The Isle of Man has launched a sustainable finance roadmap, aiming to become a leader in green financial initiatives by 2026, with a focus on driving investment, fostering collaboration as well as supporting sustainability efforts across the region.
Developed with support from Ireland’s International Sustainable Finance Centre of Excellence (ISFCOE), the Roadmap sets out 10 actions to mobilise capital with the aim of making the Isle of Man a leader in sustainable finance by 2026.
The Isle of Man launched the roadmap at a symposium event on 5 November, hosted by Minister for Enterprise Tim Johnston and Hannah Simons, head of sustainability at Lloyds Bank Corporate Markets.
Key actions include:
- Establishing the Isle of Man Sustainable Finance Initiative, a coordinating entity, which will raise awareness, promote and assist the Island’s financial sector and accelerate its transition towards increased sustainability
- Developing a sustainable investment product label framework for investment products, including managed funds within insurance and pension industries
- Establishing a two-year sustainable finance capacity building programme that will support efforts across key financial services sectors, including insurance, funds and wealth management, and trust and corporate service providers
- Becoming a full member of the UNDP Financial Centres for Sustainability (FC4S) Network by 2025
- Exploring the development of a financing instrument that can support the global network of UNESCO Biosphere projects
“Sustainable finance is a vital part of the global financial ecosystem, and its products and services play a critical role in providing the capital needed for countries and institutions to meet the sustainability goals set out under the Paris Agreement,” said Johnston.
“Financial services represent around 48 per cent of the Isle of Man’s economy, and we are determined to bolster our sustainable finance offering – aligning closely with the Island’s Economic Strategy.”
The Island’s status
The Isle of Man is strategically positioned to lead in sustainable finance, capitalising on its status as the only UNESCO Biosphere reserve and its location in the Irish Sea. This unique positioning enables the Island to support green initiatives, such as blue bonds and renewable energy financing.
The Roadmap aims to further develop the Island’s role as a hub for sustainable finance, fostering innovation in net-zero, nature-positive, and socially just economic transitions.
“Strengthening our offering in sustainable finance is an absolute ‘must-do’ initiative for the Isle of Man’s finance and professional services sector,” Michael Crowe, CEO at Finance Isle of Man, also added.
“The vision set out in the Roadmap will not only enable us to contribute to capital flows for sustainability purposes, but will also help to ensure that our proposition remains internationally competitive and relevant. Key market indicators predict increasing demand for sustainable finance products and services – and as a result of this initiative the Isle of Man will be ideally positioned for growth in this increasingly important sector.”
