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The Church of England Pensions Board has committed to disinvest all of its remaining equity and debt from the oil and gas sector, saying no company is aligned to net zero over the short, medium and long term.
Its chief responsible investment officer Adam Matthews, who also chairs the Transition Pathway Initiative, wrote on LinkedIn on Friday:
"We have... today committed to disinvest all our remaining holdings in equity and debt across the oil and gas sector as using the latest Transition Pathway Initiative (TPI) assessment no company is aligned over the short, medium and long term to net zero."
He added that the Church would instead turn its efforts towards the demand side and public policy: "Laura Hillis will now be leading the Pension Board's extensive engagement with the energy demand side and also public policy makers to explore a phased moratorium of oil and gas that ensures fairness for emerging and developing economies. We will also be focussing heavily on working with other asset owners to support the transition in emerging markets."
Matthews said last month that investor engagement with the oil and gas sector was at a crossroads, after companies did not meet pension funds' climate demands.
Few have so far taken the step to exclude oil and gas from their portfolios completely. One of the few who did is the University of Oxford's endowment fund. Master trust Cushon is also Has the time come for pension investors to drop their stakes in oil and gas, or could divestment be doing more harm than good?
