May 1, 2015 – The divestment movement that began in American universities, progressed to include Rockefellers among its successes, has now won over the Church of England. Yes the Anglican Church is ridding its 9 billion pound fund of oil sands and thermal coal investments. The move has been described as “reading the last rites” to these industries.
Edward Mason, head of responsible investment for the Church stated, “this policy is sending a very clear signal about the church’s investments…highlighting the urgency of the transition to a low-carbon economy and playing our past as investors in that.”
The decision was made after a two-year review and uses the following rule of thumb. Any company earning 10% or more of its revenue from thermal coal or bitumen harvested from oil sands will no longer be held in investments by the Church.
Mason comments, “Companies like the oil and gas majors are significant players in the business world and political world, and we’d like them to be part of a constructive call for the transition to the low carbon economy.”
And if engagement with companies Royal Dutch Shell and BP doesn’t lead to this type constructive transition, then the alternative is divestment. Mason concludes, “Engagement is something that we will be looking to demonstrate success. If engagement with companies isn’t productive, the policy does make clear divestment is there as a last resort.”
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