God is watching..That’s why the Church Commissioners for England — which manages the Church of England’s £10.3 billion endowment fund — decided to exclude all remaining oil and gas majors from its portfolio for failing to meet climate change goals, it announced Thursday..In addition, it will exclude all other companies primarily engaged in the exploration, production and refining of oil or gas, “unless they are in genuine alignment with a 1.5°C pathway” to net zero by the end of 2023, it said in a statement..According to church leaders, it was a moral decision..“The climate crisis threatens the planet we live on, and people around the world who Jesus Christ calls us to love as our neighbours. 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,” said the Most Rev. Justin Welby, Archbishop of Canterbury, and chair of the Church Commissioners for England..“In practical terms that means phasing out fossil fuels, investing in renewables, and plotting a credible path to a net zero world. Some progress has been made, but not nearly enough. The church will follow not just the science, but our faith — both of which call us to work for climate justice.”.The Church of England’s National Investing Bodies (NIBs) have long actively engaged with fossil fuel companies to encourage meaningful change. In 2018, the General Synod passed a motion agreeing a timeline for the NIBs to dis-invest from fossil fuel companies not aligned with the short, medium, and long term goals of the Paris Climate Agreement by the end of 2023..Implementation of today’s motion focused on the world’s largest oil and gas majors. The broader exclusion of all oil and gas exploration, production and refining companies will follow by the end of 2023, it said..In 2021, the Church Commissioners excluded 20 oil and gas majors from its investment portfolio. It's now also excluding BP, Ecopetrol, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Repsol, Sasol, Shell, and Total, after concluding none are aligned with the goals of the Paris Climate Agreement, as assessed by the Transition Pathway Initiative (TPI)..And like all good Christians, the church elders — and its bankers — held out the prospect of penance and forgiveness of all sins..“The decision to dis-invest was not taken lightly,” said Alan Smith, First Church Estates commissioner. .“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. 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.”
