Pensions and climate
The cost of meeting the UK’s net zero greenhouse gas target has been estimated by the Climate Change Committee “on conservative assumptions” at “up to 1-2% of GDP” in the years to 2050, when the annual cost would reach about £50 billion (CCC, 2020). The gross domestic product of the UK has been estimated for 2020 as “1.96 trillion British pounds, a fall of approximately 216 billion pounds compared to 2019” (Statista, 2021). Fiona Harvey wrote in The Guardian that the “UK pensions sector accounts for about £2.6tn in funds” and noted the potential influence of these funds on investment and business should they invest in “lower-carbon portfolios” (Harvey, 2021). In view of the size of pension funds, it is not surprising that some pressure groups have sought to influence the ways in which they are invested. One such group is Make My Money Matter which describes itself as “a people-powered campaign fighting for a world where we all know where our pension money goes, and where we can