Taskforce identifies four areas for action.
Deputy First Minister will collaborate with
financial institutions to ensure Scotland becomes a global centre
for green and sustainable finance and investment.
A new report from the Scottish Taskforce for Green and
Sustainable Financial Services makes 31 recommendations on how
the public and private sectors can encourage and fund green
investments and tackle the climate emergency.
It stresses the Scottish finance industry is particularly well
placed to reap “profound benefits” from becoming a global hub and
identifies four areas for action – policy, promotion, investment
and skills.
Suggested initiatives include:
- work to ensure Edinburgh and Glasgow sustain and improve
their rankings in the Global Green Finance Index
- new initiatives to attract more financial institutions to
build their sustainable businesses in Scotland
- collaboration across sectors and academia to improve the
skills of Scotland's workforce in sustainable finance
Deputy First Minister , who will today address the
Ethical Finance Global Summit in Edinburgh, welcomed the
findings.
Ms Forbes said:
“This report is a decisive action plan as we progress towards
making Scotland the natural home for green and sustainable
finance.
“The financial services sector is key to delivering the benefits
of the transition to net zero and we will use this route map to
work together and ensure that Scotland - one of the world's
oldest financial centres – is able to maximise the opportunities
ahead of us.
“This report, complementing our Green Industrial Strategy and the
action we are taking such as developing a series of investment
opportunities and launching an online investment portal in 2025,
will make Scotland more attractive for investment."
Taskforce Chair David Pitt-Watson said:
“Climate may be the greatest challenge facing humankind.
Addressing it will require a huge investment and the services of
the finance industry. Finance is a jewel in Scotland's industrial
crown. So not only should there be many opportunities for green
investment in Scotland, from wind to housing, there is also a
huge opportunity for its financial services industry to serve the
world.
“The Taskforce has already stimulated a considerable amount of
action. And there is so much more to do. This report is a
strategy for Scottish finance to play its proper role in
addressing the climate challenge.”
Chief Executive of Scottish Financial Enterprise (SFE) Sandy
Begbie said:
“The work of the taskforce is a great example of collaboration
between government and industry to enhance Scotland's reputation
as a global green and sustainable finance centre.
“There are significant recommendations in the report and I am
pleased that today marks the start of a formal partnership
between the Global Ethical Finance Initiative (GEFI) and SFE to
take them forward. GEFI will leverage its considerable global
footprint while SFE will use its leadership position here in
Scotland and our key relationships in London.”
Background
The Scottish Taskforce for Green
and Sustainable Financial Services report.
The Scottish Government's
initial response.
The Taskforce was established by the Scottish Government in 2022
following the success of COP 26.
