Tesco, IKEA and Brewdog commit to decarbonising pensions

£1 trillion of UK pension money is now in schemes that are committed to net-zero. 

Thanks to Make My Money Matter, a people-powered campaign has been driving net-zero commitments from UK pension schemes, businesses across the UK have begun to integrate their pensions into their climate change strategies.

Companies such as Tesco, IKEA, Brewdog, and Innocent Drinks among the 71 companies and organisations who have signed up to Make My Money Matter’s Green Pensions Charter – this means that they will pledge to explore greening their company pension scheme so that it is invested more sustainably and is aligned to Net-Zero.

However, despite this progress, £1.7 trillion of UK savers’ money remains invested in schemes that have yet to align with the Paris Climate Agreement, meaning that millions of savers’ pensions continue to fund the worst polluting companies.

Richard Curtis, Co-Founder at Make My Money Matter said: ‘Since we launched in June 2020, we have seen a range of providers step up to the plate on climate change by committing to robust net-zero targets. This movement has seen an incredible milestone at the turn of the year, with £1 trillion of UK pension money now committed to aligning with the Paris Climate Agreement – a huge success for climate campaigners.

‘However, with time running out, £1.7 trillion is still in schemes that have failed to make robust commitments, and we have a pensions industry that enables a staggering 330 million tonnes of carbon to enter our atmosphere every year – equivalent to the UK’s annual carbon footprint – so urgent action is needed right now.

‘That’s why this year our campaign will be working to ensure the entire UK pensions industry is aligned with robust net zero, while eradicating other harmful practices from our pensions, such as deforestation. In doing so, we can help protect the planet, protect savers’ returns, and ensure our pensions are building a world worth retiring in to.’