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Fossil fuels becoming unpopular amongst pension savers

written by Bella Palmer
pensions

A research found that whilst just below a fifth (19 per cent) of savers support oil and gas investments, two thirds (66 per cent) were supporting renewables

Make My Money Matter (MMMM) has launched a new advertisement to raise awareness around the relationship between UK pension schemes and the fossil fuel industry, after its research found that fossil fuels are becoming increasingly unpopular amongst pension savers.

The research found that whilst just below a fifth (19 per cent) of savers support oil and gas investments, two thirds (66 per cent) were supporting renewables.

Despite this, MMMM contended that no major UK scheme is committed to end finance for fossil fuel expansion, with its research showing that a "staggering" £88 billion of UK pension savers money is invested in fossil fuel firms.

The group also contended that industry action on this agenda has been "painfully slow", in spite of guidance from the International Energy Agency (IEA) that oil and gas is incompatible with the targets of the Paris Climate Agreement.

The research was shared amid the launch of a new awareness advertisement directed by Raine Allen-Miller, and starring Olivia Colman.

It aims to raise public awareness of the effects of the pension industry on the climate emergency and encourage UK schemes to stop their investments in fossil fuel expansion.

MMMM co-founder, Richard Curtis, added: I have seen some dark, dystopian characters in my career, and that does not even include Hugh Grant in Love Actually. But I think Oblivia Coalmine is right up there with the worst.

At Make My Money Matter, we hope this sinister performance by Olivia Colman underlines a more serious issue – that billions of pounds of our hard-earned pensions are driving the climate crisis, he said.

Curtis added: People across the UK want their money to help our planet, not harm it and all our pension schemes must now pay attention and take immediate and urgent action.

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