The Anglican Church Divests from Fossil Fuel Companies: “Following Science and Faith” | climate

The Anglican Church, which is linked to the British crown, has announced that it will divest from fossil fuel companies later this year. The foundation says it follows not only “science but also faith” to stop subsidizing companies it deems unsustainable.

There are two church-related foundations that have made and will withdraw their investments in oil and gas companies. The Church Pension Fund has announced that it will withdraw its stake in Shell, he said euronewsAbout 1.35 million pounds. The agency says the same will be done with “all oil and gas companies that do not have short, medium and long-term goals to reduce emissions in line with limiting global warming to 1.5 degrees Celsius,” according to the Paris Agreement.

“There is a significant misalignment between the long-term interests of our pension fund and continued investment in companies that seek to maximize profits in the short term at the expense of the ambition needed to achieve the goals of the Paris Agreement. Anglicans Church Pension Fund chief executive John Paul said in a statement. Recent backtracking on past commitments, notably by BP and Shell, has undermined confidence in the industry’s ability to turn around.

a Shell was putting plans aside It previously announced plans for an energy transition, abandoning its goal of cutting oil production by 20% by 2030. CEO Wael Sawan, who took over the company in January, has prioritized restoring confidence and investors who have seen low returns over energy adoption plans. new energy sources. Oil and gas companies have made record profits from exploration activities, which has led them to downplay the energy transition and come under heavy criticism from those concerned with environmental sustainability – such as the Anglican Church.

Another church entity with institutional investments, the Church of England Commissioner, which manages the foundation’s £10 billion grant, has also decided to exclude “all major oil and gas companies” from its investment portfolio by the end of 2023. “The remaining gas is in its portfolio,” as well as “all companies.” other companies operating in the field of oil or gas exploration, production and refining.” Unless these companies adopt “true compliance” with the objectives of the Paris Agreement.

In 2021, the authority has already excluded 20 companies in the sector from its portfolio. Now, it will divest BP, Ecopetrol, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Repsol, Sasol, Shell and Total, after concluding that none of them are in compliance with the Paris Agreement.

“I’ve made some progress [em relação à sustentabilidade das empresas], but not enough. “The Church will not only follow science, but our faith as well – and they both call us to work for climate justice,” said Archbishop of Canterbury and Chief Commissioner for the Church of England Justin Welby.

The decision to divest from oil and gas companies comes shortly after the accession to the throne of Charles III. As the monarch of the United Kingdom, he is also head of the Anglican Church. Charles has shown interest in environmental issues for a long time, is a promoter of the carbon credit market and recently asked Brazilian President Lula to take good care of the Amazon.