Church of England to divest fossil fuel holdings

While many evangelicals question the seriousness of global warming, the Church of England has sided with environmentalists. Its endowment and investment funds will sell their shares in fossil fuel companies that are slow to tackle global warming issues by 2023.

At its recent General Synod, the ruling body voted 347-4 to divest holdings in companies that fail to align their business with the Paris Agreement. The accord calls for restricting global temperature rises to below 2 degrees Celsius (3.6 degrees Fahrenheit).

“The church must play a leading role and exercise its moral leadership on the issue of climate change,” the church said in a statement. 

London-based Christian Aid, the relief and development agency of 41 British and Irish churches, applauded the move. 

“(The) vote by the Church of England Synod shows the bell is tolling for the fossil fuel era,” said Tom Viita, the agency’s head of UK advocacy. “This vote puts the oil majors on notice, and strengthens the arm of those pushing the companies to move more quickly to a low carbon future.” 

The Church of England’s investments and retirement funds total the equivalent of more than $14 billion U.S.