Church of England challenges Shell and BP - Maxwell Grant, Reduce Business Costs | Procurement Specialists, Salisbury
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December 5, 2014

Church of England challenges Shell and BP

The Church of England which controls a £9 billion investment portfolio, has urged Shell and BP to cut their carbon emissions and invest more in renewables.

The Church said it was filing shareholder resolutions to put pressure on the oil companies to take greater action to tackle climate change and link executive pay to “environmental and social metrics”.  Although the Church’s stakes are worth less than 1% each (c.£100 million in Shell and c.£50 million in BP), it hopes that over 100 shareholders will back them.

“If we are to avoid catastrophic climate change, the current business models of the energy majors are not sustainable in the long term,” said Edward Mason, head of responsible investment at the Church Commissioners, adding that the discussion was of “great ethical importance”.

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