, 2021 at 09:16PM

Current Rating

Average rating: 4.1
Based on: 12 votes

Comments

  • Posted by philipjohnson February 02, 2021 at 21:39

    Not a practical option. With extremely large multi national companies, this would be intrusive and time waisting.
  • Posted by louisecarson February 03, 2021 at 06:57

    Individuals can find it impossible to find a way to invest in an eco responsible manner because it’s so difficult to understand where money goes. More transparency is needed.

    We might not be easily able to legislate against all investments into climate/planet damaging options immediately, but can highlight and reward (tax breaks for companies globally) positive investment. We can tackle the most damaging issues such as fossil fuels and build on that.

    We need to be bold and lead the action as an important global finance centre. Just like we would on other ethical questions like money laundering.

    We can’t put it off and hope for the best whilst water rises and jersey loses coast. Let alone all of the extreme weather events that are affecting other places and destroying lives and livelihoods.
  • Posted by Laura February 03, 2021 at 22:25

    A startling fact from the Make My Money Matter campaign (if you haven’t heard of it look it up!) “moving to a sustainable pension fund can be as much as 27 times more effective than giving up flying and becoming a vegan.” This fact backs up Louise idea and suggests that focusing on the industry that Jersey is so present in can make real change and is definitely the right thing to do. To be successful it also needs to result in a sustainable outcome for the island though. To dump any investment that doesn’t meet the criteria (Paris alignment?) can’t happen over night without significant damage so careful planning is absolutely necessary.

    We also need to turn focus onto the consumer. How do we provide the right education and transparency of information to allow for informed decisions and/or incentives to drive consumer demand towards more climate conscious and active business?
  • Posted by JerseyFleur February 10, 2021 at 15:04

    Whilst this is possible, and something that I would personally love to see (as well as a requirement for all imports to meet certain human rights standards), it would massively impact one of our core industries so I don't envision there being much political will.

    However, what I do think is massively lacking in Jersey is the availability of green & ethical investment services for the Finance Industry but, more importantly, for Jersey residents who have pensions or who invest. As the biggest employer in Jersey, the Government genuinely has the power to lead the way on this and could demand a green and ethical pension portfolio for its staff. This would help build this as a local offering and could be the basis for pension portfolios employees of other organisations could select.

    Likewise, contracts such as MyDeposits etc. could also stipulate that the investment portfolios behind them meet a certain green / ethical quality.
  • Posted by antonygibb February 14, 2021 at 22:06

    It is worth listening to Mark Carney's Reith Lectures (on BBC Sounds) - there is hope for a general shift towards 'green' investment, mainly because that is where the profits are going to be in the coming years.
  • Posted by johnpinel February 23, 2021 at 21:38

    We, and our Government need to divest of fossil fuel and mining companies, then seek to 'green' the common investment fund, which holds all of our island's public money.
Log in or register to add comments and rate ideas

Idea topics