Investor Panel: Mobilising international capital to finance the transition to Net Zero

Background

• The Investor Panel was formed in December 2022 to make recommendations as to how Scotland can attract mobile capital and investment to support Scottish Government policy and the just transition to net zero, particularly around the physical infrastructure required to support this transition
• Attracting mobile capital is important because the scale of investment required for the transition to net zero and for projects like ScotWind will require a fundamental shift from funding to financing and for the public and private sectors to work closely together
• The international capital markets are highly competitive. Scotland does not have
  the depth of market or financial resources of countries or regions such as the US, China, the Middle East or the EU. We must find suitable ways to allow Scotland to fulfil its potential
• The recommendations made by the Panel set out in this document relate to the way that the Scottish Government, its agencies and public sector partners engage with investors and how Scotland is perceived as an investment environment
• By way of example, some recommendations specific to attracting investment in ScotWind, Hydrogen and heat in buildings are also included which have been identified as areas of focus

The Panel comprises:

• Angus Macpherson (Co-Chair) Chief Executive, Noble & Co
• Alexandra Basirov Head of EMEA ESG Finance & Solutions, Bank of America
• Shane Corstorphine Ex-Skyscanner CFO & scale up consultant
• Judith Cruickshank Managing Director, Commercial Mid Market Banking, RBS
• Baroness Margaret Ford Chair, Gatwick Airport
• Michael McGhee/John Watson* Global Infrastructure Partners
• Andrew Telfer Senior Partner, Baillie Gifford
• Gavin Templeton Managing Director, Pollination

*Alternate

Peter Reekie, Chief Executive of Scottish Futures Trust and Willie Watt, Chairman
of the Scottish National Investment Bank acted as advisers to the Panel