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Fri August 07 2020

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City helps Scotland find green finance

27 Jan The Lord Mayor of London is helping spearhead a plan to increase investment in ‘green’ projects in Scotland.

Scotland’s 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 (28th January) they will co-chair a roundtable in Edinburgh, bringing together prospective and current investors in the sector and business leaders. Representatives from organisations including HSBC, JP 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 viewed as a 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 has set a target of net zero emissions of all greenhouse gases by 2045. The City of London Corporation has recently launched the new Green Finance Institute together with the UK government.

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Sturgeon said: “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.”

Russell 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.”

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