Church of England to exclude oil and gas companies

Posted on: July 10th, 2023

Church of England to exclude oil and gas companies

June 22nd saw further evidence of major investors willing to drop fossil fuel companies that are failing to respond to the need to decarbonise.

The Church Commissioners published the following:

Church Commissioners for England to exclude oil and gas companies over failure to align with climate goals

Announcement date: 22/06/2023

The Church Commissioners for England, which manages the Church of England’s £10.3bn endowment fund, has decided to exclude all remaining oil and gas majors from its portfolio, and 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, by the end of 2023.

In 2021, the Church Commissioners excluded 20 oil and gas majors from its investment portfolio. It is now also excluding BP, Ecopetrol, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Repsol, Sasol, Shell, and Total, after concluding that none are aligned with the goals of the Paris Climate Agreement, as assessed by the Transition Pathway Initiative (TPI).

Read more…

https://www.churchofengland.org/media-and-news/press-releases/church-commissioners-england-exclude-oil-and-gas-companies-over