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A new report highlights the role of the FS sector in Scotland’s green ambitions

Posted on by darion

Scottish Financial Enterprise and Shepherd and Wedderburn have published a new report highlighting how Scotland’s financial and professional services sector is contributing to achieving net zero and encouraging greater collaboration between government and industry.

The report examines some of the key initiatives and innovations taking place across the industry in areas including transformation finance, skills and expertise, and data and artificial intelligence.

It also looks at how Scotland can continue to build on its global reputation as a center for green finance. Both Edinburgh and Glasgow are in the top 50 global green finance hubs, with Edinburgh ranking 24thvol in the internationally recognized Z-Yen Global Green Finance Index and Glasgow 44vol.

The report follows a major net zero summit hosted by SFE and Shepherd and Wedderburn in March, which brought together leaders and experts from across industry and academia to drive collaboration and action.

It comes in the context of a number of major renewable energy infrastructure projects in Scotland, creating opportunities for financing, legal advice and other advisory expertise to support the growing number of investable projects through to completion. Scotland’s two green freeports, approved last year, are estimated to attract private investment of up to £9 billion.

The report makes a number of calls to action for government and industry to help seize new opportunities, including:

  • Simplifying the language around sustainability and exploring how we can better inform our customers about the benefits of green and sustainable finance.
  • Nurturing our ecosystem through increased cross-sector engagement, support for innovators and capital for the most promising climate fintechs.
  • A renewed focus on how we share, compare and match our data to ensure our ecosystem has a good understanding of our progress towards achieving net zero targets.
  • Increasing our engagement with the education and research community to support upskilling and reskilling.

The Scottish Green and Sustainable Financial Services Task Force, established in 2022 by the Scottish Government, SFE and the Global Ethical Finance Initiative, is expected to deliver its recommendations which will provide a framework for the sector for the next stage of its transition to net zero.

Commenting on the report, Sandy Begbie CBE FRSE, Chief Executive of Scottish Financial Enterprise, said: “With a well-established and diverse financial services ecosystem, one of the largest energy sectors in Europe, leading universities and a vibrant digital economy, we all have the ingredients to make it even more enhance our opportunities in the growing green and sustainable finance sector.

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“Our ambition is to use these strengths to drive sustainable growth for the Scottish economy, create jobs and boost investment. We will continue to work closely with the government and other stakeholders to ensure we make the most of this opportunity.

Louisa Knox, partner at Shepherd and Wedderburn, said: “Shepherd and Wedderburn were delighted to host the SFE Journey to Net Zero Summit in March. This report draws on some of the excellent insights from summit participants who are leading Scotland’s green finance pathway and identifies some of the key actions that will help us deliver the next stage of our transformation.”