The Make My Money Matter (MMMM) campaign has written to the CEOs of 20 of the UK's leading defined contribution (DC) pension providers to urge them to agree to “robust, ambitious, and front-loaded” net-zero targets ahead of COP26.

The letter, from MMMM CEO, Tony Burdon, called on the 20 companies, representing over £175bn of assets under management, to join the campaign and commit to net-zero pensions, including halving emissions this decade.

Burdon also noted that, since the group's launch in 2020, 15 UK pension funds have agreed to net-zero targets, including halving emissions by 2030, meaning that there are now 25 million pension pots with over £400bn of assets under management doing more to tackle the climate crisis.

However, he emphasised that despite this progress, there is “much more still to do before all pensions are aligned to net zero”.

"That is why I’m writing to ask whether you will join this movement, and commit your DC scheme to a robust net-zero target, including halving emissions before 2030, ahead of the COP26 climate conference in November," the letter stated.

“Across society, the energy to make our money matter is growing bigger every day. That's why we are urging you to listen to your members, to the science, and to your peers, and commit to robust emission reduction targets."

Burdon continued: “As a leader of one of the biggest DC funds yet to commit to net zero, you have a critical role to play in shaping this agenda, and ensuring our money builds a world fit for our retirement.

“We – alongside your members - will be eagerly tracking your progress in the build-up to COP26. I’d be grateful if you could update us with your current plans for net zero, and we’d be very happy to meet with you to discuss further.”

The 20 pension schemes written to were: Aegon, Standard Life, Mercer, The People’s Pension, Prudential Dynamic Growth IV, Royal London RLP Balanced Life Strategy, LifeSight, Hargreaves Lansdown Workplace SIPP, Aon, Now Pensions, TPT Retirement Solution, Atlas, National Pensions Trust, SEI, Crystal/Evolve, Creative, Workers Pension Trust, Options, Ensign and Lewis.

The letter follows the launch of the MMMM Green Pensions Charter and the inaugural MMMM Net Zero Pensions summit, which saw global experts call on pension schemes around the world to support the transition to net zero amid a “decisive decade”.

The summit also brought confirmation that the Taskforce for Climate-related Financial Disclosures (TCFD) will be launching a consultation on the best practice for portfolio alignment metrics later this month.

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