The first FINSIA member to complete the Certificate in Green and Sustainable Finance has spoken about how it frames practical issues on climate change.
Geoff Toone - who was MD and CEO at National Bank of Vanuatu when he became the first graduate of the ‘world's first benchmark qualification for Green Finance’ - spoke to InFinance about the course.
The FINSIA Fellow who earlier this year received a special award from the President of Vanuatu for his decisive leadership also reflects on career dedicated to ongoing learning that has seen him progress form year-12 school leaver to a doctorate candidate.
“At the time I did the certificate I was working offshore and it was a way of continuing developing my knowledge,” he said.
“The National Bank of Vanuatu was looking to be involved in climate-related activities and sustainability initiatives and I had the backing from the Board.
“Studying the course was a positive way of doing this because it framed the issues that we were seeing emerging.
“With rising sea levels, I was looking at how to implement the things I was learning into the organisation I was leading at the time. We were able to show we were participating in taking action.
“I could see how it fed good commercial decisions.
“The course looked at stranded assets and the complexities around that as well as helping understand the obligations under the Paris Agreement.
“If you don’t come from a technical environmental background, there is quite a lot of heavy reading. But I found it beneficial.”
Learning how to construct a Blue Bond or a Green Home Loan is useful as interest in sustainability grows and the market develops, says Geoff.
It is those home loans that he sees as the start of a shift towards more sustainable products, and thinks the course will help younger bankers with an overview of the issues facing the industry, which is a “positive” thing for banking to be considering.
He added: “It’s a solid baseline for members who want to look at how climate and sustainability fits into the bigger picture. The data and reading is nice and rich. There is a lot in the course.”
Geoff’s journey from year-12 school leaver to doctoral candidate is as insightful as the course that FINSIA has partnered with the Chartered Banker Institute to bring to Australia.
Echoing the views of the founder of FINSIA’s forerunner - the Australian Institute of Bankers, Henry Gyles Turner - he says the importance of life-long learning is a vital component when it comes to working in banking and financial services.
“Ongoing professional development is so important,” he said.
“I’m doing my doctorate on peer-to-peer finance in Australia, which is part of my ongoing journey of blending academic learning and knowledge for the benefit of operational elements of the business.”
That journey saw Geoff complete his first degree in Banking and Finance, studying part-time at Monash University, completing the ‘hard yards’ after work - because he knew he wanted to be a career banker.
After a lengthy gap in his educational journey, COVID and working offshore collided to encourage Geoff to study the Certificate in Green and Sustainable Finance as a way to understand how island nations would be impacted by new age finance solutions.
In an offshore environment, “you need to work out how you can continue your learning process,” said Geoff. “You need to ensure that you take your opportunity for self development at each stage of your career regardless”.
When talking about the achievements of NBV, he is especially proud of the work his team completed in delivering a truly innovative affordable home finance package that has allowed many local families to experience home ownership for the first time.
This unique finance package has allowed for standardised new home constructions suited to local climatic conditions. A wide number of these homes are now built across Vanuatu and all financed through this innovative affordable home ownership program at The National Bank of Vanuatu known as IsiHaos.
Find out more about our short courses, including the Certificate in Green and Sustainable Finance