Question

To ask the Member for South West Bedfordshire, representing the Church Commissioners, how the Church is using its investment portfolio to encourage (a) ethical business practices and (b) a reduction in dependency on fossil fuels.

The engagement of the Church of England National Investing Bodies ('NIBs'), including the Church Commissioners, is guided by the commitments made by the National Investing bodies in a July 2018 General Synod debate on climate change and investment.

The NIBs reaffirmed their commitment to engage urgently and robustly with companies rated poorly by the Transition Pathway Initiative and, beginning in 2020, to start to disinvest from the ones that are not taking their responsibilities seriously to assist with the transition to a low carbon economy. More information about the Transition Pathway can be found here: https://www.transitionpathwayinitiative.org/tpi/overview

The NIBs have committed to disinvestment by 2023 from fossil fuel companies that they have assessed as not being prepared to align with the goal of the Paris Agreement to restrict the global average temperature rise to well below 2ºC. This assessment will be made drawing on TPI data.

In 2020 the National Investing Bodies joined the UN net-zero asset owner alliance. More information about their engagement can be found at the link: https://www.churchofengland.org/more/media-centre/news/church-england-national-investing-bodies-join-un-convened-net-zero-asset