Church of England drops fossil fuel investments

The Church of England is pulling its investments from fossil fuel companies.

The church’s board of directors approved a policy Thursday to pull $18 million in investments from companies that receive more than 10 percent of their revenue from oil sands or thermal coal development.

{mosads}The policy, which also bans future investments in those companies, updates a 2008 church strategy meant to rebuff climate change. 

The church’s investment portfolio is worth about $9.1 billion, The Guardian reports, and has been the target of a campaign to encourage institutions to divest in fossil fuels.

Edward Mason, the head of investments for the church, said in a statement that the move is “one of the most comprehensive policy frameworks on climate change adopted by any institutional investor.”

Richard Burridge, the deputy chair of the church’s Ethical Investment Advisory Group, cast the decision in religious terms on a church blog. He wrote that there is a biblical mandate that “requires us to do all we can to minimize whatever is damaging creation and God’s creatures.”

“The policy … aims to ensure that the Church, through its investments, plays its role in supporting the transition to a low carbon future,” he added.