First Minister Nicola Sturgeon is to deliver the keynote address at a world summit that will promote Scotland as the international home of ethical finance.
Ethical Finance 2019 will be hosted by the Scotland-based Global Ethical Finance Initiative (GEFI) in Edinburgh on October 8 and 9, bringing together over 300 senior representatives from more than 200 companies and organisations.
Ms Sturgeon will say Scotland can be the global headquarters of ethical finance, while there will also be a video address from the Archbishop of Canterbury.
GEFI works towards a fairer finance system for people and the planet, focusing on sustainability, climate change and social justice. Ethical finance in the UK is valued at around £40billion, creating thousands of sustainable job opportunities.
Scotland has a long history of social enterprise with a growing reputation in ethical finance. The robust financial services sector in Scotland has strong ethical roots, and a reputation for innovation, research and development. It is a world leader in climate change and has an opportunity to build on this when Glasgow hosts the UN’s climate change summit, COP26, in 2020.
First Minister Nicola Sturgeon said: “Scotland’s approach to economic growth is centred on making sure that it is inclusive, sustainable and fair. “Those same values are at the core of the global discussion on ethical finance, a discussion that has a natural home in Edinburgh the heart of Scotland’s thriving financial sector, with a long history and global reputation for innovation. “Ethical Finance 2019 will bring financial leaders together to demonstrate the vital role finance will play in addressing the most pressing global challenges and creating positive change – and I look forward to taking part.”
Omar Shaikh, managing director of GEFI, said: “Scotland has been a pioneer in financial innovation and the development of professional standards. “The failure of trickle-down economics to fairly distribute wealth and encourage inclusive growth, the damaging impact on the planet of the unchecked pursuit of profit, and the banking scandals of the past decade means that ethical finance has never been more popular or needed. “At this global summit we will explore how to create a better holistic system of financial management that delivers both profit and social returns, and positions Scotland as the global HQ of ethical finance.”
What is the Global Ethical Finance Initiative?
The Global Ethical Finance Initiative (GEFI) oversees, organises and coordinates a series of programmes to promote finance for positive change.
It brings together the world’s business, political, and social leaders to build a fairer finance system for people and the planet.
What is ethical finance?
A fairer system of financial management that combines profit with better outcomes for people and the planet.
The full working definition of ethical finance:
A system of financial management or investment that seeks qualitative outcomes other purely the management of returns. Outcomes sought may reflect ideas from faith, environmental and governance theories.
Why does ethical finance matter?
Although ethical finance is not a new concept the financial crisis has led to a growing interest in sustainability, climate change and social justice. This has seen a collective desire to create a fairer, more inclusive and responsible global financial system.
Trust in banks is diminishing and today’s generation of consumers believes that investment decisions should reflect the issues they care about. Ethical finance in the UK is valued at around £40billion, creating thousands of sustainable job opportunities.
Today, with the world facing a climate emergency there is a pressing need to develop environmentally sustainable financial solutions.
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