North-east business big-hitters Sir Ian Wood, Sir Jim Milne and Martin Gilbert have thrown their weight behind Scotland hosting a new green finance “Davos”.
And they both agree Aberdeen would be the perfect location.
The Granite City is at the epicentre of Scotland’s energy transition.
Davos, in Switzerland, hosts the annual meeting of the World Economic Forum every January.
Lasting up to five days, the high-profile event sees representatives of more than 100 governments and international organisations, as well as business leaders, social entrepreneurs and around 1,000 forum partners from around the world discuss key global issues.
The idea for a “green and sustainable finance” version being held in this country has come from Scottish Financial Enterprise (SFA). The representative body for Scotland’s financial services industry, proposed it in its recently published sector growth strategy.
SFA chief executive Sandy Begbie said: “This event would bring together political leaders, but particularly business and industry, to focus on how best to support development, and roll out innovative green and net-zero technology.
“In particular, it would aim to bring investors, energy and net-zero companies together, providing them with the capital to deliver green technology at the pace and scale required.”
“It would also provide a useful forum for governments and industries to share best practice and address common challenges, such as skills shortages, innovation and governance.”
Sir Jim, chairman and managing director of Granite City-based engineering firm Balmoral Group, said: “I welcome the suggestion by Scottish Financial Enterprise to host an annual green finance ‘Davos’ in Scotland and what better location than Aberdeen.
“Balmoral is joined by a host of like-minded companies operating out of Aberdeen who have already made great headway in renewables.
“Collaboration between industry and government is key and an annual event would ensure a just transition remains at the forefront of our minds as our industry evolves.”
Mr Gilbert, co-founder and former chief executive of Aberdeen Asset Management and chairman of AssetCo, Toscafund and Revolut, is one of the biggest names in the UK financial services industry.
“This is a welcome and important suggestion from Scottish Financial Enterprise,” the business veteran told The Press and Journal.
He added: “An annual summit such as this, , especially if it was held in Aberdeen, would play to Scotland’s natural strengths in energy and financial services.
“It would be welcomed by industry leaders across the country, including in Aberdeen and the wider north-east region.”
Mr Begbie insisted the Scottish financial services sector “must be at the heart of” energy transition efforts north of the border.
He added: “Working with government and with other key sectors like energy, technology and universities, we can take a global leadership role in funding and enabling the technologies that will deliver net-zero.
“We must also work together to ensure the journey to net-zero is a just transition, which brings benefits to all sections of our society, and ensures those who can least afford it are not left behind.”
Sandy Begbie highlights need to make sure ‘those who can least afford it are not left behind’
Mr Begbie continued: “Our recently published growth strategy outlined how our sector will ensure we take people with us as we grow the economy – whether on broadening access to banking services or building the skills our economy and society needs.
“We must also work together to ensure the journey to net-zero is a just transition, which brings benefits to all sections of our society, and ensures that those who can least afford it are not left behind.”
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