The Church of England’s commissioners and its pension board have announced they will “disinvest from fossil fuels this year’.

The move follows a report to the church’s general synod from its national investing bodies on progress made since its five-year strategy to back green investment 2018.

This found that “while come companies have made significant progress, no fossil fuel company” has passed “hurdles” set up its national investing bodies.

“Energy companies have a special responsibility to help us achieve the just transition to the low-carbon economy we need,” said the Archbishop of Canterbury Justin Welby.

“We have long urged companies to take climate change seriously, and specifically to align with the goals of the Paris Climate Agreement and pursue efforts to limit the rise in temperature to 1.5°C above pre-industrial levels.

“In practical terms that means phasing out fossil fuels, investing in renewables, and plotting a credible path to a net-zero world. Some progress has been made, but not nearly enough.

“The Church will follow not just the science, but our faith – both of which call us to work for climate justice.”

Following a report to @synod, The Church Commissioners and the Church of England Pensions Board have independently announced they will disinvest from fossil fuels.

Learn more at https://t.co/zfGCd2dXMD.

— The Church of England (@churchofengland) June 22, 2023

A survey carried out by Newton Investment Management last year found that only 29% of charities excluded fossil fuels from their portfolios in the financial year ending March 2022. This research did also note an increase in charity leaders discussing green investment.

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