Scotland needs a new sustainable finance hub to help turn green energy projects into jobs, funding, and growth and unlock potential to attract new investment, experts have said as a key summit takes place.
The Global Ethical Finance Initiative (GEFI) said the new hub could act as a “one-stop shop”, bringing together Scottish expertise for greater impact and enhancing support to the organisations already promoting the country’s strengths internationally.
It said the hub could also maximise the opportunity for jurisdictional collaboration and knowledge share with wider UK and world-renowned sustainable finance institutions.
GEFI contended that Scotland has the assets and expertise needed to lead in sustainable finance, but could set out a much clearer route from initial interest to delivery.
The call comes as the Edinburgh Finance Festival takes place, bringing more than 3,000 delegates to Scotland.
Building on the success of last year’s inaugural event, the programme includes the 25th World Conference of Banking Institutes in St Andrews and the Ethical Finance Global Summit, now in its 11th year.
The proposed hub could bring investors, industry, universities, and policymakers together in one place.
It would provide a single point of contact for sustainable finance in Scotland, helping funders find projects, supporting existing organisations, speeding up delivery, and reducing duplication.
GEFI said Scotland already has abundant renewable energy resources, a strong financial services sector, world-class universities, and deep expertise in energy and asset management.
But it warned that other countries are moving quickly to attract the capital, talent, and expertise linked to sustainable and transition finance.
Dubai, Luxembourg, and Singapore are among places actively positioning themselves to capture opportunities from the global energy transition.
Amanda Young, senior adviser at GEFI, said:
“Scotland has the assets and expertise needed to become a leading centre for green and sustainable finance. The challenge now is not capability. It is coordination.
“There is significant global capital looking for credible opportunities linked to sustainability, infrastructure, and industrial transition.
“Scotland should be well placed to benefit, but we need to make it easier for investors, businesses, innovators, academia and policymakers to connect with those opportunities.
“A one-stop shop for sustainable and transition finance could help identify barriers, connect projects with capital, and move Scotland from ambition to delivery.”
The Scottish Taskforce for Green and Sustainable Financial Services was established by the Scottish Government and chaired by Lord David Pitt-Watson between 2022 and 2024.
GEFI acted as secretariat, with Scottish Financial Enterprise as industry partner. The Taskforce brought together 24 financial institutions and industry bodies to strengthen Scotland’s position as a leading centre for green and sustainable finance.
Its final report, launched at the Ethical Finance Global Summit in September 2024, set out 31 recommendations for industry and government, covering competitiveness, investment, the transition of key sectors, and Scotland’s international profile.
Ms Young, who represented investment company Aberdeen Investments on the Taskforce, said Scotland now needs to focus on putting the recommendations into practice, with better coordination.
She added: “Scotland should not only be a place where transition projects happen. We should also be coordinating the investment, advisory, and financial expertise that helps fund, structure, and manage them.”
Edinburgh Finance Festival delegates will attend the Ethical Finance Global Summit on June 18 at Edinburgh’s Sheraton Grand Hotel and Spa.
The event will explore whether the mounting challenges facing the sector will force a retreat, trigger a recalibration, or revitalise the industry.
The programme will focus on how financial leaders can retain credibility, competitiveness, and purpose while navigating an increasingly uncertain world.
The World Conference of Banking Institutes will bring together banking leaders, academics, and regulators to explore how technology, trust, and professional standards will shape the future of banking.
Hosted by the Chartered Banker Institute and running from June 16 to 18, it will examine the forces transforming the profession, from AI and technological advances to shifting expectations around ethics, responsibility, and public confidence.
Lord David Pitt-Watson said:
“When the Taskforce concluded its work in 2024, what we found was that Scotland already possessed many of the ingredients needed to become a leading centre for green, sustainable and transition finance.
“The challenge was never a lack of opportunity. It was how to bring these strengths together and turn ambition into delivery.”
Tara Schmidt, executive director of Transition Finance Scotland, said:
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“As we identified in the Taskforce, Scotland has over £100 billion in investment potential tied to its transition to a more sustainable economy, offering significant economic value alongside enhanced energy security, resilience, and the social and financial benefits that decarbonisation brings.
“Transition Finance Scotland has rapidly built a growing network of over 40 partnering organisations across finance, policy and real economy, confirming the immense appetite to come together to accelerate the unlocking of Scotland’s investment potential.
“We welcome the concept of a sustainable finance hub, in growing an additive, actions-focused network to maximise positive real economy impact for our nation.”
