Scotland climbs in global green finance rankings

Edinburgh and Glasgow have both risen in the ninth edition of the widely-watched Global Green Finance Index (GGFI) from London thinktank Z/Yen.

Edinburgh climbed four places to 35th, while COP26 host city Glasgow rose two places to 51st — the only UK financial centres outside London to place on the list.

Glasgow ranks ahead of financial centres such as Milan, Istanbul and Tel Aviv, with Edinburgh leading Osaka, Hong Kong, Toronto, Chicago and Rome.

The rankings show that Scotland is well-placed to build upon the legacy of COP26 with its new Scottish Taskforce on Green and Sustainable Financial Services.

Led by the Scottish Government, Global Ethical Finance Initiative (GEFI) and Scottish Financial Enterprise, the Taskforce brings together prominent financial institutions, policymakers, professional bodies, academic institutions, and industry representatives to coordinate the Scottish financial sector’s approach to financing a net zero economy.

GEFI Chief Operating Officer Chris Tait said: “The rise of both Edinburgh and Glasgow in the latest Global Green Finance Index shows the knowledge and expertise of Scotland’s green finance cluster.

“By bringing together stakeholders from across the sector, we will leverage our intellectual capital and financial history to deliver finance for net zero.”

Speaking at the Taskforce launch, Mark Carney, UN Special Envoy for Climate Action and Finance and former Governor of the Bank of England, said: “This Taskforce presents a unique opportunity, at the national level, for stakeholders active in one of the world’s oldest financial centres to work together to demonstrate leadership in defining and implementing the steps required to align with a net-zero future.”

The Taskforce will report on progress and policy recommendations to the First Minister’s Financial Services Growth and Development Board.

The Global Ethical Financial Initiative is a non-profit based in Glasgow that has become a hub of the ethical finance movement.