Scotland and the City in green finance push
Joint effort to increase investment in Scottish projects
First Minister Nicola Sturgeon and the Lord Mayor of London William Russell are spearheading a joint effort to grow the Scottish green finance sector.
On Tuesday they will co-chair a green finance roundtable in Edinburgh, bringing together prospective and current investors in the sector and prominent business leaders. Representatives from organisations including HSBC, J.P. Morgan, L&G Investment Management and Aberdeen Standard will discuss issues such as how to attract investment for green projects in Scotland and the role of government regulation.
Bank of England Governor Mark Carney, who has recently been appointed as the United Nations Special Envoy for Climate Action and Finance, will later address guests from the worlds of business, finance and sustainable investment at the second annual Burns Supper between the City of London and the Scottish Government.
The events are an important forum to progress the green finance agenda ahead of the United Nations’ climate change summit (COP26) being held in Glasgow in November.
The Scottish Government is committed to achieving a just transition to a green economy and has set a target of net zero emissions of all greenhouse gases by 2045. The City of London Corporation is also leading the agenda, having recently launched the new Green Finance Institute together with the UK Government.
The First Minister said: “Our actions in the coming years will define the kind of world we hand onto our children.
“It is important we start the decade as we mean to go on and this gathering of experts is a statement of intent by the Scottish Government and the City of London. Together we are committed to driving the sustainable finance agenda and I look forward to discussing not only how to make green investment work, but make it an attractive form of financing.
“For this to happen government and the private sector must work in partnership. I want Scotland to be seen as the best place to make green investments, not just in major schemes but in smaller, sub-£10 million projects such as district heating networks.”
The Lord Mayor said: “Green finance is one of the best tools available in the urgent race to meet climate targets. Globally, $90 trillion will be needed by 2030 to achieve international sustainable development and climate objectives so the private sector’s contribution will be critical.
“The transition to a green economy is one we must work together to achieve as a priority. That’s why we’re delighted to be combining efforts with the Scottish Government to unlock the significant potential of green finance in Scotland.”
Notes to editors
Green finance refers to financial products directed at increasing environmental benefits, reducing carbon emissions or raising resource efficiency.
Last October the Scottish Government launched a Green Investment Portfolio to match global investors with emission-reducing projects in sectors such as renewables, waste, transport. Working with partners including Scottish Enterprise, the Scottish National Investment Bank, the UK Department for International Trade, Highlands and Islands Enterprise, Scottish Futures Trust, Scottish Renewables and the Scottish Property Federation, the aim is to market a £3 billion portfolio of investable projects over the next three years. The first schemes are expected to be unveiled in the spring.
As an ambassador for the UK’s financial and professional services industry, the Lord Mayor will also use his visit to Scotland to meet firms at the vanguard of Edinburgh’s success as a finance centre.
About the City of London Corporation:
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally successful UK.