UK must make its Green Finance ambition work for the whole planet
The UK government has committed to establishing the UK as a global green finance hub, and to propagating consistently high standards around green finance globally. This is a very encouraging move ahead of COP26. At GEFI, we believe very strongly that international cooperation and, in particular, engaging with the global south will be key to developing credible plans for a global net zero economy.
As our co-founder and director Omar Shaikh said:
We welcome the ambition to make the UK a leader in green finance. But Net Zero is a global game and we must use the UK’s financial services position as a global leader to take the opportunity of COP26 to make the green transition fair for every citizen of our shared planet.
Our recent flagship Ethical Finance summit saw a full day devoted to a series of global showcases, bringing in perspectives on sustainable finance from regions including South Asia, West Africa and South East Asia; see our EFx platform to watch all of these and more.
The development and implementation of TCFD and TNFD frameworks must play a crucial role in government and regulatory strategies to ensure climate and biodiversity risks are not only recognised but are measured and reported on by financial institutions. Such developments will drive green finance globally as capital is diverted towards mitigation and adaptation investments.
The emergence of global frameworks provides best practice standards, consistency and transparency the finance sector has been seeking and, in so doing, reduces the threat of greenwashing. You can watch the new TNFD Co-chair Elizabeth Mrema and Mikkel Larsen of DBS Bank, one of the key institutions developing TNFD explain the new nature-focused framework at Ethical Finance 2021.
Ultimately, the financial sector must play a pivotal role in delivering a Net Zero economy, but it cannot do so without international collaboration.
COP26 represents the perfect opportunity for the finance sector to work with governments on a global stage. As the curtain gets set to rise in less than 17 weeks, the UK government must lead from the front to inspire others to commit to a Net Zero and nature positive economy that guarantees both the survival and prosperity of the whole planet. The need to raise awareness and inspire practical action has driven GEFI to convene a powerful group of financial services institutions and stakeholders through our Path to COP26 campaign.
Alongside programmes driving Finance for Nature, and integrating faith perspectives with the SDGs, the campaign aims to unlock the power of ordinary people’s pensions to deliver a better future for everyone, and position both Scotland and the UK at the heart of a global Green Finance that works for the whole planet, ensuring that people (and not simply profit) are allowed to prosper.
Financing A Sustainable Future- Global Ethical Finance Summit Speakers Revealed
The Earth Day Summit convened by President Biden has put delivering finance front and centre of the world’s efforts to deliver climate change. Countries and companies not only need to make commitments but also must have clear plans in place to deliver them.
A major UK summit on climate finance this summer will bring together global finance leaders, the head of the European Investment Bank, CEOs of major banks and UN chiefs ahead of COP26 The summit builds on ten years of work by the Global Ethical Finance Initiative to reshape the finance sector for a sustainable future.
Ethical Finance 2021, to be convened virtually in Scotland, will include leadership showcases from fourglobal financial centres with more than 3000 delegates from over 100 countries expected to participate in the three-day event. Free registration is now open.
The Global Ethical Finance Initiative (GEFI) summit is hosted by NatWest Group, and supported by Chartered Banker and the Chartered Institute for Securities & Investment, as well as the Scottish Government and the United Nations Development Programme (UNDP).
Keynote speakers include:
• Dr Werner Hoyer, president of the European Investment Bank.
• Achim Steiner, UNDP Administrator
• Manuel Pulgar-Vidal, WWF’s climate and energy global practice leader, a former Environment Minister of Peru and chair of COP20.
• Hiro Mizuno, UN special envoy on innovative finance and sustainable investments, and former executive management director of the Government Pension Investment Fund of Japan – the largest pool of retirement savings in the world.
• Bill Winters, CEO of Standard Chartered Bank
• Inger Anderson, executive director of the United Nations Environment Programme.
• Dora Benedek, deputy division chief, fiscal affairs department of the International Monetary Fund.
• Professor Sir Partha Dasgupta, the Frank Ramsey Emeritus Professor of Economics at Cambridge University and author of The Economics of Biodiversity: The Dasgupta Review.
• John Glen MP, Economic Secretary to the Treasury and City Minister.
With a global footprint and Scottish roots, GEFI is leading a ‘Path to COP26’ campaign which has united major financial services institutions representing over £2 trillion in assets to help build more resilient economies which support the transition to a greener, net-zero planet.
The finance sector needs to act together to achieve decisive action at COP26, the most important climate summit since Paris, and the campaign will deliver a series of over 30 events and projects leading up to Glasgow.
This includes Ethical Finance 2021, the flagship global summit to be convened in June.
Omar Shaikh, co-founder of the Global Ethical Finance Initiative, said:
“Today’s Earth Day Summit shows that the financial services sector has a fundamental role to play in delivering targets such as the Paris Agreement and the UN’s Sustainable Development Goal to fix our planet. However, despite its potential, the current financial system can be a cause, rather than a solution, to some of the pressing challenges our planet and its people currently face.
“Ethical Finance 2021 will show how financial services can support inclusive economic growth without depleting natural resources or leaving anyone behind. We’re very proud to have convened so many leading professionals from across the world, bringing them together virtually in Scotland to address the pressing issue of climate finance and turn talk into action.”
PRESS RELEASE: SCOTTISH GOVERNMENT TO PARTNER ‘PATH TO COP26’ CAMPAIGN
NEWS RELEASE FROM THE GLOBAL ETHICAL FINANCE INITIATIVE
EMBARGO: IMMEDIATE
SCOTTISH GOVERNMENT TO PARTNER ‘PATH TO COP26’ CAMPAIGN.
The Scottish Government has announced it will be a campaign partner for the ‘Path to COP26’ campaign to demonstrate to the world that Scotland is playing a leading role in the shift towards more environmentally responsible and sustainable finance. Led by the Global Ethical Finance Initiative, the campaign has united major financial services institutions representing over £2trn in assets for a programme including over 30 activities ahead of COP26.
This includes Ethical Finance 2021, a flagship global summit to be convened virtually from Scotland in June, with confirmed speakers including a former COP President, head of the UN Environment Programme and CEOs and financial services leaders from four continents.
Held in conjunction with the Scottish Government and the United Nations Development Programme (UNDP), the summit will explore the long-term future of ethical finance, looking at the climate finance challenge, financing the UN’s Sustainable Development Goals (SDGs) and leadership in finance for the challenges ahead.
NatWest Group is the host partner, and the global event is supported by Chartered Banker and the Chartered Institute for Securities & Investment. Confirmed speakers include Manuel Pulgar-Vidal, Climate and Energy Global Practice Leader at WWF, COP20 President and a former Peruvian environment minister, Inger Andersen, executive director of the UN Environment Programme and David Pitt-Watson who co-chaired the finance discussions at the Paris climate summit.
The announcement comes after the Scottish Government yesterday unveiled its global capital investment plan, which aims to build a pipeline of ESG-ready (environmental, social and governance) projects that deliver for people and places in Scotland.
Ivan McKee, Minister for Trade, Innovation and Public Finance, said:
“The Scottish Government is delighted to further strengthen its relationship with the Global Ethical Finance Initiative.
“By providing support for a series of events on the road to COP26 showcasing Scotland’s investment opportunities, GEFI will help signal to the world that Scotland is leading the global movement towards investment which is socially and environmentally responsible.
“Scotland is already in a strong position in attracting ethical investment and GEFI, along with Scotland's outstanding financial sector, is paving the way in this developing field of green finance.
“Our global capital investment plan reemphasises our commitment to Net Zero and a wellbeing economy, and we will continue to work with partners and investors who share our values as a nation, making Scotland the destination of choice for ESG investment.”
Omar Shaikh, co-founder of GEFI, said:
“We welcome the Scottish Government’s support for the Path to COP26 campaign. The flagship summit at the heart of this, Ethical Finance 2021, will be a crucial milestone for the finance industry ahead of COP26.
“We’ll be convening leading professionals from across finance, from banking, to asset management, to asset owners, so that we drive further action ahead of the UN summit in Glasgow in November.
“It’s time to move from talk to action.
“We have been working with Scottish Government, the UN and global financial institutions to position Scotland as a leader in ethical, sustainable finance to attract the global capital needed to support a successful and fair transition.”
ENDS
NOTES TO EDITORS
More information on Path to COP26 is available here: www.pathtocop26.com
Ethical Finance 2021 – ethicalfinancesummit.com #EthicalFinance2021 will be held between Tuesday 8th – Thursday 10th June 2021 and is themed “Financing a Sustainable Future: Climate and Beyond”.
The world depends on global finance making the right choices to deliver positive change and achieve the UN's Sustainable Development Goals. To deliver this change, we need to connect people and ideas, and the Ethical Finance Summit has a six-year history of driving action through frank, honest debate among a global coalition across financial services. Previous speakers have included First Minister Nicola Sturgeon, former Prime Minister Gordon Brown, Archbishop Justin Welby, NatWest Group CEO Alison Rose and UK Committee on Climate Change Chief Executive Chris Stark. The 2020 summit attracted over 1500 delegates from 96 countries.
Register free or find out more at www.ethicalfinancesummit.com
GEFI is a non-profit based in Scotland with a global footprint. We are dedicated to enabling finance to deliver positive change and help achieve the UN's Sustainable Development Goals. Our core team has expertise in corporate finance, ethical finance, faith-based finance, sustainability, economics, banking law & governance and communications.
Find out more at www.globalethicalfinance.org
Chartered Banker have designated Ethical Finance 2021 for continuous professional development to enhance the learning content for their 30,000 members after completion of professional qualifications. See more at: www.charteredbanker.com
GEFI founder appears on Real Leaders podcast
GEFI founder Omar Shaikh joined Kevin Edwards for Episode 108 of the Real Leaders podcast to to interpret Milton Friedman’s essay on the Social Responsibility of Business, explore Adam Smith’s Wealth of Nations and how it applies to unchecked capitalism today, and ultimately discuss the humbleness and bravery that is needed to rethink today’s GDP construct and enter into the world of the unknown.
Listen now on Apple Podcasts or your favourite podcast provider!
PILOT TO INCREASE PRIVATE CAPITAL TO DELIVER UN GOALS
A pilot scheme is being developed to massively increase the flow of private sector capital to achieve the United Nations’ sustainable development goals.
A major new report has concluded that ‘business-as-usual’ in the financial services sector will not deliver the 2030 target to achieve the Global Goals.
With sustainability and impact quickly moving from being specialist subjects to being core drivers of investment strategies worldwide the report calls for a ‘step-change’, identifying a private equity fund-of-fund solution that provides the required scale to attract new capital from institutional investors. The new independent managed platform, a global impact fund-of-funds, will fill the gap between specialist impact fund managers and mainstream investors.
The proposal is designed to attract global institutional investors who otherwise would not deploy tens of millions of dollars in this space, ensuring they receive a financial return at the same time as delivering an authenticated positive social and environmental impact.
Detailed due diligence for a pilot scheme will now take place following a virtual workshop held this week organised by the Global Ethical Finance Initiative and UNDP and involving fund managers, asset owners and specialist impact investors.
The pilot is due to be launched at the COP26 climate summit, currently scheduled to be held in Glasgow in November.
The project comes after a two-year collaboration between the United Nations Development Programme (UNDP) and the Scottish Government, with work led by the Edinburgh-based Global Ethical Finance Initiative and analysis in the report conducted by merchant banking group R.J. Fleming & Co.
A copy of the report, ‘Mobilising Private Sector Capital in Support of the UN Sustainable Development Goals’, can be read here.
Omar Shaikh, managing director of the Global Ethical Finance Initiative, said:
“Having consulted almost 100 representatives from a cross-section of investment professionals and asset owners, representing total assets under management of over US$21.5 trillion, we have undertaken one of the most comprehensive contemporary reviews of the appetite amongst the global investor community for supporting the SDGs and ESG aligned investing.”
“By developing a deep understanding of the challenges investors face in this space we have identified a long-term, private markets solution that we believe will remain attractive despite the economic downturn. Current market conditions present significant opportunities as cash is at a premium, especially for small to medium-sized businesses.”
Jamison Ervin, Manager from United Nations Development Programme, said:
“There is an asymmetry between the availability of supply of private sector finance and the supply of investment-ready projects.”
“Our goal in this partnership is therefore to explore and test new ways of channelling finance to focus on inclusive, nature-based, SDG-aligned enterprises.”
“We are excited to support the development of a new, innovative finance instrument that will help accelerate the deployment of private sector financing where it is most needed.”
James Dauman, Managing Director from R.J. Fleming & Co. said:
“In these uncertain and troubled times, the need to support the SDGs has perhaps never been greater. We are remain fully focused on delivering capital towards making a meaningful positive impact whilst at the same time generating market-rate investment returns.”
Global action on climate adaptation
This article originally appeared on the CharteredBanker.com blog at https://www.charteredbanker.com/resource_listing/cpd-resources/global-action-on-climate-adaptation.html
Road surfaces that don’t melt during hot summers and drought-resistant seeds are the kind of solutions needed as the world adapts to climate change, according to the Global Commission on Adaptation.
The Commission, which is backed by more than 20 countries, including the UK, Germany and China, is running a Year of Action ahead of its Climate Adaption Summit in the Netherlands in October 2020.
Patrick Verkooijen, CEO, the Global Center on Adaptation, and Co-managing Partner of the Global Commission on Adaptation, said the initiative was about “implementing real solutions around the world which show that adaptation is not just the right thing to do but the smart thing to do.”
“Adaptation not only has economic benefits, but it is also essential if we are to avoid climate apartheid — a world in which the wealthy pay to escape from the worst impacts of climate change, while the poor are left to suffer,” Verkooijen added
International support
More than 75 governments, institutions, civil society organisations, and private sector players are helping to advance eight ‘Action Tracks’. These are focused on: finance and investment, food security and agriculture, nature-based solutions, water, cities, locally-led action, infrastructure, and preventing disasters.
As part of the finance and investment stream, the private-sector led Coalition for Climate Resilient Investment has been launched by London-based insurance broker and advisory business Willis Towers Watson in partnership with the governments of the UK and Jamaica, the Global Commission on Adaptation and the World Economic Forum.
It will focus on developing data and analytical tools to better understand the risks posed by climate change and to align investment flows towards infrastructure capable of withstanding a changing climate.
Resilient infrastructure
John Haley, CEO of Willis Towers Watson, said: “Pricing the risks posed by climate change will create opportunities to build a network of resilient infrastructure in high, medium and low-income countries, enabling us to better prevent future human and financial disasters.”
A report on climate resilient infrastructure from the OECD lists a range of impacts to infrastructure from temperature changes, rising sea levels, changing rainfall patterns and storms. These include melting road surfaces and buckling railway lines; damage to bridges; port and airport disruption and disruption of energy supply due to flooding.
The Global Commission on Adaptation is based in the Netherlands and led by Ban Ki-moon, 8th Secretary-General of the United Nations, Bill Gates, co-chair of the Bill & Melinda Gates Foundation, and Kristalina Georgieva, CEO of the World Bank. It is guided by 33 commissioners and 19 convening countries, representing all regions of the globe, and co-managed by the Global Center on Adaptation and World Resources Institute.
The Chartered Banker Institute’s Green Finance Certificate™ is the first global, benchmark qualification for the growing Green Finance sector.
A new dawn for green bonds
This article originally appeared on the CharteredBanker.com blog at https://www.charteredbanker.com/resource_listing/cpd-resources/a-new-dawn-for-green-bonds.html
The green bonds market is expected to reach new highs this year after more than $200bn in green bonds and loans were issued in 2019 – a new global record.
Green bonds – also known as climate bonds – are fixed-income investments issued by governments and corporations as debt capital to fund climate and environmental projects.
“Green bonds are those where the proceeds raised are allocated to environmental projects or uses,” explained Simon Thompson, Chief Executive, Chartered Banker Institute. “They might be used to raise capital for a wide variety of purposes, including renewable energy projects, clean transport infrastructure, sustainable buildings, flood defences, or sustainable forestry and agriculture.”
The Climate Bonds Initiative – which promotes and tracks the green bond market internationally – reported in October that $202.2bn in green bonds and loans had been issued in 2019 – an all-time high for the green market.
The US issued the most bonds, followed by France, China, Germany, Netherlands and Sweden. Energy dominates overall use of proceeds at 33%, followed by low carbon buildings on 29%, low carbon transport 20%, water 9%, with waste and land use each at 3%.
Green trillions
In 2020, the initiative forecasts global annual green bond issuances to hit between $350-400bn. But to make a real impact, ‘green trillions’ is the goal.
“New sovereigns are entering the market and pioneers like France, Poland and Nigeria are now repeat green issuers,” said Sean Kidney, CEO and co-founder of the Climate Bonds Initiative.
“Bond size and diversity of issuers is increasing, and noteworthy is the presence of leading European and Chinese banks amongst the largest issuers.
“But $200bn or $400bn a year is not enough to address the climate emergency and provide the capital at the scale urgently required for large scale transition, adaptation and resilience.
“Generating that first $1tn in annual green investment by 2021/22 is now critical. It’s the benchmark from which to measure year on year growth in climate-based investment towards 2030.”
Critical role
In the UK, there are more than 100 green bonds from 16 countries listed on the London Stock Exchange, with the amount raised more than doubling since 2017 from $10.5bn to $26bn.
Globally, green bond issuance has climbed from $45bn in 2015 and $168bn in 2018.
The Institute’s Simon Thompson predicts that debt capital through green bonds will play an increasingly important role in financing the world’s shift to a low carbon economy.
“The scale of investment needed to finance the transition to a sustainable, low-carbon world – $6tn per year – will exceed both the capabilities of the post- financial crisis banking sector and the constrained balance sheets of utility companies,” Thompson said. “This is why the debt capital markets will be significant in facilitating the continued operation of existing projects via refinancing, and the development and construction of a wide range of new projects supporting climate change mitigation and adaptation.”
COP26 – FINANCE SECTOR MEETS IN SCOTLAND TO BUILD GREENER ECONOMY
PRESS RELEASE FROM THE GLOBAL ETHICAL FINANCE INITIATIVE
EMBARGO: IMMEDIATE
COP26 – FINANCE SECTOR MEETS IN SCOTLAND TO BUILD GREENER ECONOMY
Leading financial institutions will come together in Edinburgh today (THU) for the start of a ‘Path to COP26’ campaign to build a greener global economy. A round table event will explore the role of the finance sector in the transition to a low-carbon and climate-resilient economy in the run-up to the global climate change summit in Glasgow in November.
To start the process of accelerating the combined efforts of the industry, the event will be addressed by Jonathan Taylor, former Vice President (Environment and Climate Action) at the European Investment Bank, and Gary Lapthorn, the head of sustainability and responsible business at Lloyds Banking Group Commercial Banking.The round table has been organised by the Edinburgh-based Global Ethical Finance Initiative (GEFI), which oversees, organises and coordinates a series of programmes to promote finance for positive change.
As part of the ‘Path to COP26’ campaign, GEFI will also host a series of events in the UK and beyond, ahead of the November summit. The campaign is designed to encourage banks, asset management firms and other financial companies to demonstrate their commitment to the climate agenda. According to the United Nations Environment Programme Finance Initiative, the climate transition will require additional investment of at least $60 trillion from now until 2050 – meaning private sector commitments are vital to tackling the climate crisis.
Bold climate action could deliver at least US$26 trillion in economic benefits through to 2030, compared with business-as-usual, a recent report from the Global Commission on the Economy and Climate found.
Gail Hurley, senior consultant to the Global Ethical Finance Initiative and former senior advisor to the UN, said:
“The eyes of the world will be focused on Scotland when senior politicians from across the globe convene at COP26 in Glasgow in November to negotiate the global response to tackling climate change.
“Climate change is a large, systemic financial risk that will change asset values as investment moves away from high carbon assets towards a low carbon economy.
“For financial institutions to become enablers and catalysts they must therefore understand the commercial risks and opportunities and know how to act on them.
“Finance can be a positive force for change, and we call upon organisations from across the globe to sign up to our Path to COP26 declaration to help us assist the financial sector to commit to practical efforts to tackle climate change.”
Jonathan Taylor, former Vice President (Environment and Climate Action) at the European Investment Bank, said:
“COP26 in Scotland will be a key milestone on the road to a successful conclusion to the fight against climate change.
“Expectations are high that countries should commit themselves to demanding targets to meet the agreed goal of the Paris Agreement to limit global warming to below 2 degrees above pre-industrial levels.
“So we should all think about what we can do to help ensure success, including financial institutions.
“The GEFI round table’s ‘Path to COP 26’ initiative makes an excellent contribution, and I am delighted to be part of it.”
Gary Lapthorn, head of sustainability and responsible business at Lloyds Banking Group, Commercial Banking, said:
“Lloyds Bank Commercial Banking is delighted to support the GEFI round table exploring the role financial institutions are playing in the transition to a low-carbon and climate-resilient economy.
“As part of the UK’s leading financial services group, Lloyds Banking Group, we can make a real difference to tackling climate change by helping to finance a greener future together.
“This will require new ways of living, working and investing for our business and our customers.
“That’s why we’re setting ourselves an ambitious goal to accelerate working with customers, government and the market to help reduce the carbon emissions we finance by more than 50 per cent by 2030, equivalent to removing the emissions produced by almost a quarter of UK homes.”
ENDS
NOTES TO EDITORS
More information is available at www.pathtocop26.com
Broadcast interview opportunities with GEFI are available.
A photo of Gail Hurley is available for download here.
A photo of Jonathan Taylor is avilable for download here.
What is the Global Ethical Finance Initiative?
The Global Ethical Finance Initiative (GEFI) oversees, organises and coordinates a series of programmes to promote finance for positive change. It brings together the world’s business, political, and social leaders to build a fairer finance system for people and the planet. The organisation is based in Edinburgh, and hosts the global ethical finance summit. More information is available at www.globalethicalfinance.org/ethical-finance-2020/
What is ethical finance?
A fairer system of financial management that combines profit with better outcomes for people and the planet. The full working definition of ethical finance: A system of financial management or investment that seeks qualitative outcomes other purely the management of returns. Outcomes sought may reflect ideas from faith, environmental and governance theories.
Why does ethical finance matter?
Although ethical finance is not a new concept the financial crisis has led to a growing interest in sustainability, climate change and social justice. This has seen a collective desire to create a fairer, more inclusive and responsible global financial system. Trust in banks is diminishing and today’s generation of consumers believes that investment decisions should reflect the issues they care about. Ethical finance in the UK is valued at around £40billion, creating thousands of sustainable job opportunities. Today, with the world facing a climate emergency there is a pressing need to develop environmentally sustainable financial solutions.
2020 GLOBAL ETHICAL FINANCE SUMMIT ANNOUNCED
PRESS RELEASE FROM THE GLOBAL ETHICAL FINANCE INITIATIVE
EMBARGO: IMMEDIATE
2020 GLOBAL ETHICAL FINANCE SUMMIT ANNOUNCED
The 2020 global ethical finance summit has been announced, bringing hundreds of major investors, asset owners and finance leaders to Scotland.
Supported by the Scottish Government and the United Nations Development Programme, the flagship event will focus on building a more sustainable financial system.
With the COP26 UN climate change conference taking place in Glasgow next year, the summit’s theme will be protecting our future.
There will be a focus on how financial services can support inclusive economic growth without depleting natural resources, and how the sector can help deliver the Paris Agreement and the UN’s Sustainable Development Goals.
It comes after the COP25 climate talks in Madrid ended with a compromise deal on the global response to curbing carbon.
The ethical finance conference, to be held at the Edinburgh headquarters of RBS on October 6 and 7, 2020, is organised by the Global Ethical Finance Initiative (GEFI), which oversees, organises and coordinates a series of programmes to promote finance for positive change.
It follows a hugely successful conference in 2019, which included a keynote speech from First Minister Nicola Sturgeon and video addresses from former Prime Minister Gordon Brown and the Archbishop of Canterbury Justin Welby, and attracted over 350 participants from around the world.
The announcement of the 2020 summit was made today (MON) at GEFI’s latest ethical finance round table event in Edinburgh, hosted by Baillie Gifford, which addressed responsible investment and more sustainable models for the banking sector.
Omar Shaikh, managing director of the Global Ethical Finance Initiative, said:
“The 2019 ethical finance summit attracted major international attention, bringing global leaders together to discuss key challenges including products, culture, system change, regulation and maintaining returns in financial services.
“A new way requires holistic thinking which is why the summit uniquely convenes the banking and investment ecosystem, addresses the big challenges we face that rethink capitalism, and connects people to enable partnerships to produce ethical financial solutions.
“To build on this desire for positive change, we’re bringing the finance world back to Scotland in 2020 for our next global summit in October.
“With COP26 taking place in Glasgow just a few weeks later, it significantly enhances the global prominence of this year’s summit and provides an excellent opportunity to focus on climate finance.
“Moving from talk to action, our theme will be protecting the future for everyone.”
Kirsty Britz, director of sustainable banking at RBS, said:
“We are looking forward to once again hosting the Global Ethical Finance Summit next year.
“The conference will be an important milestone in an exciting year for Scotland, with world leaders set to come to Glasgow for the UN’s COP26 climate talks in November.
“As a founding signatory to the UN Principles for Responsible Banking, RBS has committed to further align our strategy with the Paris Climate Agreement and Sustainable Development Goals.
“The global ethical finance summit provides an excellent opportunity for us to work collaboratively with stakeholders, peers and partners who are leading the agenda.”
Andrew Cave, head of governance and sustainability with Baillie Gifford, said:
“Following the success of this year’s event we are delighted to be supporting Ethical Finance 2020 in Edinburgh next year.
“The global summit is an important platform for facilitating collaborative and insightful discussions that challenge and inspire asset owners and financial institutions to invest responsibly and take practical actions to deliver positive impact for people and the planet.”
ENDS
NOTES TO EDITORS
More details on Ethical Finance 2020 can be found here: https://www.globalethicalfinance.org/ethical-finance-2020/
A 2019 event summary can be found here:
https://www.globalethicalfinance.org/wp-content/uploads/2019/11/EF19-Summary.pdf
A photo of Omar Shaikh can be downloaded here
The Faith in Finance Round Table, organised in partnership with UK Islamic Finance Council and the Church of Scotland
As part of Ethical Finance 2019 summit, on 9th October 2019, UKIFC and Church of Scotland organised a private Faith in Finance round table and dinner at St Andrew’s and St George’s West Church.
The event included contributions from across the faiths on topics such as:
- Interfaith collaboration and the role of faith-based values in modern finance
- Benefits of bringing different perspectives together
- Identifying shared values – the Edinburgh Finance Declaration
- Heritage role of the Church influencing the values of banks and what the current paradigm can take from this history
- Faith groups sharing leading practice:
- Engagement strategies
- Creating a space for religious actors in formal governance models
- Addressing the common global goals – role of faith traditions to address the SDGs
Participants included Lord John Alderdice, David Pitt-Watson, Shayk Ruzwan Mohammed, Prof. Mohamed Iqbal Asaria, Rev. Fiona Stewart-Darling, Datuk Noripah Kamso, Saker Nusseibeh and Peter Greengrass.
