The Church of England (CoE) is urging Shell and other major oil companies to seek penance for their climate change sins — or risk losing some £10bn in investments from its endowment fund..Church representatives confirmed it will vote to oust all the directors of Shell, ExxonMobil, Occidental Petroleum and TotalEnergies at annual meetings starting later this month in response to their “lack of progress” on climate change issues..Shell’s AGM will be held in London on May 23..“High energy prices produced huge profits at oil and gas companies last year — a golden opportunity to invest very significantly in the transition to a low carbon economy, and one that was comprehensively missed,” Olga Hancock, acting head of responsible investment at the Church Commissioners said in a statement..“So we will be supporting all the relevant climate resolutions, and voting against all of their directors.” .Separately, the Anglican Pension Board which manages the church’s £3.2bn retirement fund, said it would also vote against the oil companies. .The Church is disillusioned that record oil company profits haven’t been used to increase investment in renewables such as wind and solar. .In the preamble to its environment program, the CoE said it has a responsibility to “safeguard God’s creation and achieve a just world.”.“We believe that responding to the climate crisis is an essential part of our responsibility to safeguard God's creation and achieve a just world. Climate change hits hardest the poorest countries and poorest people of the world. Meantime, the widespread destruction of the natural world is a crisis for creation.” .“This includes tackling our own carbon emissions (aiming for net-zero carbon by 2030) and our wider work,” it added..In February Shell reported the largest profits in its 116-year history, racking up a $39.9 billion US windfall. Instead of investing it into emissions reduction, it hiked up its dividend. Shell is one of the oldest oil companies in the world, and was founded in London in 1907.. Shell logoShell logo .Adam Matthews, chief investment officer, said in an op-ed in The Telegraph it was “with genuine regret at the short-term path the company appears to be choosing. But this is not just about Shell, BP and the other oil and gas companies.”.“As we approach our July 2023 engagement deadline and the end of the first phase of Climate Action 100+ engagement, we have lost confidence in the direction of the company.”.It comes after the Coronation of King Charles III on the weekend. Among his many epithets, he is the titular Supreme Governor of the Church of England. Although it is mostly a ceremonial role, it is taken quite seriously. He still appoints high ranking members of the church on the advice of the British prime minister. . King Charles III and Queen CamillaKing Charles III and Queen Camilla .Charles has long been known for his views on climate change and environmental issues, and it’s not clear if he is the driving force behind this newly adopted activist stance.. Canterbury CathedralCanterbury is the seat of the Church of England .But it’s not just the Anglican Church. In 2015 Pope Francis published a papal encyclical letter called “Laudatory Si” — ‘Praised Be’ — declaring climate change a moral issue and said the world’s 1.2 billion Catholics had an equally moral obligation to fight it..The value of the Holy See’s assets are a little harder to calculate — most of them are quite literally, priceless. However, the value of churches in North America and Europe was calculated by Marketplace to be “at least” $65 billion, including $8 billion in the Vatican Bank.
