The City of London Corporation has slashed its net carbon emissions by 66 per cent since 2018/19, leaving it on track to hit its key target to reach net-zero in its own operations by 2027.

Emissions from its financial investments have reduced by 25 per cent over the last financial year, driven by carbon-cutting commitments from fund managers, with most now in the Net Zero Asset Initiative, and the City Corporation’s Pension Fund saw a 30 per cent decrease in emissions since 2021/22.

The City of London Corporation, the governing body of the Square Mile, cut emissions across its buildings including in the Barbican Centre, its historic Guildhall headquarters, the Guildhall School of Music and Drama, and the London Metropolitan Archives with upgrades to lighting, ventilation, heating, cooling, humidification, and insulation.

The City Corporation has been using fully renewable electricity since 2018, and a £40m Power Purchase Agreement with international energy provider Voltalia, also allowed the City Corporation to buy electricity produced by a solar farm in Dorset, providing over half of its electricity.

The organisation’s Climate Action Strategy underpins the work, with the aim of being net-zero across its investment and supply chain by 2040 and to support the achievement of net-zero for the whole Square Mile by the same year. This strategy also includes the carbon emissions associated with City Bridge Foundation (CBF) activities and investments, an independent charity of which the City Corporation is the sole corporate Trustee.

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