Church of England threatens to cut oil and gas giant funding
Published: 09 Jul 2018 By Grace Kimberley
The Church of England has warned oil and gas companies it plans to cut millions of pounds worth of investment in five years- unless a global agreement to slash carbon emissions is signed.
The religious institution has invested over £190m in the major oil and gas operators.
The Church recently compared its investors to The Paris Agreement, a pledge signed by various countries in 2015 as a commitment to minimize carbon emissions and keep average global temperatures at pre-industrial levels.
It was discovered by the Church of England that out of 43 oil and gas companies and 20 mining companies, none met the Paris Agreement’s requirements. The Church now believes it has the right to retain its investment and hold fossil fuel owners accountable.
The Bishop of Oxford, the Right Rev Steven Croft, said: “Incremental change is not advancing fast enough. We have a really serious ethical issue before us as a church . . . If we continue to invest in these companies beyond 2020 we will be generating profit from practices which will harm and exacerbate climate change.”
The synod reportedly voted “to ensure that by 2023 they have disinvested from fossil fuel companies that they have assessed [as] not prepared to align with the goal of the Paris Agreement”.
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