This article was written by Rachel Cooper and originally published in Climate Action on October 29, 2021.
A new report from Make My Money Matter finds that the UK pensions industry enables more CO2 than all UK carbon emissions.
Pension schemes fund an estimated 330 million tonnes of carbon emissions every year. If the pensions industry were a country, it would find itself in the top 20 carbon emitters globally.
The report, convened by Make My Money Matter, finds that to offset its emissions, the industry would need to reforest over 50 percent of the UK’s entire landmass.
Pension schemes are estimated to invest £112 billion into fossil fuels – that’s £60 for every £1,000 invested.
In light of this research, Make My Money Matter is calling for the government to introduce urgent legislation to make net zero mandatory for all pension schemes. In doing so the UK can dramatically reduce emissions, lead the world on green finance, and protect savers’ investments from the worst effects of climate change.
The organisation has also created a campaign called 21x Challenge. This highlights that making your pension green is 21x more powerful than giving up flying, going veggie and switching energy provider. It is calling on people to tell their pension providers to go green. It’s the most powerful thing you can do for the planet.