Co-op commits to green pensions as it partners with Make My Money Matter
The Co-op has announced a partnership with sustainable pensions campaign, Make My Money Matter, as part of a 10-point plan to achieve net zero by 2040.
Make My Money Matter is a campaign working to green the GBP2.6 trillion in UK pensions by giving millions of savers more voice and choice in how their money is invested. It is a crucial year for climate with COP26 on the horizon and Make My Money Matter is working with businesses to make sure that their pensions investments align with their efforts to achieve net zero.
As part of the partnership, the Co-op will engage with its employees to increase transparency on how their pension pots are invested and better understand their sustainability priorities. The move builds on changes that Co-op and its scheme trustees made in 2019 to introduce a sustainable, lower carbon default option for its DC pension scheme by being one of the seed investors in the Legal and General Future World Multi-Asset Fund, as well as the changes to its self-select funds earlier this year, which gave members more options to invest in organisations with sustainable credentials.
Co-op will also work with fund managers to understand how they plan to align themselves with a move to a Net Zero economy, and its largest pension scheme is also committed to reporting on its carbon footprint annually from next year.
The partnership with Make My Money Matter has been announced as part of the Co-op’s 10-point plan to achieve net zero by 2040. From products and packaging to power and pension fund investments, the comprehensive plan details how the Co-op will reduce the impact of its operations and products across its Food, Funeralcare, Insurance and Power businesses.
Gary Dewin, People Director at the Co-op, says: “We are clearly facing a monumental climate change crisis and must recognise that we have a part to play. We simply have to do more and quicker.
“By partnering with Make My Money Matter and committing to engage with our members and our pension funds, we’re providing our members and colleagues with another way to help combat the climate change crisis through sustainable investments.”
Tony Burdon, CEO at Make My Money Matter, says: “The Co-op is a company known for its values, and its commitment to unleash the power of its pension scheme is a great first step to build a future that is actually worth retiring into.
“We believe that green pensions should be the new normal for any organisation committed to tackling the climate crisis – and that all new employees should be given a green option when starting a new job.
“With COP26 on the horizon, this is a crucial year for climate across the globe. With a growing demand from across society to “build back better” from this pandemic and to build a net zero world, the time for action is now.”