Church of England divests investment portfolio of fossil fuel companies

The Church of England is divesting its investment portfolio of its remaining oil and gas companies and will no longer consider investments in fossil fuel companies unless they were in genuine alignment with a 1.5°C pathway set forth in the Paris Climate Agreement.

Commissioners for England, which manages the Church of England”™s $13.4 billion endowment fund, excluded 20 oil and gas majors from its investment portfolio in 2021. With its new decision it will also exclude BP, Ecopetrol, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Repsol, Sasol, Shell, and Total. In a statement, the church said none of these companies were aligned with the goals of the Paris Climate Agreement.

“The climate crisis threatens the planet we live on, and people around the world who Jesus Christ calls us to love as our neighbors,” said the Most Rev. Justin Welby, Archbishop of Canterbury and chairman of the Church Commissioners for England. “It is our duty to protect God”™s creation, and energy companies have a special responsibility to help us achieve the just transition to the low carbon economy we need. We have long urged companies to take climate change seriously, and specifically to align with the goals of the Paris Climate Agreement and pursue efforts to limit the rise in temperature to 1.5°C above pre-industrial levels. In practical terms that means phasing out fossil fuels, investing in renewables, and plotting a credible path to a net zero world.”

“The decision to disinvest was not taken lightly,” added First Church Estates Commissioner Alan Smith. “Soberingly, the energy majors have not listened to significant voices in the societies and markets they serve and are not moving quickly enough on the transition. If any of these energy companies come into alignment with our criteria in the future, we would reconsider our position. Indeed, that is something we would hope for.”

Photo: St. Paul”™s Cathedral, London / Wikimedia Commons