Moreover, leaders in industry realise that climate related financial risks will damage member savings and that this isbest tackled through aligning portfolios to net zero emissions. There is scope to listen and respond to members as long as there is no significant detriment to returns and we know that tackling ESG risk seriously is actually providing above market returns. The ‘business-as-usual' finance industry has often used fiduciary duty as a barrier to change but leading pension funds do not see it that way. At Make My Money Matter, we want savers to have a pension they can be proud of and use the hidden superpower that is their pension to help drive a more sustainable and responsible economy. We are currently investing trillions into these businesses and other assets that do not align with our social values. We want to see the UK’s financial services sector – one of our biggest industries – keep up with this demand from consumers.įor most of us saving into a pension, we are ‘accidental investors’, meaning that the most passionate climate activist may be investing in fossil fuels and the most seasoned doctor in tobacco. People in the UK are changing the way they travel, the clothes they wear and the food they eat and are now beginning to consider the impact of their finances.
This week, it isn’t fires in Australia, but 1 in 100-year floods.
The insurance industry knows this all too well, hit with enormous pay-outs from fire and floods that have been driven by climate change. The UN’s biggest ever opinion poll recently found that two thirds of people across the world consider climate change a global emergency. Blog by Tony Burdon, CEO, Make My Money Matter
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