The Church of England has submitted a petition stating that its investments will be divested by companies that are unable to reach the climate targets for Paris in 2023.
The vote was finalized on Sunday, July 8, by the General Synod of the Church. The Group requested that the national investment companies foresee a change in their investment plan which, by 2023, will provide an estimate of the companies' forecasted progress and divestment of all companies behind the objectives of the Paris Agreement.
347 voted in favor of the modified strategy with four votes against and three abstentions.
The NIB is responsible for a number of church investment bodies such as the Pension Board of the Church of England and the Church Commissioners. It is pursuing a policy that emphasizes the need to engage with businesses rather than removing them from them in the hope that they will have a positive impact.
The Synod has previously supported such an approach, and a Church of England spokesman said that the policy of active engagement has so far had "greater leverage and influence than we could ever achieve, either alone or through foreclosure." However, doubts about the effectiveness of such a strategy have recently been called into question.
In particular Rowan Williams, the former archbishop of Canterbury, expressed his concern that the method of dealing with ecologically dubious companies did not work, he said Daily Telegraph He wanted to draw a "red line" with the companies and pushes for an earlier deadline until 2020.
Others, however, believe that such a tight deadline would not be conducive to promoting companies' environmental improvements. Bishop of Manchester, David Walker, said that a "large-scale divestment" of fossil fuels by 2020 "would leave our strategy and influence in ruins". He added that such a move would not change companies faster, but instead "put pressure on them" as they would find the targets too ambitious and thus impractical.
Proponents of the move include aid and development agency Christian Aid and British lawyer Tom Viita, who said that "the oil companies are being made aware and the arm of those who are moving companies to a low-carbon future" is being strengthened. to put the power in the hands of the church and not the fossil fuels themselves.