Church Of England Wins Big On Climate Fight Bet
The Church of England Takes on Climate Change—and Generates a 17 Percent Return; The low-key $10 billion fund that finances missions, cathedral costs and clergy pensions was instrumental in passing Exxon shareholder resolution.
Laura Colby, August 3, 2017 (Bloomberg Markets)
“…[The $10 billion Church of England fund joined the $192 billion New York State Common Retirement Fund, a veteran activist, in demanding the Exxon ¬Mobil Corp. board] provide a detailed report on how curbing climate change could affect its business…[T]he church has been quietly—and successfully—engaging with European companies in the energy and mining industries for the past few years. BP, BHP Billiton, and Royal Dutch Shell have all voluntarily adopted similar climate change steps to those sought at Exxon…The Church of England, also known as the Anglican Church, is the state church of England…Exxon argued that its current processes were sufficient to test its holdings for risk…[Last year, the proposal got 38% of votes but this year the Church of England rallied dozens of U.S. religious ¬investors and it won 62.1%]…” click here for more