Newspress

Edinburgh, Scotland - The United Nations Development Programme (UNDP) and Scottish-Government backed Global Ethical Finance Initiative (GEFI), together with the New York Declaration on Forests Global Platform, gather experts in Edinburgh, Scotland today to develop financial solutions that drive socially inclusive and environmentally sustainable development.

The two-day "Finance for Nature Global Summit," hosted by independent investment manager Baillie Gifford, brings together Government officials, financial institutions, consumer goods corporations, supply chain intermediaries and conservation organisations to explore a new investment paradigm aligned with the UN Sustainable Development Goals (SDGs).

Omar Shaikh, Founder of GEFI said: "Hosting this event in Scotland is recognition of our growing reputation as a leader in convening the ethical finance debate and by facilitating finance-related partnerships in support of SDG-aligned investments we hope to demonstrate genuine impact."

Andrew Cave, Head of Governance and Sustainability at Baillie Gifford added: "As long-term investors, we understand the importance of considering sustainability issues in the investment process. Therefore, we are delighted to support this important event."

The summit comes less than a month after Scotland's First Minister Nicola Sturgeon told the Scottish National party's spring conference in Edinburgh that the world is facing a "climate emergency" and vowed that "if advice says we can go further or go faster, we will do so. Scotland will lead by example."

According to the World Economic Forum's 2019 Global Risks Report, half of the top global risks, relate to the environment and climate change, and have a material impact on a company's operational costs, reputation, risk and profitability. The SDGs, which reflect the aspirations of people around the world, provide a global framework for businesses and financial institutions to address these challenges.

With an estimated US$ 2.4 trillion annual shortfall in the investment required to achieve the 2030 target there is an urgent need for private sector finance. Despite growing interest, a fraction of the worldwide invested assets are currently aligned to the SDGs. The Finance for Nature Global Summit will seek to develop and shape innovative financial instruments to mitigate complex risk, particularly from climate change.

UNDP's Global Programme on Nature for Development Manager Jamison Ervin said: "The recent UN report on nature issued a clarion call regarding our global biodiversity crisis. This Summit helps us understand how private sector capital can accelerate nature-friendly growth while also catalysing an inclusive and sustainable future. We need a new economic model, and where better to look for this model than Scotland!"

The summit is part of a pioneering $1 million two-year programme of collaboration aimed at mobilising private capital for the SDGs that was announced by UNDP and Scottish Government in October 2018.