According to Make My Money Matter (MMMM), pension providers representing £1,000,000 of UK pension funds have now made net zero climate pledges.
MMMM named providers such as Scottish Widows, Aviva and Nest as companies that had put climate “at the heart” of their investment strategies.
His research showed that public awareness of the link between savers’ money and climate change had increased since the start of 2021, as well as providers’ expectations to offer green pensions to their clients.
This increase represents a 50% increase in savers’ awareness of the link between their pensions and climate change.
The integration of pensions into corporate climate change strategies across the UK has also increased, with companies such as Tesco, IKEA, Brewdog and Innocent Drinks signing the MMMM Green Pensions Charter.
Despite this progress, much of Britain’s savers’ money remains invested in schemes that have yet to align with the Paris climate accord, with £1.7billion still not contributing to net zero.
MMMM co-founder Richard Curtis commented: “Since our launch in June 2020, we have seen a range of providers step up to the fight against climate change by committing to strong net zero targets.
“This movement reached an incredible milestone at the start of the year, with £1,000,000,000 of UK pension funds now committed to align with the Paris Climate Accord – a huge success for climate campaigners. climate.
“However, with time running out, £1.7billion is still in schemes that have failed to make strong commitments, and we have a pensions industry that allows 330million tonnes of carbon to enter the atmosphere every year – the equivalent of the UK’s annual carbon footprint – so urgent action is needed now.
“That’s why this year our campaign will focus on ensuring that the whole of the UK pensions industry is aligned to a robust net zero, while stamping out other harmful practices from our pensions, such as deforestation.
“By doing so, we can help protect the planet, protect savers’ returns, and ensure our pensions build a world worth retiring to.”