Looking to a sustainable future was the focus of our sold-out Chamber Lunch event on what COP28 means for local businesses, where an expert panel discussed how businesses can prepare for the impact of climate change its challenges.

Hosting the panel was Rollo De Sausmarez, co-lead of Guernsey Chamber’s Sustainable Business Initiative.

Featuring on the panel were:

  • Stephanie Glover: Director of Strategy and Sustainable Finance at Guernsey Finance
  • Sally Rochester: Director of Mourant Consulting
  • Deputy Lindsay De Sausmarez: President of the Committee for Environment and Infrastructure

They spoke about how local businesses can mitigate their contribution to climate change and the key takeaway of the 2023 international climate conference – that the world is not progressing fast enough with the transition to renewable energy.

As a member of the Paris Agreement – a global initiative to slow the rate of climate change – Guernsey is actively working to reduce its carbon footprint and preparing to adapt to the inevitable ‘new normal’.

Key takeaways from our speakers:

Rollo emphasised that the world is moving further away from the brown economy and towards the green economy – one that is committed to renewable energy.

‘With that direction of travel and the increase in regulations and global commitments supporting it, the market signals are that businesses are following suit.’

Stephanie said the island must absorb the cost of mitigating climate change now, rather than facing significantly higher costs later as a result of inaction.

‘Finance is critical in solving the climate issue. All the world’s governments cannot afford the investment needed to reach net zero; private capital will need to channel the majority of investments.’

She also said that familiarity with the International Sustainability Standards Board (ISSB)* is key for financial services businesses, and ensures they are held to account for their efforts to reduce their carbon footprint.

Sally explained that ISSB enables local companies to standardise on reporting.

‘It is a climate-led set of standards that can reasonably be expected to be global standards. By starting to consider how we use these standards in Guernsey, we are ensuring that we speak the same climate language as our off-island clients, and can prove to them that our business is playing its part.

‘It is a team effort and we don’t need mandated disclosures for businesses to start doing their bit.’

Lindsay said that while Guernsey’s contribution to global emissions is small compared to other larger jurisdictions, the island has a responsibility to demonstrate that mitigation is being taken seriously.

‘Our climate change policy is quite holistic. It talks about adaptation and incorporates our Strategy for Nature. We are looking well beyond our shores at the role we can play on the international stage as a green and sustainable finance centre.

‘Ultimately, the next few years are critical for businesses to get prepared for the inevitable impact of climate change, which will therefore put them on a stronger footing going forward.’

Find out more about Chamber’s Sustainable business initiative at: Sustainability – Guernsey Chamber of Commerce

Information on sustainable finance in Guernsey can be found on the Guernsey Finance website.

The States of Guernsey’s Climate Change Policy and Action Plan

* The ISSB standards, released for the first time in 2023, create a standardised baseline for corporate sustainability reporting, making data more reliable, measurable, and comparable across the globe. More information here: What is the ISSB?