The Church of England is the latest organisation to announce a plan to divest itself of financial investments in the fossil fuels world, with the managers of the ISA of God set to dump holdings in companies that do business in oil and coal markets.
The Church is specifically moving away from fossil fuel investments across all of its holdings from investment funds to pension pots, explaining that "any direct investments in any company where more than 10% of its revenues are derived from the extraction of thermal coal or the production of oil from tar sands" is now off the table.
It's come about due to the Church's Ethical Investment Advisory Group, which is asking the Church to embrace the low carbon economy of the future. Nick Holtham, who has the amazing retro/future job title of Lead Bishop on the Environment, said: "It marks the start of a process of divestment as well as engagement with fossil fuel companies and better aligns the Church's investment practice with its belief, theology and practice."
As well as dumping coal miner shares, the Church is pledging to get more involved on pushing governments to adopt policies that mitigate the effects of climate change, hoping their move helps to "clear pathway to a low carbon future." [CofE via Bloomberg]