Investing in sustainable green finances

A new taskforce has been set up to transition Scotland in to a global leader for Green and Sustainable Financial Services.

Finance Secretary Kate Forbes and UN Special Envoy for Climate Action and Finance Mark Carney will be amongst those speaking at a public launch of the taskforce on Monday 28 February.  

Chaired by David Pitt-Watson, a leading practitioner of responsible finance, the group will bring together the Scottish financial sector, professional services firms and regulatory bodies to build on the legacy of COP26, by working together to implement the Glasgow Financial Alliance for Net-Zero roadmaps and drive Scotland’s future as a progressive financial centre.

Over the next three years the Taskforce - managed by the Global Ethical Finance Initiative (GEFI) - will develop and lead an action plan to build on Scotland's existing strengths to cement Scotland’s position as a world leader in green and sustainable financial services, helping build capability and capacity, and create new greener jobs.

Finance Secretary Kate Forbes said:

“I am looking forward to working with the taskforce to identify the next steps to develop Scotland into a leading hub for green and sustainable financial services.

“Following on from the success of Glasgow hosting COP26, this is another example of the Scottish Government’s ambition to reach Net-Zero – and leverage all the economic opportunities the transition presents - as quickly as possible. This taskforce will provide global leadership by implementing the Glasgow Financial Alliance for Net-Zero in a way that supports our hugely successful financial service industry.

“This week I will publish the Scottish Government’s 10 year national strategy for economic transformation and a cornerstone of that strategy will be to ensure we are taking action now to build greener, more resilient and fairer economies. Initiatives like this will be key in delivering those ambitions.”  

UN Special Envoy for Climate Action and Finance Mark Carney said:

“As we emerge from COP26 the focus must now be on converting net-zero commitments into transparent action plans with robust targets. That is why as Chair of the Glasgow Financial Alliance for Net Zero, I welcome the launch of this new Taskforce. It 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.”

Chair of the Task Force and Global Steering Group Member of 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."

BACKGROUND

The public launch of the taskforce is at 15:30 on the 28^th 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

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.