Ethical Finance Global 2022 - summit announced

We are delighted to formally announce the launch of Ethical Finance Global 2022, which will take place as an in-person event on 6th September 2022 in Edinburgh hosted by NatWest Group.

The summit is the premier event in ethical finance, and is themed 'ESG in a Volatile World: Profit, Principles or Politics'. It will tackle three core thematics: climate, nature and social. Confirmed speakers include Rt. Hon. Alok Sharma MP, Sarah Breeden, Saker Nusseibeh and Anshula Kant. Click here to find out more.

Our in-person events offer a unique ability to forge connections, and over the years our Summits have built capacity, influenced policy, enabled deals, informed new products, driven framework commitments, helped deploy capital to the SDGs and developed lifelong friendships. If you have attended our flagship global Summit in the past, we would love to see you again in September; if not, then now is your chance!

As well as looking at macroeconomic issues impacting global markets, we will have specific sessions on topics including:

  • The growing impact of conflict and geopolitics in ESG
  • Core global challenges in financing climate adaptation and mitigation
  • The role of finance in protecting and restoring nature and biodiversity
  • The emergence of the S in ESG as a core priority
  • The role of financial leaders in defining organisational purpose
  • Financing the SDGs

Sign up now at https://www.eventbrite.co.uk/e/ethical-finance-global-2022-esg-in-a-volatile-world-registration-349512941617?aff=blog, using the code 'EARLY20' for a 20% early bird discount.

by GEFI

The Data Dichotomy: Courage or Caution | Ethical Finance Round Table

Our next Ethical Finance Round Table event, entitled The Data Dichotomy: Courage or Caution, will take place on Tuesday 14 June 2022. It will explore developments in ESG data provision, its limitations and how asset managers are using data to inform long term investment decisions.

Our speakers will respond to some of the toughest questions facing the industry:

  • Is "we need better data" becoming an excuse for inaction from the industry?
  • Are ESG ratings fundamentally compromised by being at least partly based on subjective data?
  • How does the backwards-looking nature of data square with the long-term, forwards-looking view that responsible asset owners should take?
  • As disclosures become more widespread and data improves, is there pressure to avoid sectors or regions with poorer disclosures, even if they might deliver genuine impact?

Confirmed speakers are:

  • Graham Burnside, Co-Founder and Senior Advisor, GEFI (moderator)
  • Dr Richard Mattison, President of S&P Global Sustainable1 and CEO of S&P Global Trucost.
  • Hetal Patel, Head of Climate Investment Risk, Phoenix Group
  • Kate McGrath, ESG Analyst – Fixed Income, abrdn

Sign up now at https://us02web.zoom.us/webinar/register/1716527070480/WN_i9UjoXj0QZm6xbEczOhEKw.

by GEFI

Financing a Shared Future for All Life on Earth: the role of TNFD in a Global Biodiversity Framework - Biodiversity Day interview with Elizabeth Mrema, UN CPD & Lorna Slater MSP

Last week would have seen the crucial biodiversity summit COP15 take place, before it was delayed due to the pandemic. To mark both Biodiversity Day and the original date, and build moment before the rescheduled summit this Autumn, we hosted a discussion on Financing a Shared Future for All Life on Earth: the role of TNFD in a Global Biodiversity Framework.

We were joined by UN Convention on Biodiversity Executive Secretary & Taskforce for Nature-Related Financial Disclosures (TNFD) Co-chair Elizabeth Mrema and Scottish Minister for Green Skills, Circular Economy and Biodiversity Lorna Slater MSP, to discuss why we need to finance nature, the Global Biodiversity Framework, how governments can help and what the Scottish Government is doing in this space.

Despite on-going efforts, biodiversity is deteriorating worldwide and this decline is projected to worsen with business-as-usual scenarios. This session, aimed at global finance practitioners, is intended to raise aware and inspire practical action in relation to the critical need to finance. It will provide an update on global and national initiatives to help drive the action required to finance a shared future for all life on earth.

With the forthcoming Global Biodiversity Framework, the Convention on Biological Diversity is setting the stage for a worldwide re-direction of financial flows away from nature-negative and towards nature-positive outcomes. Market players are speeding ahead with testing the Taskforce on Nature-related Financial Disclosures (TNFD) beta framework, to make it ready to inform and respond to these new international norms around nature, nature-based solutions and finance. As part of the Scottish Government’s National Strategy for Economic Transformation, we have committed to establishing a values-led, high-integrity market for responsible investment in natural capital.

GEFI has a long history of supporting finance for nature, from a programme of collaboration between UNDP, GEFI and the Scottish Government, to the COP26 launch of an exclusive, commercial platform showcasing financial products that are directly aligned to the SDGs, and nature-focused sessions at our annual summits and COP26.

by GEFI

Scottish Financial Centres Climb in Global Green Finance Rankings

Edinburgh and Glasgow have both risen in the 9th edition of the widely respected Global Green Finance Index (GGFI), from prominent City thinktank Z/Yen.

Edinburgh climbed 4 places to 35th, while COP26 host city Glasgow rose 2 places to 51st; the only UK financial centres outside London to place on the list.

Glasgow ranks ahead of financial centres such as Milan, Istanbul and Tel Aviv, with Edinburgh leading Osaka, Hong Kong, Toronto, Chicago and Rome.

The rankings show that Scotland is well-placed to build upon the legacy of COP26 with its new Scottish Taskforce on Green and Sustainable Financial Services.

Led by the Scottish Government, Global Ethical Finance Initiative (GEFI) and Scottish Financial Enterprise, the Taskforce brings together prominent financial institutions, policymakers, professional bodies, academic institutions, and industry representatives to coordinate the Scottish financial sector’s approach to financing a net zero economy.

Elsewhere in the rankings, London, Amsterdam, and New York retained their 1st, 2nd and 3rd places respectively, while New York jumped 8 places to move into the top 10 for the first time, at 5th place.

Chris Tait, Chief Operating Officer of GEFI said “The rise of both Edinburgh and Glasgow in the latest Global Green Finance Index shows the knowledge and expertise of Scotland’s green finance cluster. By bringing together stakeholders from across the sector, we will leverage our intellectual capital and financial history to deliver finance for net zero.”

Speaking at the Taskforce launch, Mark Carney, UN Special Envoy for Climate Action and Finance and former Governor of the Bank of England, said “This Taskforce presents a unique opportunity, at the national level, for stakeholders active in one of the world’s oldest financial centres to work together to demonstrate leadership in defining and implementing the steps required to align with a net-zero future.”

by GEFI

Agenda Announced: Ethical Finance ASEAN 2022

The Global Ethical Finance Initiative (GEFI) and the Asian Institute of Chartered Bankers are delighted to announce the launch of the agenda for our inaugural Ethical Finance ASEAN 2022 summit.

Taking place virtually on Wednesday 29 June 2022, the summit begins at 10am MYT (GMT+8), with a full replay taking place later at 10am BST (GMT+1). The summit starts with an overview of sustainable finance in the ASEAN region, before exploring the topic further in sessions centred around three core thematics: climate, nature and social. The summit then explores practical pathways to action with a session on the SDGs and concludes with an interview between prominent corporate and financial sustainability leaders. Click here to view the agenda.

Speakers include:

  • Komi Rajdev, Head of Business Development ASEAN, Moody’s ESG Solutions
  • Suraya Sani, Senior Supervisor, Financial Conglomerates Supervision Department, Bank Negara Malaysia
  • Shahril Azuar Bin Jimin, Chief Sustainability Officer, MayBank
  • Raja Amir Shah Raja Azwa, CEO, HSBC Amanah
  • Yuki Yasui, Regional Director, GFANZ APAC Network
  • Rafe Haneef, CEO, Group Transaction Banking and Group Chief Sustainability Office
  • Rizal Il-Ehzan Bin Fadil Azim, CEO, Alliance Islamic Bank Berhad

Sign up now at https://www.eventbrite.co.uk/e/ethical-finance-asean-2022-tickets-299068761717?aff=agenda

by GEFI

EVENT ANNOUNCED | Ethical Finance ASEAN 2022

Following the success of our South East Asia regional showcase at Ethical Finance Global 2021, the Global Ethical Finance Initiative (GEFI) is delighted to co-host the inaugural Ethical Finance ASEAN 2022 with the Asian Institute of Chartered Bankers (AICB).

This virtual event, to be held on Wednesday 29 June 2022, will present a unique opportunity to hear from experts on sustainable and responsible finance in the ASEAN region and beyond. The summit is themed “ESG in a Volatile World – Profit, Purpose or Politics?”

As well as looking at macroeconomic issues impacting global markets, we will have specific sessions on topics including:

  • How the megatrends of 2022 are affecting ASEAN economies
  • Financing nature and biodiversity in ASEAN: sustainable palm oil and deforestion
  • The role of the SDGs as a coordinating framework, and progress on financing the 2030 goals
  • Core priorities on the S in ESG for ASEAN economies
  • Perspectives from local and international finance leaders

For more information, click here.

by GEFI

Responding to the War in Ukraine: Ethical Finance at a Time of Crisis

Finance sector experts discussed the role of finance in responding to the war in Ukraine in a special joint event hosted with the CFA UK's Scottish Committee, focusing on the need to respond to the energy supply shock, the "economic war" being waged against Russia and the options open to investors.

On Wednesday 16th March, Lord John Alderdice, a key figure in the Northern Ireland Peace Process and Director of the Centre for the Resolution of Intractable Conflict, Jeremy Lawson of abrdn, Helen Thomas of Blonde Money and Graham C. Cook, CFA of the Environment Agency Pension Fund joined our event 'Responding to the War in Ukraine: Ethical Finance at a Time of Crisis'.

Lord John Alderdice opened the event by emphasising the need for finance to play a role in securing a just - and peaceful – world: a sentiment all the more acute in the context of the ongoing war in Ukraine. The shadow of the conflict underpinned Jeremy Lawson, Chief Economist at abrdn’s opening intervention, where he explained that the conflict has highlighted that central banks are behind the policy curve: they have few policy levers left with which to respond to the conflict and the resultant energy supply shock.

Helen Thomas of Blonde Money echoed these sentiments, as she proceeded to unpack the finance (and UK’s) policy response to the conflict in Ukraine. She explained that the last few weeks had, in fact, laid bare two wars that are happening in parallel: a land war, and an economic war that goes beyond mere sanctions. Finance has become another front on a complex war, and no investor can truly be neutral as a result. This was a position that was echoed by Lord Alderdice, who cited the difficulties of aligning private financial flows with broader geopolitics and policy as the conflict in Ukraine unfolds.

The question remains, however: what investors can therefore do in response to the conflict? Whilst there might be pressure to divest, as Graham Cook commented, the market isn't necessarily there. In fact, for many investors, their Russia-based holdings had been relatively low due to existing governance concerns - many of those with robust sustainability and governance policies were simply not deeply invested in Russia, in contrast with some of the kneejerk divestments of recent weeks.

Jeremy Lawson suggested that the conflict is ultimately symbolic of a tendency towards fragmentation that has been in place for a decade, but could end up strengthening the NATO alliance: the decrease in globalisation over the past decade has been underlined by the conflict but its impact is not linear. We could, for example, see climate change policy undermined by return to coal, or see the flexibility of EU ETS promote renewables as source of energy security as the war unfolds.

As Helen Thomas ultimately argued, when thinking about the war in Ukraine we need to be mindful of longer term history when we think about the moral and practical steps the finance sector needs to take during this crisis. Both Helen Thomas and Jeremy Lawson were keen to point to political economy as a fundamental driver of investing, with formal modelling a crucial potential aid to decision-making. There was broad agreement that China is key, not just in terms of the effectiveness of the economic war now being waged against Russia, but on climate action and the shape of any reshuffle of the geopolitical order provoked by this war.

John Alderdice was interviewed about the event on BBC Radio Scotland following the event; you can listen here.

We would strongly encourage you to make to make a donation to the Red Cross Ukraine Appeal.

by GEFI

PRESS RELEASE | UN joins forces with UK & Scottish Governments to Launch Green Finance Taskforce

PRESS RELEASE FROM THE GLOBAL ETHICAL FINANCE INITIATIVE

EMBARGO: IMMEDIATE

UN JOINS FORCES WITH UK & SCOTTISH GOVERNMENTS TO LAUNCH GREEN FINANCE TASKFORCE.

Global finance leaders, including representatives from the UN and both the UK and Scottish Governments, set out the role Scotland's financial services can play in the fight against climate change.

On the day UN climate body the IPCC issued its starkest warnings to date, UN Special Envoy for Climate Action and Finance and former Bank of England Governor, Mark Carney; Scottish Finance Secretary, Kate Forbes and HM Treasury Economic Secretary, John Glen, came together to highlight how Scotland can become a world-leading hub for climate finance through the launch of a new Scottish Taskforce for Green and Sustainable Financial Services, chaired by the Global Ethical Finance Initiative.

They emphasised how Scotland can build upon the legacy of COP26 in Glasgow through its intellectual capital, history as a centre of financial innovation and existing strengths in green finance to lead on the transition to a net zero economy.

Kate Forbes, Scottish Cabinet Secretary for Finance and the Economy, said:
"We know the transition to a net zero economy will be a monumental undertaking. It is going to be the single greatest social and economic transformation required in history, and it is going to impact every sector fo the economy. No part of our economy, no part of our society will be immune to the impact of that transformation. It will be hard: it is going to require the reallocation of trillions of dollars of capital."

Mark Carney, UN Special Envoy on Climate Action and Finance, said:
"The more credible and predictable government climate policies are, the more investors will pour money in, in anticipation, driving large-scale investment, faster decarbonisation, more jobs and greater growth."

ENDS
NOTES TO EDITORS

See pre-launch press release:
https://www.globalethicalfinance.org/2022/02/28/press-release-scotland-stakes-its-claim-to-be-a-leading-centre-in-finance-for-a-net-zero-and-sustainable-future/

Speakers at the event included:

David Pitt Watson, Cambridge Judge Business School
Kate Forbes, Cabinet Secretary for Finance and the Economy
Mark Carney, UN Special Envoy on Climate Action and Finance
John Glen MP, Economic Secretary to HM Treasury
Dame Susan Rice, Chair of the Banking Culture Board

The Taskforce will report on progress and policy recommendations to the First Minister’s Financial Services Growth and Development Board, thereby remaining aligned with existing Scottish Government and industry structures for government-industry collaboration.

Over 160,000 people are employed in finance related jobs and £9.5 billion of responsible funds are already managed in Scotland.

The Global Ethical Financial Initiative has become the hub at the centre of the ethical finance movement. Curating independent conversations among a broad coalition of financial services stakeholders, as well as delivering practical projects.

Kate Forbes, Cabinet Secretary for Finance and the Economy, Scottish Government

Kate is the Member of the Scottish Parliament for the Skye, Lochaber and Badenoch constituency (which includes Dingwall, the Black Isle and the Great Glen) and Cabinet Secretary for Finance and the Economy in the Scottish Government.

Kate is from Dingwall, although she spent part of her upbringing in Glasgow and India. Until she was elected as MSP for Skye, Lochaber and Badenoch, Kate was employed as an accountant in the banking industry. Prior to that she studied History at the Universities of Cambridge and Edinburgh.

As a backbencher, Kate served on the Scottish Parliament’s Environment, Climate Change and Land Reform Committee, the Standards, Procedures and Public Appointments Committee, the Health and Sport Committee and the Rural Economy and Connectivity Committee. She also served as Parliamentary Liaison Officer for Finance and the Constitution. As well as leading a campaign to ban plastic straws, Kate has participated in several cross party groups at Holyrood including Crofting, Gaelic, Human Trafficking, Palliative Care and Rural Policy.

A fluent Gaelic speaker, Kate made history by becoming the first female MSP to give a plenary speech entirely in Gaelic in the current Scottish Parliament chamber.
Kate was appointed as Minister for Public Finance and Digital Economy in June 2018 and appointed into her current role on 20 May 2021.
Mark Carney, UN Special Envoy on Climate Action and Finance; Former Governor, Bank of England

Mark was appointed by UN Secretary-General António Guterres as UN Special Envoy on Climate Action and Finance in December 2019. From 2013 to March 2020, he served as the Governor of the Bank of England and Chair of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Committee.

In addition to his duties as Governor of the Bank of England, he has served as Chair of the Financial Stability Board (FSB) from 2011-2018, First Vice-Chair of the European Systemic Risk Board, a member of the Group of Thirty and the Foundation Board of the World Economic Forum.

Mark was born in Fort Smith, Northwest Territories, Canada in 1965. He received a bachelor’s degree in Economics from Harvard University in 1988. He went on to receive a master’s degree in Economics in 1993 and a doctorate in Economics in 1995, both from Oxford University.

After a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices, Mark Carney was appointed Deputy Governor of the Bank of Canada in August 2003. In November 2004, he left the Bank of Canada to become Senior Associate Deputy Minister of Finance. He held this position until his appointment as Governor of the Bank of Canada on 1 February 2008. Mark Carney served as Governor of the Bank of Canada and Chairman of its Board of Directors until 1 June 2013

by GEFI

PRESS RELEASE | Scotland Stakes its Claim to be a Leading Centre in Finance for a Net Zero and Sustainable Future

PRESS RELEASE FROM THE GLOBAL ETHICAL FINANCE INITIATIVE

SCOTLAND STAKES ITS CLAIM TO BE A LEADING CENTRE IN FINANCE FOR A NET ZERO AND SUSTAINABLE FUTURE

The Global Ethical Finance Initiative (GEFI) will chair a Taskforce being launched today by the UN Special Climate Envoy and former Bank of England Governor, Mark Carney; Scottish Finance Secretary, Kate Forbes and HM Treasury Economic Secretary, John Glen.

Building on the long heritage and deep pool of expertise in responsible finance in Scotland, aligned with the global connections built over a decade of work in ethical finance by GEFI, presents a unique opportunity for Scotland to position itself as a leading hub for green and sustainable finance. The Taskforce builds on the momentum and legacy of COP26 as governments and financial institutions work together to raise the private sector capital needed for a successful net zero transition and to fund the UN's Sustainable Development Goals by 2030.

Chair of the Task Force and Global Steering Group Member for GEFI David Pitt Watson said:

"Scotland has a long heritage of leadership in finance from the first public savings banks to the outstanding concentration of expertise in sustainable finance. The momentum and legacy of COP26 presents an opportunity to make Scotland globally competitive as a green and sustainable finance centre.

GEFI has been supported by the Scottish Government and Scottish Financial Enterprise to bring together the leading experts and leaders in the Scottish finance sector over the next three years to ensure that Scotland maximises the opportunity to grow this important finance sector in global markets, creates the skills pipeline and jobs to support this and positions Scotland at the forefront of sustainable finance. GEFI has just completed a two-year Path to COP26 campaign with over 60 global financial partners leading to the Glasgow climate summit and has been working with state banks, financial institutions and asset owners in countries as diverse as the US, Nigeria, Malaysia and the UAE.

GEFI has also announced a partnership agreement with University of Edinburgh to collaborate and use the University's outstanding resources and knowledge to drive forward the development of ethical finance.

ENDS

Click here to read the press release from the Scottish Government

NOTES TO EDITORS

The public launch of the taskforce is at 15:30 on the 28th February. Speakers at the event include:

  • David Pitt Watson, Cambridge Judge Business School
  • Kate Forbes, Cabinet Secretary for Finance and the Economy
  • Mark Carney, UN Special Envoy on Climate Action and Finance
  • John Glen MP, Economic Secretary to HM Treasury
  • Dame Susan Rice, Chair of the Banking Culture Board

The Taskforce will report on progress and policy recommendations to the First Minister’s Financial Services Growth and Development Board, thereby remaining aligned with existing Scottish Government and industry structures for government-industry collaboration.

Over 160,000 people are employed in finance related jobs and £9.5 billion of responsible funds are already managed in Scotland.

The Global Ethical Financial Initiative has become the hub at the centre of the ethical finance movement. Curating independent conversations among a broad coalition of financial services stakeholders, as well as delivering practical projects.

David Pitt-Watson, Visiting Fellow, Cambridge Judge Business School

David is a leading thinker, campaigner and practitioner in the field of responsible investment – with over 20 years’ experience he was working in ESG before the term was coined! He was a co-founder, and former CEO, of Hermes Focus Funds and Equity Ownership Service, which became the largest responsible investment group of any institutional fund manager in the world.

David was closely involved in the setting up of the UN’s Principles for Responsible Investment and he chaired the UN Environment Programme’s Finance Initiative in the run up to the Paris Climate Conference.

David has been involved in policy making in the UK, Europe and around the world, particularly in the field of corporate governance and financial market regulation, and has written extensively on these subjects. A graduate of Oxford and Stanford Universities he is currently a Visiting Fellow at Cambridge University, where he teaches a course on “The Purpose of Finance”. His books have been translated into five languages.
David currently sits on GEFI’s Global Steering Group.

Kate Forbes, Cabinet Secretary for Finance and the Economy, Scottish Government

Kate is the Member of the Scottish Parliament for the Skye, Lochaber and Badenoch constituency (which includes Dingwall, the Black Isle and the Great Glen) and Cabinet Secretary for Finance and the Economy in the Scottish Government.

Kate is from Dingwall, although she spent part of her upbringing in Glasgow and India. Until she was elected as MSP for Skye, Lochaber and Badenoch, Kate was employed as an accountant in the banking industry. Prior to that she studied History at the Universities of Cambridge and Edinburgh.

As a backbencher, Kate served on the Scottish Parliament’s Environment, Climate Change and Land Reform Committee, the Standards, Procedures and Public Appointments Committee, the Health and Sport Committee and the Rural Economy and Connectivity Committee. She also served as Parliamentary Liaison Officer for Finance and the Constitution. As well as leading a campaign to ban plastic straws, Kate has participated in several cross party groups at Holyrood including Crofting, Gaelic, Human Trafficking, Palliative Care and Rural Policy.

A fluent Gaelic speaker, Kate made history by becoming the first female MSP to give a plenary speech entirely in Gaelic in the current Scottish Parliament chamber.
Kate was appointed as Minister for Public Finance and Digital Economy in June 2018 and appointed into her current role on 20 May 2021.
Mark Carney, UN Special Envoy on Climate Action and Finance; Former Governor, Bank of England

Mark was appointed by UN Secretary-General António Guterres as UN Special Envoy on Climate Action and Finance in December 2019. From 2013 to March 2020, he served as the Governor of the Bank of England and Chair of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Committee.

In addition to his duties as Governor of the Bank of England, he has served as Chair of the Financial Stability Board (FSB) from 2011-2018, First Vice-Chair of the European Systemic Risk Board, a member of the Group of Thirty and the Foundation Board of the World Economic Forum.

Mark was born in Fort Smith, Northwest Territories, Canada in 1965. He received a bachelor’s degree in Economics from Harvard University in 1988. He went on to receive a master’s degree in Economics in 1993 and a doctorate in Economics in 1995, both from Oxford University.

After a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices, Mark Carney was appointed Deputy Governor of the Bank of Canada in August 2003. In November 2004, he left the Bank of Canada to become Senior Associate Deputy Minister of Finance. He held this position until his appointment as Governor of the Bank of Canada on 1 February 2008. Mark Carney served as Governor of the Bank of Canada and Chairman of its Board of Directors until 1 June 2013

by GEFI

Launching 28th February: Scottish Taskforce for Green and Sustainable Financial Services

The Scottish Taskforce for Green and Sustainable Financial Services will help to capitalise on the opportunities of financing the global shift to net zero, setting out the actions we will take to promote and establish Scotland as a world‑leading centre for green and ethical finance, and leverage the potential of private finance.

We are proud to be joined by Mark Carney and Cabinet Secretary Kate Forbes for the launch of the Scottish Taskforce for Green and Sustainable Financial Services on Monday 28th February from 15:30-16:30 GMT.

The Taskforce, initiated by Scottish Government with GEFI appointed as Secretariat, presents a unique opportunity for Scotland’s financial services sector to build on the legacy of COP26 by working together to demonstrate global leadership in implementing the Glasgow Financial Alliance for Net Zero (GFANZ) roadmaps.

Sign up now

Responsible finance is critical for a sustainable world. It has the power to support prosperity, climate action, employment, human rights and equality. That realisation is growing. According to Bloomberg, ESG assets jumped to $30.6 trillion in 2018 from $22.8 trillion in 2016 and may hit $53 trillion by 2025, representing a third of global AUM.

Many of the largest financial institutions in the world are signed up to global initiatives such as the UN Principles for Responsible Investment, which represents a collective $100 trillion in assets under management, and the UN Principles for Responsible Banking whose signatories have assets totalling $72tn, >45% of global banking assets.

Scottish finance should participate and benefit in these developments.

In A Fairer, Greener Scotland: Programme for Government 2021-22 Programme for Government (published 7th September 2021) the Scottish Government announced “a new industry‑led taskforce” that “will draw up Scotland’s action plan to capitalise on the opportunities of financing the global shift to net zero, setting out the actions we will take to promote and establish Scotland as a world‑leading centre for green and ethical finance, and leverage the potential of private finance.”

The Taskforce, led by Global Ethical Finance Initiative (Secretariat) in partnership with Scottish Government (Funding Partner) and Scottish Financial Enterprise (Industry Partner), will help to develop and oversee an action plan that will co-ordinate the local financial services to position Scotland as a leading global centre for green and sustainable finance.

The Taskforce will bring together industry leaders meeting 3 times per year, with separate working groups convening more frequently. The group will report to the First Minister’s Financial Services Growth and Development Board twice a year.

The Taskforce will look to:

  • Scope out the scale of the opportunity for Scotland within the UK and beyond
  • Develop domestic networks to enhance collaboration and position Scotland as a source of expertise in green and sustainable finance
  • Support the growth and development of Scottish green and sustainable financial products and services
  • Build capacity within the existing Scottish finance community and help develop a future workforce
  • Present Scotland’s “offer” to global markets to maximise green and ethical inward investment opportunities

by GEFI