1,000 signatures reached
To: The Church of England Ethical Investment Advisory Group and National Investment Bodies
Disinvest the Church of England from fossil fuels
1. We ask the National Investment Bodies of the Church of England to make an explicit commitment to disinvest from companies involved in the extraction of oil, coal and gas, as soon as possible.
2. We urge the National Investment Bodies to explore options for investment in clean alternatives to fossil fuels and positive solutions to environmental and social issues.
Why is this important?
1. At ExxonMobil's AGM in May 2016, 61.8% of shareholders rejected the resolution proposed by the Church Commissioners calling on the company to report on the impacts of climate change policies on its business. Furthermore, 81% of shareholders rejected a resolution to limit global warming to 2˚C. It is clear that engagement with fossil fuel companies such as Exxon isn't working.
2. Increasing numbers of experts in the financial and investment sectors are warning of the increasing financial risk of investing in fossil fuels. The Church of England held at least £190 million of investments in major fossil fuel companies in 2015.
3. There is a moral imperative for the Church and Christian community in the UK to take immediate and decisive action in response to the growing threat of human-induced climate change from the burning of fossil fuels. Care for God’s creation is central to the Christian faith.
4. The impact of human-induced climate change is already being experienced around the world, often affecting the poorest communities most severely. The impacts, which are likely to increase, include reduced food security, drought, famine, severe flooding and extreme weather causing devastation, fires, heat-waves, disease and migration of populations.
5. The scientific consensus tells us that at least 85% of known fossil fuel reserves must not be burned but must remain in the ground, in order to keep the rise in average global temperature to below 1.5 degrees Celsius.
6. The Church has made commitments to address climate change and reduce its overall carbon footprint. It is important that this commitment is extended to how funds are invested. The Church has a unique opportunity to demonstrate leadership on this issue and to influence the public debate on the ethics of continuing to invest in fossil fuels.
For more information about the Bright Now campaign please see www.brightnow.org.uk