Responding to the announcement, Jennifer Larbie, Christian Aid’s head of global advocacy, said: “It is telling that the Church of England, which has worked tirelessly to engage with the oil and gas industry and shift it on to a sustainable approach, has decided that these companies are beyond the pale. Recent reversals of previous commitments, most notably by BP and Shell, has undermined confidence in the sector’s ability to transition.” He said: “There is a significant misalignment between the long-term interests of our pension fund and continued investment in companies seeking short-term profit maximisation at the expense of the ambition needed to achieve the goals of the Paris agreement. John Ball, the chief executive of the Church of England pensions board, said the move was driven by recent reversals of position by BP and Shell. Indeed, that is something we would hope for.” If any of these energy companies come into alignment with our criteria in the future, we would reconsider our position. The church will follow not just the science, but our faith – both of which call us to work for climate justice.”Īlan Smith, first church estates commissioner, said: “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. Some progress has been made, but not nearly enough. In practical terms that means phasing out fossil fuels, investing in renewables, and plotting a credible path to a net zero world. “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 1.5C above pre-industrial levels. 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,” said Justin Welby, the archbishop of Canterbury, and the chair of the church commissioners for England.
“The climate crisis threatens the planet we live on, and people around the world who Jesus Christ calls us to love as our neighbours. In February, BP also scaled back its plans to cut oil and gas production this decade. The announcement comes after the new CEO of Shell, Wael Sawan, abandoned plans to cut oil production each year for the rest of the decade, partly in a bid to increase payouts to shareholders. The pensions board would no longer invest in Shell, BP and other oil and gas companies because they were failing to show sufficient ambition to decarbonise in line with the aims of the Paris agreement, the church said in a statement. In an announcement on Thursday, the C of E said it was divesting from fossil fuels in its £10.3bn endowment fund and its pension fund.
Other faith institutions that have already announced their divestment from fossil fuels include the Baptist Union of Great Britain and the United Reformed Church. The church has previously rejected calls to sell off fossil fuel holdings in its £3.5bn pension fund.
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