Campaign group Make My Money Matter has announced that it will be closing its doors following recent funding pressures.

The group originally launched in 2020 in an effort to shift the £3trn held by UK pension points into sustainable investments, with its first report revealing how pensions rank in climate change for the first time.

It has since shared various research highlighting the climate impact of pension schemes' investments, including a recent update on its first report, which found "pockets" of progress amongst pension providers.

However, the group confirmed that, after five years of campaigning, it is now "closing the doors" after funding challenges.

In a statement shared by the group, co-founder, Richard Curtis, and CEO, Tony Burdon, stated: "It’s been a roller-coaster ride – getting funding for campaigning is always hard – but the basic argument has always been the same: money makes the world go round – but it also has the potential to destroy it.

"Ultimately, how we use our money could give ourselves and our children a safer world to live in. Yet most of us don’t realise we have this power."

The group highlighted the impact of the work done over the past five years, revealing that its short campaigning films have been viewed over 30 million times, whilst its research found that two thirds of British savers now want a sustainable pension and half plan to ditch bad banks for greener options.

In addition to this, it noted that most UK pension schemes have now committed to invest our money in ways that try to limit global warming below 1.5°C, including halving their emissions by 2030. This means some £1.5trn is now on the right track.

However, Burdon and Curtis also used the statement as a final call for change, warning that, despite recent progress, "reality remains stark".

"We are facing a climate and nature catastrophe, and our own money is helping fuel it. Meanwhile – our banks and pensions continue to finance new fossil fuels and deforestation," they stated.

"It is not too late. A different way is possible. There is over £3trn in our UK pensions – money belonging to all of us – that can build a better world.

"Our government has to deliver on its promise to require companies – including pensions and banks – to make sure their actions help limit global warming to below 1.5 C. We need our leaders to put savers and their retirement and all our futures first.

"We need bold, brave action to make it happen – and British savers and businesses can all be part of that.

"We know times are hard and frightening, but through our money, together, we can play a real and important role in changing the bigger system. Together we can make our money matter and help make our wonderful world resilient and safe."

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