Edinburgh hosts global ethical finance summit one year on from COP26

Leaders from the world’s largest financial institutions will hold a global summit on ethical finance in Edinburgh nearly one year on from COP26 in Glasgow.

The World Bank, the Bank of England, and major finance and investment firms will be present at the meeting next week, which will focus on the vital role of finance in protecting and restoring nature and biodiversity and the challenges of climate adaptation and mitigation, as well as financing the United Nations’ sustainable development goals.Delegates are due to attend events organised by the Global Ethical Finance Initiative over three days from Monday, with the main summit on Tuesday at the NatWest conference centre in Gogarburn.

Speakers include COP26 president Alok Sharma and the Scottish Government Net Zero Secretary Michael Matheson.

As well as addressing global challenges, including conflicts and the economic slowdown, the summit will also promote Edinburgh to the world as the best place to base environment, social and governance (ESG) operations.Mr Matheson said: “Our journey to becoming a net zero nation by 2045 holds fantastic opportunities, including for our globally competitive financial services industry.“We are committed to building the long-term relationships with investors who share our values, regulators and the financial services industry to seize them.“This summit and the next meeting of the Green and Sustainable Financial Services taskforce is clear evidence of Scotland’s resolve to build a green finance hub and our shared commitment to deliver on the promise of Glasgow’s COP26.”Omar Shaikh, managing director of the Global Ethical Finance Initiative, said: “The world is convening in Scotland once again to address our greatest collective challenges, including the climate emergency facing our planet. We all depend on global finance making the right choices to deliver positive change and achieve the UN’s sustainable development goals.“At this vital summit in Edinburgh, we will hear from renowned experts on sustainable and responsible finance around the world, including the role of finance in protecting and restoring nature and biodiversity.“This is also an extraordinary opportunity to showcase Edinburgh as a prime location to base ESG operations – not only because of our financial heritage, but because of the culture of inquiry in the city today that can help shape our global future.”Anshula Kant, managing director of the World Bank, said the gathering was a reminder of the shared goals at the heart of sustainable development – tackling the climate crisis, meeting urgent development needs of the vulnerable living in poverty, and aiming for peace and prosperity.“Achieving these goals has become even more challenging given the overlapping global crises, the economic slowdown, rising inflation, deepening food insecurity, fragility and conflict, and rising geopolitical tensions.”Judith Cruickshank, from Royal Bank of Scotland, said the summit was the largest gathering of sustainable finance experts since COP26. “It will energise and inspire our global leaders as we reflect on the challenges facing the world, and set out our proposed actions in response.“Tackling the climate emergency is this generation’s defining mission, to protect and preserve the natural world for the benefit of those who come after us.”