Posted: 4 Jun 2024 Resource Type: Research Report Download Back Significant progress has been made in the transition to net zero both in the UK and globally, with financial services firms continuing to ramp up efforts to address climate change. With an increasing share of organisations now having formal climate commitments in place, attention is shifting to implementing these commitments and ensuring they are having the impact we need to finance the transition to net zero. Climate Policy Initiative (CPI) estimated that at least $6tn will be required globally in annual climate finance through 2050 to limit temperature increase to well below 2C, and avoid the worst impacts of climate change. In light of this, it is clear that public sector finance alone will not be sufficient to fill the funding gap we face. Private capital can and must play a critical role if we are to achieve our climate goals. For this reason, the implementation and impact of the financial sector’s climate commitments are of paramount importance and critical to the delivery of the Paris Agreement. This is the second iteration of From Commitment to Action developed for the Net Zero Delivery Summit, tracking progress of financial services firms’ net zero commitments in both the UK and globally. Produced jointly by Climate Policy Initiative and the City of London Corporation, the report assesses where financial services’ progress on the pathway to net zero has been strong, where it continues to fall short, and what this means for future climate action. 59% Project-level green finance by financial institutions in our dataset grew by 59% between 2022 and 2023 ~100 Almost all organisations across all jurisdictions included in our study had a net zero target in place by the end of 2022, with few new commitments in 2023 70% By 2023, half of the tracked UK financial institutions disclosing the level of portfolio coverage had set targets covering more than 70% of invested assets Share: Share to LinkedIn LinkedIn Share to X Share to Facebook Facebook Share to WeChat WeChat Share to WhatsApp WhatsApp Share to Email Email Download Related content Thought Piece How the UK can help to put Saudi Arabia on an accelerated path to a sustainable future Jul 2024 - How the UK's expertise in sustainable finance and global infrastructure financing can help accelerate Saudi Arabia on its path to a sustainable future. How the UK can help to put Saudi Arabia on an accelerated path to a sustainable future Research Report The City of London Corporation's work in support of financial and professional services: annual review 2023/2024 Jul 2024 - The City of London Corporation's annual review on the extensive programmes of work in the UK's financial and professional services industry in 2023/2024. The City of London Corporation's work in support of financial and professional services: annual review 2023/2024 Thought Piece Harnessing the power of London for global climate action: Reflections on London Climate Action Week 2024 Jul 2024 - London Climate Action week is a global moment that sees leaders, organisations and communities from across the world descend on London to drive climate action. Here are some highlights from myself and the City of London sustainable finance team. Harnessing the power of London for global climate action: Reflections on London Climate Action Week 2024 Research Report City statistics briefing Jul 2024 - The City Statistics briefing looks at the City of London's role as a global business hub for financial and related professional services. City statistics briefing