Scotland’s two largest cities have improved their position in the latest Z/Yen Global Green Finance Index, underlining the sector’s global reputation and development in green finance.

The Scottish capital has moved up five places to 19th position in total, while Glasgow jumped eight places to 36th place. Meanwhile, London retained its position as the world’s foremost green finance centre.

The index highlights Scotland’s reputation for green finance thought leadership in particular, with Edinburgh in 11th place globally for “knowledge.”

It also underscores Edinburgh’s enhanced reputation among experts, with the capital coming in at 15th position when results are adjusted to green finance professionals specifically.

The index’s results follow the Global Ethical Finance Initiative’s recent Ethical Finance Summit in Edinburgh, which saw the launch of the Scottish Taskforce on Green Finance’s new report and recommendations.

Scottish Financial Enterprise (SFE) identified the index as a key success metric in its Sector Growth Strategy, launched last year.

The results mean that six core growth strategy success measures have been achieved in 2024.

These include the number of new jobs created by the sector (13,000), GVA growth (additional £500 million), fintech investment (up 26% in 2024), foreign direct investment (maintained our position as leading UK FS FDI hub outside of London) and Global Financial Centres Index standing (Edinburgh and Glasgow both improved their position in 2024).

Commenting on the index’s results, Sandy Begbie CBE, who serves as chief executive at Scottish Financial Enterprise, said: “The latest Z-Yen Global Green Finance Index shows Scotland continuing to build its reputation as a world leading green finance centre.

“Our two largest cities continue to be major locations for expertise, education and investment in financing the net zero transition.

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“The recent recommendations of the Scottish Taskforce on Green Finance establish a clear roadmap to help us make further progress.

“Working in partnership with key stakeholders including the Global Ethical Finance Initiative, Scottish and UK governments, and London-based partners like the City of London Corporation, we will ensure Scotland takes full advantage of the huge opportunity that green finance represents.”