Monday 9 July 2018

Church of England threatens to withdraw investment from oil and gas

The Church of England has voted in favour of withdrawing investment from companies that aren’t doing enough to tackle climate change.

The General Synod, the decision-making body for the Church, said it broadly supported its ongoing strategy of engaging with companies “rather than prematurely disinvesting for them”.

However, it added companies will have to ensure they are on track to meet the aims of the Paris climate agreement by 2023, else it will withdraw investment in a crackdown on oil and gas firms.

A spokesperson for the Church of England said: “Synod’s vote makes clear that the Church must play a leading role and exercise its moral leadership on the urgent issue of climate change.

“Today’s decision, including the amendment by Giles Goddard, will allow us to continue to push for real change in the oil and gas sector and use engagement, our voting rights and rights to file shareholder resolutions to drive the change we want to see.”