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World Council of Churches Pulls out of Investment in Fossil Fuel

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In Religious News... World Council of Churches pulls fossil fuel investments...

An umbrella group of churches, which represents over half a billion Christians worldwide, has decided to pull its investments out of fossil fuel companies.

The move by the World Council of Churches, which has 345 member churches including the Church of England but not the Catholic church, was welcomed as a "major victory" by climate campaigners who have been calling on companies and institutions such as pension funds, universities and local governments to divest from coal, oil and gas.

In an article for the Guardian back in April, Archbishop Desmond Tutu said that "people of conscience need to break their ties with corporations financing the injustice of climate change" and events sponsored by fossil fuel companies could even be boycotted.

The founder of climate campaign group 350.org, said in a statement: "The World Council of Churches reminds us that morality demands thinking as much about the future as about ourselves – and that there's no threat to the future greater than the unchecked burning of fossil fuels. This is a remarkable moment for the 590 million Christians in its member denominations: a huge percentage of humanity says today 'this far and no further'."

It is not clear yet whether the decision will apply only to the council itself, which has a comparatively small investment fund, or its members as well, which have much larger investments. The Church of England said it could not yet comment on what the decision meant for its own investments.

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