Use pension cash to fight climate change, says Comic Relief founder
Celebrity director calls for "pensions to do better"
3rd July 2020 11:44
by Brean Horne from interactive investor
Celebrity director calls for "pensions to do better"
Some £3 trillion of UK pension cash could be used to help fight climate change following the launch of a campaign by British film director Richard Curtis and ex-Bank of England governor Mark Carney.
Make My Money Matter wants pension savers to move investments out of areas like fossil fuels, tobacco, gambling and deforestation into sustainable alternatives.
Curtis, director of acclaimed British films including Notting Hill and Bridget Jones’ Diary, launched the movement to help "pensions do more".
The campaign also wants the pension industry to commit to net-zero carbon emissions by 2050.
Will this idea work?
Pension savers are increasingly interested in sustainable investment, according to the campaign.
Some 57% of UK adults with a pension want to see their retirement funds invested in building a better future. Around 52% want their pensions to be part of the solution in tackling climate change.
But most of us do not know where our pension cash is being invested.
Nearly three quarters (72%) of UK adults who have a pension do not know whether it is invested in line with their values.
Curtis, who is also co-founder of Comic Relief, says: "The £3 trillion in our UK pension pot is more than enough to take on the climate emergency, bring hundreds of new drugs to market, or help solve the housing crisis."
Markey Carney, ex-governor of the Bank of England, says: "By helping align finance with society's values, the Make My Money Matter campaign can support the whole economy transition required to achieve net zero. This could turn the existential risks from climate change into the greatest commercial opportunity of our time.”
People can show their support for the campaign by signing a petition on the Make My Money website.
This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.
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