Initiated by the Global Ethical Finance Initiative (secretariat) and Scottish Government (funding partner) with support from Scottish Financial Enterprise (industry partner), the taskforce aims 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.

Bringing together industry leaders, the Taskforce will meet 3 times per year with separate working groups convening more frequently. The group will report to Scotland’s Financial Services Growth and Development (FiSGaD) Board twice a year. Public report launches and events will occur as needed.

  • Industry-led
  • Inform policy
  • Outcome driven
  • Showcase Scotland

Funding Partner:

Scot gov

Secretariat:

Global Ethical Finance Initiative

Industry Partner:

Launch event


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 at the Taskforce launch event on 28 February 2022.

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 with David Pitt-Watson and Dame Susan Rice 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.

Chair


David Pitt-Watson

David Pitt-Watson

David is a leading thinker & practitioner in responsible investment and a former Chair of UNEP FI.

David is a leading thinker & practitioner in responsible investment, and serves as a Member of GEFI’s Global Steering Group and Chair of the Scottish Green Finance Taskforce. Born & brought up in Scotland, he was co-founder, and CEO of Hermes Focus Funds & Equity Ownership Service. These became the largest responsible investment group of any fund manager in the world.  Throughout his career he has been deeply involved in policy, particularly in the field of corporate governance and financial market regulation. He has led numerous initiatives to improve the performance of the financial system.

Member Institutions


abrdn
Baillie Gifford
British Venture Capital Association
CFA Institute
Chartered Banker Institute
City of London Corporation
FinTech Scotland

GEFI
Leapfrog Investments
LINC Scotland
NatWest Group
Phoenix Group
pwc (pending internal approval)
Royal London

S&P Global
Scottish Financial Enterprise
Scottish Financial Risk Academy
Scottish Government
Scottish National Investment Bank
University of Edinburgh

Member Institutions


abrdn
Baillie Gifford
British Venture Capital Association
CFA Institute
Chartered Banker Institute
City of London Corporation
FinTech Scotland
GEFI
Leapfrog Investments
LINC Scotland
NatWest Group
Phoenix Group
pwc (pending internal approval)
Royal London
S&P Global
Scottish Financial Enterprise
Scottish Financial Risk Academy
Scottish Government
Scottish National Investment Bank
University of Edinburgh

Get in Touch


For further information about the Taskforce, contact chris@globalethicalfinance.org

Knowledge Hub


Market Opportunity


Responsible finance is critical for a prosperous, 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.

The Taskforce launches on the 28th February from 15:30-16:30 GMT, with Mark Carney, Kate Forbes, Dame Susan Rice, David Pitt-Watson and Omar Shaikh.

Why Scotland?

Scotland has a historical association with ethical finance and financial innovation, with pre-existing strengths in renewable energy and natural capital.

  • The second largest financial services cluster in the UK after London
  • More than 2,000 financial services businesses
  • A growing fintech hub, with over 190 firms
  • 7% of UK investment AUM and 11% of responsible investment AUM

The Scottish Taskforce on 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.

The Scottish Taskforce on 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.