City Corp and Climate Policy Initative report on progress to net zero

A research report from the City of London Corporation and the Climate Policy Initiative looks at the significant progress financial services firms have made in efforts to address climate change. They say increasing numbers of organisations have formal climate commitments in place and are now moving to implement those commitments. The report says that public sector finance alone will not provide the estimated $6tn required globally in annual climate finance through 2050 to limit temperature increases and avoid the worst impact of climate change. The report found that project-level green finance by financial institutions grew by 59% between 2022 and 2023, that almost all organisations across all jurisdictions within the study had a net zero target in place by the end of 2022 and by 2023, half of the UK financial institutions it tracked that disclosed portfolio coverage levels had set targets covering more than 70% of invested assets.

Emma Radmore