There’s £3 trillion invested in UK pension funds. We believe that money, owned by each and every one of us, must be used to help build a better world.
When we launched our campaign to Make Money Matter last month, we were overwhelmed by the energy and enthusiasm witnessed. As the campaign took off, we saw a huge groundswell of interest, as for the first time we began to consider the potential of our pensions, and the power of our money.
For many, this lightbulb moment helped transform the perception of our pensions.
No longer were they considered an abstract, passive investment tucked away until old age, but instead an un-tapped superpower with the potential to help build the world we actually want to retire in to.
This energy and excitement is already showing real results.
We’ve recruited new partners, from Oxfam to BNP Paribas, Triodos to the Environment Agency, each committing to align their pensions with their values. We’ve also had thousands of individuals sign up for #PensionsWithIntention, showing the industry what we long suspected – that citizens across the country really do want pensions to be proud of.
Beyond the UK, we’ve had expressions of interest from Canada, Australia and the Netherlands, global campaigners keen to co-ordinate on how to make our money matter across the world.
We also witnessed meaningful legislative first steps, as amendments to the Pensions Bill in the House of Lords created provisions that could require all Pension Funds to disclose the climate impact of their investments, a key step on the path to Paris Alignment.
And last week, the movement for #PensionsWithIntention saw its first major victory as the UK’s largest Pension Fund, Nest, pledged to go to Net Zero emissions by 2050 and committed to joining our campaign.
Make no mistake – this is a huge milestone.
For the first time, a leading UK Master Trust, managing the pensions of over 9 million of us, will ensure that its entire investment portfolio is Net Zero by 2050, with a halving of emissions by 2030. This will help create a more sustainable, resilient world for us all.
We’re delighted by Nest’s leadership, but it begs it question, why Nest and not the rest?
That’s why today we’re launching our Net Zero Hero campaign, calling on all UK pension funds to commit to Net Zero emissions.
Evidence show that over two thirds of us want our savings to be invested in building a better world, while the science is clear: greenhouse gas emissions must be halved this decade to limit global warming to below 1.5°C.
A critical first step on this journey is ensuring ALL our pensions are Net Zero.
It’s time for us all to have pensions we can be proud of. After all, what’s the point of saving for retirement in a world on fire?
David Hayman, Campaign Director