FOI/202300385923 · FOI · not held
Global Ethical Finance Initiative, Ethical Finance Ltd and Islamic Finance Council UK payments: FOI release
Information requested
You asked for details of specific payments which you would like a further breakdown of and more information about:
Global Ethical Finance Initiative
120,000.00 07-Apr-21 COP26 Event Programme Directorate for International Trade & Investment 133,330.00 06-Sep-21 Entrepreneurship & Innovation Directorate for International Trade & Investment 63,072.00 27-Oct-21 Entrepreneurship & Innovation Directorate for International Trade & Investment 79,401.00 16-Feb-22 Entrepreneurship & Innovation Directorate for Scottish National Investment Bank 65,781.00 09-Sep-22 Grant payment (Q1) for Global Ethical Finance Initiative (GEFI) Directorate for Scottish National Investment Bank 73,844.81 19-Oct-22 Entrepreneurship & Innovation Directorate for International Trade & Investment 88,092.86 16-Jan-23 Entrepreneurship & Innovation Directorate for International Trade & Investment 65,179.65 26-Apr-23 Entrepreneurship & Innovation Directorate for International Trade & Investment
Ethical Finance Ltd
60,000.00 17-Oct-18 Grant funding for support of ethical finance hub operational costs. Directorate for Economic Development 30,000.00 22-Jan-19 Grant support to Ethical Finance Hub Directorate for Economic Development 221,000.00 27-Feb-19 Ethical Finance Hub Grant Directorate for Economic Development 30,000.00 30-Jul-19 Grant agreed for Ethical Finance Hub Directorate for Economic Development 45,000.00 24-Feb-20 Professional Fees Directorate for Scottish National Investment Bank 53,984.00 15-Sep-20 Grant payment to Ethical Finance Hub Ltd. Project - The Global Ethical Finance Initiative (GEFI) Directorate for Economic Development
Islamic Finance Council UK
350,000.00 25-Mar-19 Grant payment. Development of Global Ethical Finance Initiative Directorate for Economic Development 82,137.00 15-Sep-20 Grant payment to UK Islamic Finance Council Ltd. Project - The Global Ethical Finance Initiative (GEFI) Directorate for Economic Development
1. What the specific purpose of the payments were.
2. All correspondences relating to the payments.
3. When were they applied for and who agreed them?
4. What follow up action has been taken to see how they were used?
Response
Questions 1 and 3
For the answer to questions 1 and 3, please see table below:
what the specific purpose of the payments were when were they applied for and who agreed them
Year Name Payment Date Specific Purpose of payment Date applied for Who agreed them 2021 Global Ethical Finance Initiative 120,000.00 07-Apr-21 Path to COP26 Programme of events Discussions started late 2020 Approved by (then) Investment Finance Deputy Director Kat Feldinger and included in First Minister ministerial update 2021 Global Ethical Finance Initiative 133,330.00 06-Sep 21 Fulfilment of the Programme for Government Commitment to Establish and convene the Scottish Taskforce for Green and Sustainable Financial Services Discussions started late 2020 2021 Global Ethical Finance Initiative 63,072.00 27-Oct-21 2022 Global Ethical Finance Initiative 79,401.00 16-Feb 22 2022 Global Ethical Finance Initiative 65,781.00 09-Sep 22 2022 Global Ethical Finance Initiative 73,844.81 19-Oct-22 2023 Global Ethical Finance Initiative 88,092.86 16-Jan-23 2018 Ethical Finance Hub Limited 60,000.00 17-Oct-18 Development of Ethical Finance Hub. Feb 2018 Derek Mackay MSP, (then) Cabinet Secretary for Finance, Economy and Fair Work 2019 Ethical Finance Hub Limited 30,000.00 22-Jan-19 2019 Ethical Finance Hub Limited 30,000.00 30-Jul-19 2019 Ethical Finance Hub Limited 221,000.00 27-Feb 19 programme of work in collaboration with the United Nations Development Programme (UNDP) to support development of new funding models in support of sustainable development, Oct 2018 Derek Mackay MSP, (then) Cabinet Secretary for Finance, Economy and Fair Work 2020 Ethical Finance Hub Limited 53,984.00 15-Sep20 2020 Ethical Finance Hub Limited 45,000.00 24-Feb20 Provision of Advice on Ethical Statement to Scottish national Investment bank project team Sept 2019 s.17 applies 2019 Islamic Finance Council UK 350,000.00 25-Mar 19 establishment and development of the Global Ethical Finance Initiative Oct 2018 Derek Mackay MSP, (then) Cabinet Secretary for Finance, Economy and FairWork 2020 Islamic Finance Council UK 82,137.00 15-Sep20
Questions 2 and 4
In response to questions 2 and 4, I enclose a copy of some of the information you requested.
Please see attached:
1. Document 1 provides some of the information you requested relating to the payments noted above for Islamic Finance Council UK and Ethical Finance Hub Ltd except for the payment of £45,000
2. Document 2 provides some of the information you requested relating to the payment of £45,000 made under Ethical Finance Hub Ltd
3. Document 3 provides some of the information you requested relating to the payments noted above for Global Ethical Finance Initiative.
4. Document 4 provides some of the information you requested relating to the payments noted above for Path to COP26 programme.
While our aim is to provide information whenever possible, in this instance we are unable to provide some of the information you have requested because an exemption(s) under the following section(s) apply
s.17 Notice that information is not held; s.25(1) of FOISA applies to information which is already reasonably accessible to you s.30(b)(i) Free and frank provision of advice; s30(b)(ii) Free and frank of exchange of views; s.33(1)(b) Commercial interests; s.38(1)(b) Personal information of FOISA applies to that information.
The reasons why these exemptions apply are explained in the annex A below.
Additionally in relation to question 4, due to the interconnected nature of the 3 companies, please note Global Ethical Finance Initiative (GEFI) arose from UK Islamic Finance Council and Ethical Finance Hub is a subsidiary of GEFI. Therefore some of the payment information requested under one company may relate to work carried out within another company.
Therefore the payments made under:
the Islamic Finance Council UK were in relation to establishing and developing the Global Ethical Finance Initiative which the Scottish Government still supports and is currently partnering and collaborating with on the work of the Scottish Taskforce for Green and Sustainable Financial Services. The programme of work with the UNDP established a collaboration and partnering between the Scottish Government and the UNDP to support the Sustainable Development Goals (SDGs) The Ethical Finance Hub was established to showcase and promote Scotland as a centre of ethical finance and is now a subsidiary of GEFI. The Path to COP26 programme was part of a programme of work which included launching the Scottish National Investment Bank and shifting the focus of financial services work towards establishing Scotland as a centre for green finance. Taking part in an already established programme of events by GEFI, with proven global audience, was regarded as a rapid way to establish this as the new focus for the work and introduce Scottish Government to key financial institutional players we would need to enter discussions with to achieve it. The funding to GEFI helped to ensure Scottish Government was one of the branded partners of the Pathway to COP programme and ensured access and participation in a series of events, which Scottish Government took part in. This included events alongside the Director General of UNEP, at Glasgow University and virtually across a period of about 6 months. The establishment of the Scottish Taskforce for Green and Sustainable Financial Services (Taskforce) was also part of this programme of work to help pivot our financial services to more green, ethical and sustainable finance. GEFI was seen and recognised by industry as beneficial stakeholder within the Scottish financial services ecosystem who had constructive engagement with wider global audience in green and ethical finance (building on their work from the Islamic Finance Council and Ethical Finance Hub). GEFI were tasked to establish and convene the Taskforce over a period of 3 years with a final report of recommendations presented to Scottish Ministers at the First Minister co-chaired Financial Services Growth and Development Board in Spring 2024. The remit of the Taskforce and the deliverables, as noted in the grant letter, the Terms of Reference are included in the released documents.
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Detected exemption language
Feb 2018 Derek Mackay MSP, (then) Cabinet Secretary for Finance, Economy and Fair Work 2019 Ethical Finance Hub Limited 30,000.00 22-Jan-19 2019 Ethical Finance Hub Limited 30,000.00 30-Jul-19 2019 Ethical Finance Hub Limited 221,000.00 27-Feb 19 programme of work in collaboration with the United Nations Development Programme (UNDP) to support development of new funding models in support of sustainable development, Oct 2018 Derek Mackay MSP, (then) Cabinet Secretary for Finance, Economy and Fair Work 2020 Ethical Finance Hub Limited 53,984.00 15-Sep20 2020 Ethical Finance Hub Limited 45,000.00 24-Feb20 Provision of Advice on Ethical Statement to Scottish national Investment bank project team Sept 2019 s.17 applies 2019 Islamic Finance Council UK 350,000.00 25-Mar 19 establishment and development of the Global Ethical Finance Initiative Oct 2018 Derek Mackay MSP, (then) Cabinet Secretary for Finance, Economy and FairWork 2020 Islamic Finance Council UK 82,137.00 15-Sep20 Questions 2 and 4 In response to questions 2 and 4, I enclose a copy of some of the information you requested. While our aim is to provide information whenever possible, in this instance we are unable to provide some of the information you have requested because an exemption(s) under the following section(s) apply s.17 Notice that information is not held; s.25(1) of FOISA applies to information which is already reasonably accessible to you s.30(b)(i) Free and frank provision of advice; s30(b)(ii) Free and frank of exchange of views; s.33(1)(b) Commercial interests; s.38(1)(b) Personal information of FOISA applies to that information. The reasons why these exemptions apply are explained in the annex A below.