Our ambitious net zero plans for financial investments

To achieve net zero by 2040 across our value chain (Scope 3 emissions), that is, what the City Corporation buys, sells, invests in and leases to others, we set out targets for our investment portfolios. As leaders in green and sustainable finance, we have committed to aligning our investment portfolios with the Paris Agreement and achieve net zero emissions by 2040.

To achieve this ambitious goal, we established a Financial Investments project which will:

• Target 24% reduction in the emissions resulting from our financial investments by 2025, followed by 55% reduction by 2030.
• Achieve full compliance by investment managers with a set of 12 climate investor guidelines.
• Deliver in-depth engagement with our fund managers to ensure that we will meet our targets.
• Adopt an open stance on climate solution investments.
• Dedicate resources for the timely delivery of the net zero pathway.

The City Bridge Foundation has matched this commitment to 2040 and the London Collective Investment Vehicle (LCIV) that manages our pensions has announced the same ambition.

As part of our commitment, we published our first response to the UK's Task Force on Climate-related Financial Disclosure (TCFD) called Climate Action: Managing Climate Risk for our Financial Investments – 2021. The second response will be published in April 2024.

Through our dedication to responsible investment, we are signatories to the United Nation's Principles for Responsible Investment (PRI) and as part of our membership, we showcase our accountability and transparency through annual reporting.