A new taskforce has been set up to build upon Scotland’s existing strengths and cement its position as a “global leader” in green and sustainable finance services.

Chaired by leading practitioner of responsible finance David Pitt-Watson and managed by the Global Ethical Finance Initiative (GEFI), the Taskforce will develop and lead an action plan over the next three years.

It will bring together the Scottish financial sector, professional services firms and regulatory bodies to build on the legacy of the COP26 climate summit by working together to implement the Glasgow Financial Alliance for Net Zero roadmaps.

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

More than 160,000 people are employed in finance-related jobs and £9.5 billion of responsible funds are managed in Scotland.

Finance Secretary Kate Forbes said: “I am looking forward to working with the taskforce to identify the next steps to develop Scotland into a leading hub for green and sustainable financial services.

“Following on from the success of Glasgow hosting COP26, this is another example of the Scottish Government’s ambition to reach net zero – and leverage all the economic opportunities the transition presents – as quickly as possible. This taskforce will provide global leadership by implementing the Glasgow Financial Alliance for Net Zero in a way that supports our hugely successful financial service industry.

“This week I will publish the Scottish Government’s 10-year national strategy for economic transformation and a cornerstone of that strategy will be to ensure we are taking action now to build greener, more resilient and fairer economies. Initiatives like this will be key in delivering those ambitions.”