The Church of England Pensions Board and the Church Commissions have announced they will be divesting from fossil fuels, after years of campaigning from activists.
The Church announced the news today, ahead of the General Synod next month, to be held at the University of York.
It’s part of a 5-year agreement – set out in 2018 – to divest from companies not aligned with the Paris Climate Agreement, which aims to limit global heating.
The Church of England National Investing Bodies (NIB) revealed that no fossil fuel bodies currently invested in by the Church have made enough progress, and have not passed the criteria previously set out by the NIB.
Therefore, they will be disinvesting from all of them.
The 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 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.”
“We have long urged companies to take climate change seriously, and specifically to align with the goals of the Paris Climate Agreement and pursue efforts to limit the rise in temperature to 1.5°C above pre-industrial levels.
“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.”