C of E divests of fossil fuels as oil and gas firms ditch climate pledges

Church sheds holdings from pension and endowment funds after U-turns by BP and Shell

The Church of England is divesting from fossil fuels in its multibillion pound endowment and pension funds over climate concerns and recent U-turns by oil and gas companies.

The church said it was abandoning oil and gas companies and all firms primarily engaged in the exploration, production and refining of oil or gas by the end of 2023, unless they were in genuine alignment with a 1.5C reduction pathway.