The Co-op has partnered with sustainable pensions campaign, Make My Money Matter, as part of its ambitious 10-point plan to achieve net zero by 2040.
According to the retailer, the campaign is working to green the £2.6 trillion in UK pensions by giving millions of savers more “voice and choice in how their money is invested”.
As part of the partnership, the Co-op will engage with its employees to “increase transparency” on how their pension pots are invested and better understand their sustainability priorities.
The news follows the changes Co-op and its scheme trustees made in 2019, to introduce a sustainable, lower carbon default option for its DC pension scheme.
The Co-op also announced changes to its self-select funds earlier this year, which gave members more options to invest in organisations with sustainable credentials.
Co-op will also work with fund managers to understand how they plan to align themselves with a move to a Net Zero economy, and its largest pension scheme is also committed to reporting on its carbon footprint annually from next year.
The partnership with Make My Money Matter has been announced as part of the Co-op’s 10-point plan to achieve net zero by 2040.
“We are clearly facing a monumental climate change crisis and must recognise that we have a part to play. We simply have to do more and quicker,” Co-op people director Gary Dewin said.
“By partnering with Make My Money Matter and committing to engage with our members and our pension funds, we’re providing our members and colleagues with another way to help combat the climate change crisis through sustainable investments.”
Make Money Matter chief executive Tony Burdon added: “We believe that green pensions should be the new normal for any organisation committed to tackling the climate crisis – and that all new employees should be given a green option when starting a new job.”