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Guernsey Green Fund to adopt EU green taxonomy

GuernseyThe European Union’s recently-agreed taxonomy for sustainable investment, which sets out minimum standards for financial products marketed as being green, is being incorporated into the rules for the Guernsey Green Fund.

The Guernsey Green Fund regulatory regime consists of five funds created over the last year with combined assets of $4 billion (€3.6 billion).

Andy Sloan, chairman of Guernsey Green Finance, said that the adoption of the EU taxonomy by the Guernsey Green Fund “will help move the globe to common standards and a common taxonomy for green investments which is clearly required to help route capital to genuine climate change mitigation investments.”

The European Commission is hoping that the long-awaited taxonomy, agreed in December last year, will stimulate billions of euros in investment to help Europe achieve its aim of becoming the first continent to reach climate neutrality by 2050.

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