The move will see more than £30billion of pension pots helping save the planet (Image: Getty)
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
The promises of M&S, Royal Mail and the Co-op raise hopes the funds of other big businesses will also go green.
More than £1.5trillion of UK pension savers’ investments are in schemes without net-zero commitments.
But the move by the big three will see more than £30billion of pension pots helping save the planet.
The trio are committing to halving the emissions of their investments by 2030 at the latest, in line with the Paris Climate agreement.
They insist it will show it is possible for older final salary pension schemes to turn green.
M&S’s plans are the most ambitious, targeting net-zero by 2040. Royal Mail and Co-op are committing to Paris-aligned 2050 targets.
Comic Relief founder Richard Curtis, who launched financial campaign group Make My Money Matter, hopes it will persuade other firms to follow suit.
Mr Curtis – who wrote blockbuster Four Weddings and a Funeral – said: “Over the past year, we have woken savers up to the power of their pension and seen more than £1.2trillion committed to tackling the climate crisis.”
“M&S, Royal Mail and Co-op are showing the rest of the sector it can be done. We are calling on all remaining schemes to follow in their footsteps.”
Make My Money Matter claims for every £10 put into UK pensions, £2 is linked to deforestation.
M&S pension trust boss Simon Lee said: “A challenging journey lies ahead and it’s not something we can do alone, governments, financial institutions, our advisers and investment managers will need to play their part.”
- How to tell if a company’s ‘net zero’ goals are serious—or just greenwashing
- This new coalition of heavy industry companies is collaborating on net-zero tech
- This Amazon-backed startup makes net-zero fuel for planes, ships, and trucks
- Climate policy in 2021 'key' to hitting net-zero pledges
- Japan energy firm Inpex sets 2050 net zero emission goal
- David Beckham invests in synthetic cannabis company that makes athletic recovery products
- EU-UK Vaccine Row: Britain Has Been Lucky to Develop Its Own COVID Jab, Academics Say
- You've Got a Friend in Me: Media Reveals Which of Biden’s Plans Made Prince Charles Excited
- Employment statistics tell skewed story about UK jobs market
- Oil companies are facing the moment of truth. The stakes couldn't be higher
- Covaxin vaccine works against new UK COVID strain: ICMR
- Climate change: Future heatwaves in the UK could put the health of 12m at risk, report warns
- UK Covid deaths fall by 11% in a week with 1,200 fatalities and 23,275 cases in last 24 hours
- Gamesa announces plans to build £125m offshore windfarm facility
- Coronavirus vaccine to be given to ‘vast majority of adults’ by end of May, leaked letter to No 10 reveals
- 'Evolution Rather Than a Big Bang': UK Reportedly Fast-Tracks NHS Reform Plans Amid COVID Pandemic
- All seven Covid-19 vaccines ordered by the UK and how they work differently
- Boris Johnson told Ursula von der Leyen the EU's planned vaccines blockade of Northern Ireland could KILL British pensioners by preventing them getting a second jab in 'spicy' phone calls that forced Brussels to abandon the 'nuclear option'
- Brexit deal is DONE: Boris Johnson SEALS historic Brexit deal with EU as UK claims to have won TWICE as many concessions as Brussels and von der Leyen laments 'parting is such sweet sorrow'
- Many companies staying away from investments that generate carbon: Bill Gates
Major UK companies vow to make pension plans net zero have 673 words, post on www.express.co.uk at May 26, 2022. This is cached page on Europe Breaking News. If you want remove this page, please contact us.