GEFI Global Steering Group member David Pitt-Watson joined Deputy First Minister of Scotland and Cabinet Secretary for Economy and Gaelic Kate Forbes to launch the Scottish Taskforce for Green & Sustainable Financial Services’ Final report.
Initiated by the Scottish Government and GEFI (secretariat) with support from Scottish Financial Enterprise (industry partner), the Taskforce was active from February 2022 until May 2024. It sought to coordinate and enhance Scotland’s sustainable finance cluster and develop its position as a leading global centre of excellence for green and sustainable finance.
With active participation from 24 financial institutions and financial services stakeholders, during its 2+ year lifespan, the Taskforce hosted 8 formal meetings, delivered 2 presentations to the First Minister’s Financial Services Growth and Development Board, facilitated over 10 workshops and conducted 50-plus private meetings.
The report includes significant and timely recommendations, such as the further development of the annual Green Finance Summit to incorporate investors and the exploration of establishing an industry-led Green and Sustainable Finance Institute.
At the Summit, the Deputy First Minister delivered a keynote address before joining Taskforce Chair David Pitt-Watson for a fireside chat. The session concluded with a video from Mark Carney, UN Special Envoy on Climate Action and Finance (available on the Taskforce website).
Some of the key insights shared during the report launch at the Summit included:
“This is a pivotal time in our journey. We know that the cost of transitioning to a net zero economy are lowest and the opportunities are greatest with early and well managed action. The Taskforce report is a routemap that will take us to that end point of success and we as society, government, and industry are accountable to rise the challenge and deliver it.” Kate Forbes MSP, Deputy First Minister of Scotland and Cabinet Secretary for Economy and Gaelic
“Today marks an important milestone. Scotland embodies what the world requires to build a sustainable future, both Smith’s invisible hand in the market with his moral sentiments of a society dedicated to sustainability combined with the innovation and pragmatic spirit of the Scots, gave rise to the Industrial Revolution and positions Scotland to lead the sustainable revolution.” Mark Carney, UN Special Envoy on Climate Action and Finance
“The GEFI team has been a huge support to the Scottish government and to the wider financial sector, promoting the global dialogue around the development of ethical finance and supporting Scotland’s ambition to become a truly competitive global centre for green and sustainable financial services.” Kate Forbes MSP, Deputy First Minister of Scotland and Cabinet Secretary for Economy and Gaelic