2023-06-23 07:59:31
The body that manages Church of England funds announced Thursday, June 22, to exclude all major oil and gas companies from its investment portfolio, believing that they were not doing enough to deal with the climate crisis.
THE « Church Commissioners for England »which manages the £10.3 billion (€12 billion) endowment fund for the Church of England, had already excluded 20 companies from its list of financial assets two years ago.
On Thursday, the organization announced that it was giving up “all remaining oil and gas companies” and to others in the sector if they do not reach the targets set by the 2015 Paris climate agreements by the end of the year, which is far from the case.
“The Duty to Protect God’s Creation”
The Church will therefore get rid of its stakes in BP, Ecopetrol, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Repsol, Sasol, Shell and Total. None of these companies “is not aligned with the objectives of the Paris Climate Agreement”can we read in the communiqué of the Church of England.
Justin Welby, the Archbishop of Canterbury and spiritual leader of Anglicans, felt that Christians had “the duty to protect God’s creation”. “Companies in the energy sector have a special responsibility to help us make the transition to a low-carbon economy”said the archbishop, himself a former leader of an oil company.
“Progress has been made, but it is far from sufficient”he said. “The Church will follow not only science, but also our faith, both of which call us to work for climate justice. »
Greenpeace UK welcomed this decision
Alan Smith, who is one of the commissioners in charge of managing church funds, stressed that divesting from these companies was not a decision “taken lightly”. He assured that the Church was ready to reconsider its decision if the requested criteria were met.
Reverend Darrell Hannah, who chairs « Operation Noah »a group that was lobbying for such a move by the Church of England, said the Church is sending “a shock wave across the world” and should encourage many others to do the same.
Welcoming the fact that the Church of England has “Clearly lost faith in the ability of Shell and the other oil giants to redeem themselves”Greenpeace UK has called on investors and government to examine their conscience.
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