By Scott Reid
Copyright scotsman
Scotland can tap into its financial legacy and lead the world in the development of new ethical funding practices, leading industry figures will be told this week. More than 2,500 delegates are due to attend the inaugural Edinburgh Finance Festival, running this week and next. At the heart of the fortnight’s festivities is the hosting of the tenth Ethical Finance Global summit, alongside Scottish Renewables’ Onshore Wind Conference and the FinTech Scotland Festival. Speaking to The Scotsman ahead of Wednesday’s main summit event, Dame Susan Rice, former managing director of Lloyds Banking Group Scotland and chair of the Global Ethical Finance Initiative’s (GEFI) global steering group, said Edinburgh was the “natural place” to stage the festival, bringing together “what’s modern and innovative in finance against a backdrop of ethical use”. She said: “If you look around Scotland and specifically Edinburgh you see the earliest pension funds, early developments in insurance, the development of branch banking, the introduction of auditors. There is a tremendous financial heritage but one where things have also gone the wrong way. “You learn and you are stronger if you have some mistakes as well as a lot of successes. Finance should be put to good use all the time. That’s what it’s there for.” Rice, a long-standing and well-connected figure within Scotland’s financial community and beyond it, has been chair of the GEFI steering group since its inception and will also be chairing a panel discussion at the summit. The festival as a whole is expected to bring a £1 million-plus boost to the capital’s economy, as delegates stay, meet and spend in the city. Talks and roundtables will focus on green finance, sustainable growth and the energy transition. Festival partners include the Scottish Government, Scottish Financial Enterprise (SFE), FinTech Scotland and the Library of Mistakes. There will also be other events from Aberdeen Investments, Christian Aid, City of London, the UK Department for Business & Trade, Icas, NatWest Group, Phoenix Group, Plan Vivo and PRI. Omar Shaikh, managing director of the Global Ethical Finance Initiative, said: “Over the past ten years Ethical Finance Global has grown from a single summit into a wider programme that tackles some of the biggest challenges facing finance today. “This new expanded festival brings together leaders from across finance, technology and energy to focus on climate change, social justice and economic uncertainty. “Scotland’s role as a centre for responsible finance continues to strengthen, with this event providing a platform to share practical ideas and solutions. The festival highlights how finance can be a force for good by supporting a fairer economy and a greener future.” Sandy Begbie, chief executive of SFE, added: “Scotland has a rich heritage in financial services stretching back more than 300 years. “It’s fitting that our finance festival is being held in Edinburgh, where much of our financial services history was made. The festival offers a great chance for our members to network, take part in events, and connect with colleagues from around the world on a wide range of topics.” ‘The Davos of ethical finance’: How Edinburgh can reshape the corporate world
