David Young

This theme aligns with Scotland’s ambitions for sustainable economic growth, particularly in light of the anticipated final UK government report advocating for greater UK pension scheme involvement in private market investments. The synergy with the Scottish Taskforce for Green and Sustainable Financial Services’ 2024 report further solidifies the path forward, encapsulating what some in the summit dubbed “an educated transition”.

One standout theme at the conference was the pivotal role of education in achieving these goals. Historically, Scotland led global advances in applying technology to meet energy and infrastructure needs, fuelled by homegrown talent in engineering and science. Reflecting on this legacy, the summit painted a hopeful vision of reviving that self-generating ecosystem of innovation.

In this context, I shared a personal story highlighting Scotland’s potential. My mother, raised in a Fife mining village, pursued chemistry at Heriot-Watt University and later worked as part of a team pioneering advancements in plastics at Shell. However, such ambition is increasingly challenged by mounting pressures on Scotland’s energy hubs, financial services sector, and tertiary education system.

The window of opportunity is shrinking, and Scotland must act decisively. To meet net-zero goals, there is an urgent need to foster and deploy skilled scientists and engineers who can drive the necessary technological innovations and connectivity.

Achieving this requires a sophisticated understanding of challenges across the board. Supporting innovation hubs will encourage collaboration between universities and research hubs, and innovators must be incentivised to develop the technological leaps needed for transition.

Professionals in advisory, finance, and investment roles need the expertise to assess risks posed by emerging technologies and financing structures, while regulators must evolve, adopting innovative approaches to support growth while addressing challenges posed by new energy systems. Governments and growth capital providers require the analytical skills to identify and address funding and supply chain gaps, and education, at every level, is central to this mission.

The summit posed critical questions: how can tertiary education institutions, currently under significant strain, be empowered to produce the innovators and experts needed for a net-zero transition? Can private capital provide incentives to ensure universities have the resources to align with Scotland’s needs?

It also challenged Scotland to reimagine its approach to early education. Should schools do more to inspire students about the transformative potential of careers in science, engineering, and technology? Today, might a future William Watt sit in a Scottish classroom dreaming of becoming a social media influencer rather than a groundbreaking innovator? Addressing these gaps is not merely an educational issue - it is the foundation of a sustainable, self-reliant economy.

Scotland boasts a robust energy base in Aberdeen, a financial services hub in the central belt, and world-class tertiary education institutions. Despite the challenges, these assets could position Scotland as a leader in the global transition to net zero.

However, realising this potential demands swift, concerted efforts to align education, investment, and innovation. As demonstrated at the Berlin summit, the path forward is clear – but the time to act is now.

David Young is a partner and head of Pinsent Masons’ UK asset management and investment funds practice