From commitment to action | tracking UK financial services’ progress on the pathway to net zero

Global financial services institutions are ramping up their effort to address the climate crisis. Many of them have made formal climate commitments and joined key initiatives like GFANZ.

Set up in April 2021, GFANZ is a global coalition of leading financial institutions committed to accelerate the decarbonisation of the economy.

Commitment is a great starting point. The next step is to realise the commitments and build a transparent mechanism that tracks transition progress.

This report, jointly produced with Climate Policy Initiative (CPI), provides an early overview of the progress of UK GFANZ financial institutions in turning net zero commitments into actions, with a focus on subsectors including asset management, insurance, and banking. It also includes comparisons with GFANZ institutions outside of the UK. This can help us to identify achievements as well as raise awareness on challenges going into COP28.