It's been announced that fintech workplace pension and savings provider Cushon has won Fast Company's 2022 World Changing Ideas Award for its Net Zero Now pension.
Cushon's Net Zero Now pension was selected as a winner from a pool of around 3,000 global entries from sectors including transportation, education, food, politics, technology, health, social justice.
Cushon's research shows that the average UK pension finances 23 tonnes of CO2 per year, equivalent to running nine family cars annually. While 99.5% of people are unaware of this impact, there is also a demand to make pensions more sustainable, over two thirds of employees (69%) are concerned about their company pension being invested in businesses that are contributing to climate change.
Cushon research showed that 62% of employees would engage more with their pension if they knew it was having a positive impact on climate change. The fintech connected these two issues - lack of engagement with pensions and the climate crisis - and launched the world's first net-zero pension scheme to help create a future worth saving for.
Fast Company's 2022 World Changing Ideas Awards honour innovative initiatives and other creative works that are supporting the growth of positive social innovation, tackling social inequality, climate change, and public health crises.
Cushon's impact-led investment strategy is at the heart of its Net Zero Now pension offering, diverting investments into companies that generate less carbon whilst also targeting higher potential returns for pension savers through green investments which should perform better in the long run as the focus on sustainability heightens around the world.Ben Pollard, CEO Founder and CEO at Cushon said:
"It's an honour to be named as a winner of Fast Company's 2022 World Changing Ideas Awards and receive recognition for the vital role pensions can play in tackling climate change. Pensions should be a force for good, helping both people and the planet. We know that the vast majority of employees want their pensions to align with their values and benefit the planet, however, too many pension schemes make this almost impossible. Net Zero Now is our solution to create a pension with purpose.
"Whilst other providers have set targets to become net zero in the next few decades, or offer simply 'greener' options, we have not only already delivered this innovative product but through our latest investment strategy are reducing emissions and the environmental impact of our investments even further."