The Central Finance Board of the Methodist Church (CFB) and its investment management organization Epworth Investment Management announced today that they have divested from all oil and gas company holdings,
According to the CFP and Epworth, the decision to sell followed a three year assessment by the church’s Joint Advisory Committee on the Ethics of Investment (JACEI) evaluating the companies on the basis of the targets of the 2015 Paris Agreement. The assessment determined that no companies in the sector are currently aligned agreement’s climate change objectives.
Revd Dr Stephen Wigley, Chair of JACEI, said:
“The Committee has determined that the slow pace of corporate change means that the oil and gas sector is failing to meet the targets set by the Paris Accord. Shell, along with its peers, is currently failing to play a substantial enough role in addressing the climate emergency.”
David Palmer, Chief Executive, added:
“The CFB and Epworth have long been committed to engaging with companies around issues that negatively impact the poor and God’s creation. The pace of change across the oil and gas sector has been inadequate and we welcome the recommendation of JACEI to disinvest.”