THE Church of Sweden has completely disinvested from fossil
fuels, after dropping remaining holdings in gas companies. It has
assets of $691,292,490 (about £423 million).
Henrik Grape, the officer of sustainable development at the
Church of Sweden, said on Tuesday: "If you are serious about the
climate as an important issue, you can't work with climate justice
and at the same time have investments pushing development in the
Eight hundred institutions and individuals have, to date,
pledged to sell some or all of their fossil-fuel holdings,
amounting to the withdrawal of $50 billion. They include the heirs
to the Rockefeller oil fortune, Rockefeller Brothers Fund, and the
World Council of Churches.
On Tuesday, Ellie Roberts, the divestment campaigner for
Operation Noah, said that the Church of Sweden's decision
"increases the pressure on the Methodist Church and Church of
England, both of which retain large holdings in fossil-fuel
companies, to join the growing list of fossil-free Churches."
In February, the General Synod voted by an overwhelming majority
to call on the Church Commissioners to consider disinvesting
entirely from fossil-fuel companies, and to set up a new working
group on the environment.
It was announced last week that the Bishop of Salisbury, the Rt
Revd Nicholas Holtam, would head this group.
It was announced on Tuesday that the EIAG and the Church of
England's three national investing bodies are supporting a new
project that will study how climate change will make an impact on
the investment landscape. Mercer, a global consulting company, will
map how different climate scenarios might affect the market, by
2030 and 2050.
Edward Mason, the head of responsible investment for the Church
Commissioners, said: "We are keen both to grow our understanding of
the investment implications of climate change and to consider ways
in which, as investors, we can help prevent dangerous climate