Foreward
At the Scottish National Investment Bank, we are on an exciting journey of growth and refinement. As a relatively young institution, we are constantly learning, improving, and adapting – shaped by the growth of our investment portfolio, the evolution of our governance practices, and the insights we gain along the way. From day one, managing climate-related risks and opportunities has been at the core of our purpose. This is not just a responsibility we embrace; it’s a mission that drives us, reflecting the trust placed in us to invest public funds wisely on behalf of the Scottish Government.
The responsibility of understanding and managing climate risk is one we take to heart. It’s not just a box to tick – it’s integrated into everything we do. Delivering meaningful investments to support Scotland’s transition to a net zero economy means we must stay vigilant to the real-world impacts of climate change. We closely examine how physical risks, policy shifts, regulatory changes, market dynamics, and economic transitions influence our decisions. This is an ongoing process, and we are committed to evolving with the challenges and opportunities ahead.
As Chair of the Risk Management and Conflicts Committee, I see firsthand how climate risk informs our discussions at the highest levels of governance. Over the past year, we have engaged deeply with these issues – improving our TCFD reporting, assessing operational risks, understanding the portfolio’s climate impact, and rolling out carbon management planning. Climate risk is a recurring focus for our committee, but it doesn’t stop there. I work to ensure these discussions are woven into our wider Board deliberations and coordinated with the vital work of other committees, such as the Valuations Committee, which oversees our investment activity.
This is more than governance; it’s stewardship. It’s about making investments that don’t just deliver returns but also create meaningful impact for Scotland’s economy and environment. I am proud of the progress we’ve made and optimistic about the road ahead. Together, we are building a resilient, forward-looking institution that takes its responsibility to heart and is fully committed to supporting Scotland’s net zero ambitions.
Jacqueline Redmond Chair of Risk Management and Conflicts Committee