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Date posted: 11 May 2023
Operation Noah has praised the Church of England’s Pensions Board and Church Commissioners for committing to vote against directors of fossil fuel companies in which the CofE still own shares for a lack of climate progress.
Earlier this week, the two National Investing Bodies made public their dissatisfaction with companies like Shell for underinvesting in renewables.
In a statement from Operation Noah’s Chair of Trustees, Revd Dr Darrell Hannah, Operation Noah praised the Church of England’s tougher stance with fossil fuel companies while encouraging the Church to divest from all fossil fuel companies – a move that will ‘get the attention of investors around the world’.
The full statement from Operation Noah is as follows:
‘The Church of England’s Church Commissioners and Pensions Board are right to vote against the directors of oil and gas companies given the fossil fuel industry’s dangerous expansion plans and slow transition to renewables. We applaud the Church Commissioners and the Pensions Board for this decision. In the words of UN chief António Guterres, we are currently on “a highway to climate hell” and fossil fuels are the reason why. This is why so many faith groups – including over half of all Church of England dioceses and nearly every Christian denomination in the UK – have declared no faith in fossil fuels by making their assets permanently off limits to fossil fuel companies.’
‘We are encouraged that both the Church Commissioners and Pensions Board are moving in the direction of divestment from fossil fuel companies, which, when it happens – and we very much hope it will happen soon – will get the attention of investors around the world, encouraging them to take a hard look at whether engaging with fossil fuel companies is truly the best way to create change. A time is also fast approaching when oil and gas shares will lose much of their value as the race to Net Zero picks up speed and older polluting commodities are replaced by newer and cleaner technologies. It’s encouraging to see people of faith leading the way by ensuring that our investments reflect our moral commitments.’
–Revd Dr Darrell Hannah, Chair, Operation Noah