Church of England shuns fossil fuel investments

18 May 2015


The Church of England says that it is to drastically cut its investments in companies involved in thermal coal extraction or tar sands production.

The Church, one of the world's wealthiest religious institutions, has announced plans to sell £12 million of its holdings in thermal coal and tar sands companies, and says that it will no longer make any direct investments in companies deriving more than ten per cent of its revenues from these activities.

The announcement came alongside the adoption by the Church of a new climate change policy through which it will seek to make more low carbon investments as well as "intensify engagement" with companies in which it holds shares over climate issues.

The Church has an investment portfolio worth more than £9 billion. The Rev Canon Professor Richard Burridge, Deputy Chair of the Church's Ethical Investment Advisory Group (EIAG) and lead on the EIAG's theological process, said: "Climate change is already a reality. From an ethical perspective the focus of the investing bodies must be on assisting the transition to a low carbon economy.

"The Church has a moral responsibility to speak and act on both environmental stewardship and justice for the world's poor who are most vulnerable to climate change. This responsibility encompasses not only the Church's own work to reduce our own carbon footprint, but also how the Church's money is invested and how we engage with companies on this vital issue."

The Church's move was welcomed by campaigners such as WWF, who said that it had sent "a strong signal to government and business that much more can be and should be done to move towards a low carbon economy".



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