LONDON: Campaigners on Thursday hailed a move by the Church of England to exclude all oil and gas majors from its investment portfolio because of climate concerns.

The body that manages the Church’s $13.1-billion endowment fund excluded 20 companies from its list of financial assets two years ago.

It has now extended the ban to 11 more, including BP, ExxonMobil, Shell and TotalEnergies, after assessing that none was meeting the goals of the 2015 UN climate accord to tackle global warming.

“With the 2021 exclusions and those announced today, the Church Commissioners (for England) will have excluded all oil and gas majors,” it said.

“The broader exclusion of all oil and gas exploration, production and refining companies will follow by the end of 2023.” The Church of England Pensions Board announced separately that it, too, would disinvest from fossil fuels.

Archbishop of Canterbury Justin Welby, a former oil company executive who leads the worldwide Anglican Communion of affiliated churches, said Christians had “a duty to protect God’s creation”. “Energy companies have a special responsibility to help us achieve the just transition to the low-carbon economy we need,” he added.

“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.” First Church Estates Commissioner Alan Smith said the decision to divest “was not taken lightly” but energy majors had been too slow to act.

The announcement came as the Church’s national assembly, the General Synod, comprising hundreds of lay members and clergy, prepares to convene in early July.

In 2018, the body set a five-year strategy to invest in climate solutions, engage with high carbon-emitting companies, and disinvest from fossil fuel firms not aligned with the Paris accord.

Published in Dawn, June 23rd, 2023