Jesus vs. Big Oil: Church of England divests

The Church of England is selling all its remaining oil and gas investments, saying that “not nearly enough” progress had been made by fossil fuel companies in transitioning to net zero.

The decision by the Church Commissioners for England, which manages the Anglican church’s £10.3 billion endowment fund, cuts off investments in oil majors including Shell, BP and Total.

It will also see the church divest from all other companies involved in oil and gas production unless they are in “genuine alignment” with Paris Agreement goals to limit global heating to 1.5C above pre-industrial levels, the Commissioners said.

Archbishop of Canterbury Justin Welby said the climate crisis “threatens the planet we live on, and people around the world who Jesus Christ calls us to love as our neighbors.”

“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,” he added.

The Church of England Pensions Board will also disinvest from oil and gas companies, including a £1.35 million investment in Shell.

Alan Smith, First Church Estates Commissioner, who chairs the Church’s assets committee, said the decision to divest “was not taken lightly.”

“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,” he said. “If any of these energy companies come into alignment with our criteria in the future, we would reconsider our position. Indeed, that is something we would hope for.”