More companies sign up to Make My Money Matter’s Green Pensions Charter
Make My Money Matter, a people powered campaign founded by filmmaker Richard Curtis, has announced eleven new signatories of its growing Green Pensions Charter.
The Charter, launched with Count Us In in May, calls on all organisations to green their pensions, and mounts pressure on the industry to make their default schemes green ahead of COP26 in Glasgow this year.
The new joiners include household names such as supermarket giant Tesco, hardware retailer Travis Perkins and leading creative agency Mother, bringing the total number of signatories to 63.
Anthesis UK, International Institute for Environment and Development, Ovo, Bethnal Green Ventures, SouthPole, The Panoply, Tred and Quadrature Capital will also sign the charter and pledge to make their pensions more sustainable, demonstrating the growing support for green pensions across business and society.
Widespread support from UK businesses and organisations is catering to increasing demand among individuals to make their money matter. Recent research, conducted by MMMM and polling house YouGov, revealed that 18 million UK pension holders would switch to a green pension if offered one by their provider.
New Charter sign ups coincide with growing public awareness around the power of our pensions in tackling the climate crisis. Findings published this month from Make My Money Matter, Aviva and Route2 quantified that greening your pension is 21x more impactful at cutting your carbon than going veggie, stopping flying and switching to a green energy provider combined.
Richard Curtis, Co-Founder of Make My Money Matter, says: “Our charter is a melting pot of pioneering UK organisations all committed to the same goal – making their pension scheme green. At Make My Money Matter, we know that our pensions are powerful and with GBP2.6 trillion circulating in the UK pension industry alone, we can make a huge impact on reducing the pace of climate change by investing in ways that are good for our planet.
“With a Glasgow-based COP26 on the horizon, leadership from UK businesses and our pension industry is crucial. By committing to make their schemes green through ambitious carbon reduction targets, we can make our money matter and build a world that is fit for retirement. We hope that more and more companies follow in the footsteps of Tesco, Wickes and Travis Perkins in signing our charter and using their pension power to build a better world.
“Since we launched in June 2020, 17 major providers have made robust net zero commitments – that's more than GBP400 billion of our money now committed to saving our planet. However, there is still a long way to go. With more than GBP2 trillion of UK pension money failing to address the climate crisis, we need to see all providers meet ambitious net zero targets ahead of COP so we can retire into a world that isn’t on fire.”
Imran Nawaz, Tesco Chief Financial Officer, says: “In delivering our members’ pensions, we know that investing responsibly is a key priority for our colleagues. Tesco is committed to tackling climate change, and as part of our broader approach to responsible investment, our scheme’s commitment to transition towards net zero is a very important part of that.”
Paul Williams, Head of Pensions & Financial Wellbeing at Travis Perkins plc, says: "Signing up to the Green Pensions Charter will empower us as colleagues to make positive investment choices - another way for us to support our sustainable business agenda, Building for Better, in practice. Climate change concerns us all, and we see this as part of our commitment to leading on this agenda by driving meaningful change and meeting the growing expectations from our colleagues, customers and the communities where we live and work.”
Adrian Letts, CEO at Ovo, says: "We are delighted to sign up to the Green Pensions Charter. Delivery of our Plan Zero strategy and the impact it will have to create a net zero world is at the heart of every decision we make and how our money is invested will have impact on future generations for decades to come."
Rollo Price, CFO at Mother, says: “We want everyone at Mother to understand the impact of their pension; it should be easy to align personal beliefs to the investments made through our pensions. Yet, this hasn’t been the case historically, but now with ethical fund performance eclipsing traditional funds, we’re able to match these up. By signing up to MMMM’s Green Pensions Charter, we’ve made a clear stand and empowered our people to make a positive financial commitment whilst planning for their future.”