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Sorry Warren Buffett, Climate-Change Focused Church of England Money Keeps Berkshire Hathaway on Restriction
Posted on 12/19/2020
Twelve companies made changes to stay off the Church of England’s restricted list. The Church of England National Investing Bodies (NIBs) have been active for many years in fighting climate change and are committed to reducing the carbon footprint of our investment portfolios to net zero by 2050. In 2018, the Church of England Synod called for the NIBs to divest from fossil fuel companies not aligned with the goals of the Paris Agreement by 2023, leading to the NIBs setting 2020 and 2023 investment hurdles.
The Church Commissioners for England, the Church of England Pensions Board and CBF Church of England Funds, which comprise the NIBs, will divest the restricted companies in which they have holdings as soon as possible. This is the first time the NIBs have restricted companies that fall short of specific carbon emission standards.
Church, ethics group start initiative to monitor mining dam safety
Bloomberg
Workers operate a heavy equipment to clear debris and mud as part of the recovery effort after the Vale SA Corrego do Feijao tailings dam collapse in Brumadinho, Brazil, in 2019.
European investors are partnering to implement a global tailings dam standard for mining companies they own through the creation of an independent institute.
The £2.8 billion ($3.7 billion) Church of England Pensions Board, London, and the Council on Ethics of the Swedish National Pension Funds, Stockholm, announced Friday they are joining together to launch the institute.
Following the 2019 Brumadinho tailings dam disaster in Brazil in which an earthen dam was breached, resulting in 270 deaths, investors have engaged with mining companies to develop a standard practice in efforts to avoid waste management disasters at mining sites, according to their websites. The standard was developed by investors in August, and the investo
ExxonMobil, under pressure on climate, aims to cut emissions intensity by 2025
12/15/2020
Oil major ExxonMobil Corp, under increasing pressure from investors and climate change campaigners, said on Monday it planned to reduce its greenhouse gas emissions over the next five years.
Last Thursday, the Church Commissioners for England joined growing investor campaigns to demand changes at Exxon and backed calls for a board refresh and development of a strategy for the largest U.S. oil company s transition to cleaner fuels.
Several of Exxon s rivals this year have set longer-term climate ambitions, including Royal Dutch Shell and BP Plc, which aim to reduce greenhouse gas emissions to net zero by 2050.
By Susanna Rust2020-12-16T16:58:00+00:00
The Church of England’s national investing bodies have banned investment in nine companies and stuck with 12 after asking them to meet certain climate change-related standards, according to an announcement today.
They said they would divest the restricted companies in which they have holdings as soon as possible. As of 21 October, the total value of their holdings in the companies was £32m (€34.9m).
Ten of the 12 companies that stayed off the new restricted list did so because they sufficiently improved their disclosure, governance or strategy, according to the Church of England announcement.
The remaining two – Polish power company PGE and Reliance Industries of India – are being given more time to make changes after demonstrating positive engagement.