Cushon launches the world's first Net Zero pension
Each UK pension pot finances an average of 23 tonnes of CO2 emissions a year through its investments
88% of employees want their employer to take action to address this in workplace pensions
62% of employees would engage more with their pension if it was making a positive impact on climate change
In response, members of the Cushon Net Zero pension will actively contribute towards slowing climate change
LONDON, Jan. 19, 2021 /PRNewswire/ -- Cushon, the fintech workplace savings disrupter, today announces the launch of the world's first net zero pension.
The launch responds to growing demand from employees who are increasingly concerned about the impact of their pensions on climate change. Recent research from Cushon showed that 68.6% of employees are concerned that their company pension could be investing in businesses that are contributing to the climate crisis. 87.9% of employees want their employer to take action to address this, for instance moving to a pension provider that's making a positive impact on climate change (39.8%).
Choosing to use a climate-friendly pension provider is an easy way for businesses to significantly reduce their employees' contribution to global warming. Cushon's Net Zero pension will enable employers to help their people contribute to the deceleration of climate change quickly, easily and meaningfully via the choices they make for their company pension. In so doing, they will help to protect our environment and align towards the Paris Climate Agreement and a 1.5 degree world.
Cushon's pension is the first of its kind in that it is Net Zero now – not later - unlike competitors in the market adopting long-reaching targets to achieve the same status by 2030 or even 2050.
Each year, the average UK pension member unknowingly finances 23 tonnes of CO2 emissions through the businesses their pension invests in. That's the equivalent of running either nine family cars each year, using 940 gas propane cylinders, or burning 1,100 coal fires annually, simply as a by-product of saving for retirement. Investors would need to recycle for 19 years, or plant 30 acres of new forest to counteract these effects.
While there are a number of pension investment funds claiming to be socially responsible, these funds often come with higher charges and are still a long way away from being net zero – a target set by the UK Government to be met by 2050. Cushon's pension is Net Zero right from the get-go.