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Zero: The Climate Race

How to stop your retirement money funding climate change

Zero: The Climate Race

Bloomberg

Technology, Business, Science

4.7219 Ratings

🗓️ 1 June 2023

⏱️ 35 minutes

🧾️ Download transcript

Summary

How often do you think about how much your pension or 401(k) is contributing to climate change? Chances are not much, but a growing movement wants you to do just that. 

Richard Curtis is the writer behind Love Actually, Mr. Bean, Blackadder and Four Weddings and a Funeral. His latest project is not a movie, but a campaign group called Make My Money Matter, which wants to make British retirement plans and banks greener by raising awareness about the trillions of dollars in pensions that are invested in fossil fuel companies.

This week on Zero, Akshat Rathi asks Richard about how he went from writing for the screen to making your retirement money green, what can be done to stop greenwashing in the financial sector, and whether he'll ever write a climate romcom.

Read more: 

Zero is a production of Bloomberg Green. Our producer is Oscar Boyd and our senior producer is Christine Driscoll. Special thanks to Alastair Marsh, Natasha White and Kira Bindrim. Email us at [email protected]. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.

See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to Zero. I'm Akshatrati. This week, rom-coms, sitcoms and pensions?

0:07.0

How often do you think about your pension, 401k or whatever it's called in your part of the world?

0:27.0

You know, your retirement plan.

0:29.3

If you're lucky enough to have one, the chances are you don't think about it very much, if at all.

0:35.3

It's a thing that just happens.

0:36.9

A small sum is taken out of your paycheck

0:39.0

every month and the savings grow into a sizable pot that you can tap into some time in the future.

0:44.9

The pot grows not just because of your continued contributions to it, but also because

0:49.8

legions of pension fund managers put your money to work, often by buying shares in global companies.

0:56.8

Add it all together and there's some $50 trillion held in pensions.

1:01.1

That sounds great.

1:02.4

Pensions have helped improve life in later years.

1:05.6

But there's a catch. There always is.

1:08.0

A good chunk of that sum is invested in fossil fuel companies, helping them

1:12.8

and their emissions grow as well. The why not moment has arrived. A lot of sustainable pensions

1:18.6

are making equal, if not more. This is a way where you could say to someone, you're worried about

1:23.6

the climate? Here's a great big thing you could do. Richard Curtis is not a name you might associate with pensions. He's best known as the screenwriter

1:32.0

behind hit British comedies like Mr. Bean, Love Actually and Bridget Jones Diary. Richard

1:38.2

also founded an annual comedy TV show on the BBC called Comic Relief, which has raised more than

1:43.6

1.5 billion pounds

1:45.5

to combat poverty and famine around the world over the past 40 years.

1:50.7

In 2020, he turned his attention to pensions.

...

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