Pension schemes are currently under particularly strong scrutiny. According to campaign group Make My Money Matter (MMMM), which was co-founded by British filmmaker Richard Curtis, ‘greening’ your pension is 21 times more powerful than giving up flying, going vegetarian and switching to renewable energy.
From October 2022, UK pension schemes will be legally required to measure and publish how their investments are aligned with (or not aligned with) international climate agreements. However, pension schemes will not be required to remedy any misalignment at this stage.
MMMM claims that UK pension schemes currently enable more carbon emissions worldwide than the UK’s entire annual output, but only 44 per cent of UK chief executives are aware of these impacts.
Make My Money Matter wants all businesses to harness the hidden superpower of their pensions and align their company schemes with their corporate sustainability plans.