Financial summit on climate emergency and economic slowdown under way

Leaders of the, conference, held to mark the upcoming anniversary of the COP26 summit, say private finance needs to do more to fight global challenges.

Global financial summit on climate emergency and economic slowdown under way in Edinburgh

Leaders from international financial heavyweights are set to converge on Edinburgh ahead of a summit aimed at addressing global challenges including the climate emergency.

The Bank of England and World Bank are among the institutions to present at the Global Ethical Financial Initiative (GEFI) conference in the capital on Tuesday.

Speakers including COP 26 president Alok Sharma and the Scottish Government’s finance secretary Michael Matheson are among those taking to the stage or appearing virtually at the NatWest conference centre in Gogarburn.

The summit aims to come to solutions on challenges including the current financial slowdown and escalating conflicts.

GEFI managing director Omar Shaikh said the onus was on private financial institutions to “step up” and aid in the battle against the climate emergency.

“When we come together to share insights and commit to action, we truly can change the world,” he said.

“This week, Scotland once again takes centre stage in the battle against climate change by bringing together professionals and experts to shape a better finance system.

“Larger financial services firms will have to show real leadership if ethical finance is to cascade down to smaller companies, through the supply chain, and into the wider economy.

“The challenge of climate change is daunting – but giving up is simply not an option. Banks and financial institutions hold the key to building a more sustainable world.”

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