Photo: Vlad Hilitanu | Unsplash
The Church of England Pensions Board has announced its decision to divest from its holdings in Shell due to what it perceives as insufficient plans to align with the goal of limiting global warming to 1.5 degrees Celsius. "The Church will follow not just the science, but our faith -- both of which call us to work for climate justice," Justin Welby, the Archbishop of Canterbury, said in a statement. The Board, which had previously engaged with Shell on behalf of the CA100+ investor group, currently has around £1.35 million ($1.72 million) invested in the company out of its total £3.2 billion investment portfolio. In addition to the Pensions Board, the Church Commissioners fund, with assets totaling £10.3 billion, will also divest from all remaining oil and gas companies in its portfolio, including BP, Equinor, and TotalEnergies. The decision reflects the Church's commitment to climate justice, aligning with scientific and faith-based perspectives. The Pensions Board will redirect its efforts towards reshaping the demand for oil and gas, particularly in sectors like the automotive industry. While Shell has set emission intensity targets and aims for net-zero emissions by 2050, it has yet to establish absolute emission reduction goals for 2030. The Church's divestment decision comes after voting against Shell's leadership on climate-related concerns and supporting an activist shareholder resolution for Paris-aligned emissions targets for 2030.
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