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We welcome our new Strategic Adviser for Green and Sustainable Finance Josephine Bush to the team in the latest episode of the Guernsey Green Finance Podcast. Josephine talks about what attracted her to the role, where she thinks Guernsey is getting it right in sustainable finance, and her views on how to mitigate climate change through green finance.
Welcome to the Sustainable Finance Guernsey podcast page.
Formerly known as Guernsey Green Finance, this is the brand through which We Are Guernsey delivers on Guernsey's strategic commitment to sustainable finance.
Named as one of the Green Finance Guide's top 10 must-listen sustainable finance podcasts, our broadcasts feature news, insights and discussion about green and sustainable finance, and the contribution which Guernsey, as a global leader in green finance, is making in this space.
Rosie 0:04
Hello and welcome to the latest Guernsey Green Finance podcast which is rated one of the top 10 most useful, sustainable finance podcasts by green finance guide. Guernsey is one of the jurisdictions leading the way in green and sustainable finance. And as part of this podcast series we'll be speaking to and learning from some of the most interesting and knowledgeable global figures in the field. My name is Rosie Allsop, I'm Head of Communications at We Are Guernsey, the promotional agency for Guernsey's finance industry. Today, I am delighted to be speaking to my new colleague, Josephine Bush, strategic advisor for green and sustainable finance at We Are Guensey. Josephine's a former partner at EY, where she specialized in renewable energy sitting on the UK an AI power and Utilities Board. Josephine's also a member of Gresham houses sustainable infrastructure investment committee, and the founder of the not for profit sustainability in EU, which aims to raise levels of awareness in the financial community have the impact of climate change and biodiversity loss with a focus on accelerating solutions. Here at Guernsey Finance we are delighted to have recently announced that Josephine joined We Are Guernsey as a strategic advisor for green and sustainable finance. Welcome Josephine.
Josephine 1:35
Thank you so much for having me on your podcast Rosie, absolutely delight, delighted to be participating.
Rosie 1:42
My pleasure. So I'd like to introduce you to the listeners, can you tell me a bit about how you ended up working in this area of sustainable finance and a little bit of your personal and professional backstory?
Josephine 1:55
Sure. I've been working in the green sector for a very long time. Now, that makes me feel old when I say that. I was a senior transactions partner at EY for 14 years specializing in the sustainable and green sector and actually helped to build the renewables practice there. So in the grand scheme of things, as far as this sector goes, for sure, I was an early adopter. Whilst I had a tax specialist, and I was in the latter years of my time at EY, you know, I had a much broader strategic and market facing role leading on developing our sector footprint and relationship base. And throughout that sector focus, I was exposed to all sorts of financial market participants from institutional investors, pension funds in pro funds through to banks, private equity, and large corporate investors. So I've seen the sector from all angles. And I was also exposed to the financial needs of developers and operators looking to finance project development and continuing operations. So as you can imagine, this gives great insight to the financial market, as it relates to the green sector, and the various peculiarities of the different technologies and geographies that are invested in. And that's both from a private and public investment perspective. So I really have seen the green sector go in and out of political favor, as you can imagine, over that time, and I've seen some great examples of entrepreneurial spirit, working across those technologies and financial market participants. It really does make for a holistic perspective of the market. And a very commercial one too, I hope. In terms of me personally, I started life as a qualified solicitor, then moved into the accountancy world, doing more exams for my sins, and stayed in that world and developed my transaction focus with a quick pickup on the green sector. It's definitely a personal passion and has been from day one. And it was really great to marry that personal passion with a professional focus. I'm married to a veterinary surgeon so somebodywho does something completely different from me, his name's Damien, and I have two wonderful sons Felix, and Hugo, they're all cricket fanatic. So I'm a cricket widow most of the year, we also have four dogs, not surprising, with a veteran as a as a husband. And on a personal note, I'm an endurance sport enthusiast, for my sins, very much an amateur, but I enjoy getting out and about in nature.
Rosie 4:58
I think that's quite modest. To say that you're an amateur, given some of the projects that you're working on. So you've clearly got an extensive background within the green and sustainable finance space. Can you tell me some of the projects that you're currently working on outside of your work with where Guernsey?
Josephine 5:17
Sure, I have a variety of roles within my portfolio, ranging from non executive directorships of green operational businesses. And more recently, I'm joining the boards of some listed environmental yieldcos to working with net zero startups to try and fill the innovation gap as we accelerate to net zero as well. They also provide strategic advisory services around ESG strategies and the implementation of them. Having worked in the sector for so long, and with a variety of financial market participants, it's it's great to be able to work with this kind of variety of organization that are really keen to commercialize the market opportunity, the race to zero presents.
Rosie 6:15
Your work with Gresham house sounds amazing, especially on the British strategic infrastructure fund. And it's also great to be speaking with a fellow podcast host. So here at Guernsey Finance, we've learned so much from hosting our podcast in both understanding the topical updates in the green and sustainable finance area, also that there's so many passionate and driven individuals who are working in their niches to tackle climate change. What have you learned from hosting the podcast, Josephine?
Josephine 6:48
Ooo great question. Maybe I'll say something if it's okay about Gresham house?
Rosie 6:53
Please do. Yeah, yeah.
Josephine 6:54
Before going into what I've learned podcasting, because, you know, thanks for mentioning them. I think they're a great and influential sustainable asset manager within this space. They've got a number of funds making a significant contribution to the decarbonisation of our economy, ranging from energy storage funds, forestry, wind and solar. And not least the last one that you've mentioned, you know, they've been really forward thinking in accessing, accessing the investor appetite to the new allocations of capital into green projects. My guess is recognizing that they've developed investment propositions that provide a conduit for capital, and sometimes through Guernsey, into green projects. So it's great to see that marrying of investor appetite with asset manager initiatives with jurisdictional USP's, such as those that guarantee hands, really bringing to market investable propositions within this space. So I've really enjoyed my work with them on the podcasts. Again, I've really like you, I've really thoroughly enjoyed doing the podcasts, it's provided an opportunity to raise levels of awareness of all the different aspects of trying to solve the climate change problem. I run the podcast with young ambassadors, because it's so important to have the next generation of voices heard. We're answerable to that generation. And we've interviewed academics, government figures, business leaders, environmental philosophers, lawyers, scientists, a whole range of different influences and decision makers and game changes. And I've learned, I think, to never stop learning through this. Because there are so many bright and passionate individuals, as you say, that are out there, trying to make a difference, that energy's infectious and their determination is clear. And it really, really inspires me to keep trying to shift the needle, and to remain optimistic that we can limit the planet's temperature rise to 1.5 degrees.
Rosie 9:34
Let's hope so. And I absolutely love that idea of having young ambassadors. You know, it is so important to focus on young people and their knowledge as well. So given the vast range of projects that you're currently working on in green and sustainable finance, tell me what attracted you to the role at We Are Guernsey?
Josephine 9:59
Gosh, there are many things that have attracted me to this role. Firstly, I think you're a wonderfully committed team, really wanting to make a difference for Guernsey and the planets, there's incredible talent. And I think there's such a willingness to access the market opportunity, the rates to zero presents. And you're already seeing that play a part, you know, or play out, I suppose, with the green funds that are headquartered in Guernsey, and with the support of the professional services in Guernsey, you know, which is second to none, and to support those initiatives. I think also, you're very bold, and I really admire that you're prepared to be first movers, you know, look at the ESG framework that you've devised for insurance, the guidance for private wealth on governance, sustainability, the sustainable market segment of the International Stock Exchange, the guarantee Green Fund designation and the huge success that you've had with the sustainable finance week to name but a few. So I think you completely understand that the economy wide system challenges that we have. And the richness of guarantees, financial services, legacy and future provides a really significant opportunity for Guernsey to play its part in the financial supply chain, and development of wider, greener and sillery services. So I love the fact that you're you're agile, and you're innovative, and it's really a huge privilege to to be a part of that.
Rosie 11:53
Wow, you're making us all blush here. That's incredibly lovely of you to say and actually, yeah, lovely to hear as well. You know, from my part, we are thrilled to have you your expertise and your experience. And we know that you're going to put that to very good use as you guide us as we develop our green finance offering and Guernsey further, you know, we have been incredibly proud of Guernsey's work so far for you know, as you say, developing the world's were first regulated Green Fund regime, and developing the ESG framework for insurers, which has attracted considerable attention, and also building in considerations of climate risk into our code of corporate governance. So my final question is, is to ask for some advice. Really? How do you think Guernsey can build on successes so far? And can you tell me a bit about what you hope to achieve? In your role with us?
Josephine 12:58
Yeah, I think the great questions again, I think, you know, as you've already said, that, you should be rightly proud of what has been achieved to date. Guernsey is very clearly on the map. And I know that from my professional service days, and in my other current roles, you know, I have to acknowledge that, you know, we are already hitting the ground running, you know, given the role that Guernsey has to play in his play. So that there's no doubt that we are operating in a very dynamic environment with a solutions to a net zero world and not developed, delivered through just one dimension. So, you know, here, here's some high level thoughts. I really believe in the power of collaboration, you know, the multi dimensional view and the multi disciplinary, disciplinary approach to solution development. I think we'll achieve more that way. And the finance sector alone does not have all the answers. So at the simplest level, science underpins the financial risk assessment, an opportunity development, and government provides the support framework for the delivery of financial solutions. So we need all of these players to come together around the table to develop solutions, and that's something that I would very much encourage. I also believe in the power of storytelling. And I think Guernsey has a really large part to play as we've already said, in a netzero world. So telling the story of what Guernsey has done and leveraging it success and bringing it to life to as broad an audience as possible in a cost efficient way. I Think will have huge impact to developing conduits for that, I think would be a very valuable focus. I also believe in the power of innovation. And I'd encourage that as well, I think you've already shown that. So when we think outside the box, you know, not all ideas will resonate. We just need one too. So, you know, creating an environment of innovation, I think, will have huge power. And the other point I would say is, let's connect with other industries that align to Guernsey's strengths, and platforms that it's building, such as AI and digitization, that, you know, the world of sustainability is craving good quality data and IT skills. So there may be an opportunity to, to leverage that further. And lastly, I guess, just building really good, you know, new relationships to attract new flows of capital. And that's partly related to the storytelling piece that I spoke about earlier, and PR and marketing and initiatives. So I think that, you know, looking forward and thinking laterally is all sort of part of that.
Rosie 16:18
That's really interesting to hear. And it's wonderful to hear you say that, you know, Guernsey has a great story to tell. And you know, that's that's what we are here for, to tell those fantastic stories. Thank you so much, Josephine, for your time and your insights today. It's been wonderful speaking with you, I can't wait to meet you in person
Josephine 16:39
like wise, like wise
Rosie 16:40
in Guernsey soon and yep, we can compare notes on podcasting. And I'd also like to thank you for listening. We have quite a back catalogue of interviews and panel discussions on the Guernsey Green Finance podcast, and you can check them out by searching for Guernsey Green Finance wherever you get your podcasts. If you enjoyed today's episode, please leave us a review or a comment. We always love to hear your feedback. You can also find us at Guernseygreenfinance.org and weareguernsey.com. You can interact with us on Twitter, @ GSYGreenfinance and @WEAREGUERNSEY, we also have links to Josephine's social media in our show notes. So check those out if you'd like to hear more or you can also watch our sustainable finance week on demand. Now it's on our website presented in association with the United Nations financial centers for sustainability. And we'll be back soon with another edition of the Guernsey green finance podcast.
Transcribed by https://otter.ai