C of E takes climate change fight to ExxonMobil with…

first_img Rector Belleville, IL New Berrigan Book With Episcopal Roots Cascade Books Director of Administration & Finance Atlanta, GA [Anglican Communion News Service] Buoyed by the success of similar actions against British oil companies BP and Shell, the Church Commissioners for England have proposed a shareholders’ motion calling on the U.S. oil giant ExxonMobil to “disclose the resilience of its business model in the wake of the Paris Agreement on climate change.” If passed at the company’s Annual Meeting of Shareholders, the motion will force the oil company to be more transparent on its efforts to shift to a low-carbon economy.The Church Commissioners is a body established by an Act of Parliament and is responsible for managing its £6.7 billion (approximately $9.5 billion) of investments in equities, real estate and alternative investment strategies to help fund the work of the Church of England. In addition to supporting poorer dioceses with ministry costs, the Commissioners use the return on its investments to support mission activities, pay for bishops’ ministry and some of the costs of cathedrals. They are also responsible for paying clergy pensions for service prior to 1998.In recent years, as part of its ethical investment strategy, the Church Commissioners have taken an increasingly hands-on approach to engagement with the companies that it invests in.In its latest shareholder action, the Church Commissioners have joined forces with a number of other large shareholders in ExxonMobil to propose the resolution. The group of investors include the New York State Common Retirement Fund, the Vermont State Employees’ Retirement System, the University of California Retirement Plan and The Brainerd Foundation. Together, the group represents nearly $300 billion US (approximately £211 Billion GBP) in assets under management and more than $1 billion US (approximately £703 million GBP) in Exxon shares.“The unprecedented Paris agreement to rein in global warming may significantly affect Exxon’s operations,” New York State Comptroller Thomas P. DiNapoli, trustee of the New York State Common Retirement Fund, said. “As shareholders, we want to know that Exxon is doing what is needed to prepare for a future with lower carbon emissions. The future success of the company, and its investors, requires Exxon to assess how it will perform as the world changes.”Edward Mason, the Church Commissioners’ head of responsible investment, said: “Climate change presents major challenges to corporate governance, sustainability and ultimately profitability at ExxonMobil. As responsible investors we are committed to supporting the transition to a low carbon economy. We need more transparency and reporting from ExxonMobil to be able to assess how they are responding to the risks and opportunities presented by the low carbon transition.”The Paris UN Climate Conference concluded with world leaders committed to holding the rise in global temperatures well below two degrees Celsius and to seek to restrict warming to 1.5 degrees.The joint shareholder proposal asks ExxonMobil to publish an assessment of how its portfolio would be affected by a two-degree target through, and beyond, 2040. Specifically, the assessment should include an analysis of the impacts of a two-degree scenario on the company’s oil and gas reserves and resources assuming a reduction in demand resulting from carbon restrictions.Exxon’s peers, Shell and BP, have already agreed to disclose how they will be impacted by efforts to lower greenhouse gas emissions in response to similar shareholder proposals co-filed in 2015 by the Church of England and other investors and endorsed by the boards of both companies. More recently, 10 global oil and gas companies, including Shell and BP, announced their support for lowering GHG emissions to help meet the two-degree goal. Rector Collierville, TN Course Director Jerusalem, Israel Posted Jan 19, 2016 Tags T. Porter says: Comments (1) Assistant/Associate Rector Morristown, NJ Curate Diocese of Nebraska Rector Bath, NC Associate Priest for Pastoral Care New York, NY Comments are closed. Rector (FT or PT) Indian River, MI The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Rector Pittsburgh, PA This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Submit a Press Release Cathedral Dean Boise, ID Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Youth Minister Lorton, VA Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Featured Jobs & Calls Priest Associate or Director of Adult Ministries Greenville, SC Rector Smithfield, NC AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Rector Martinsville, VA Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Rector Albany, NY Rector and Chaplain Eugene, OR Director of Music Morristown, NJ January 20, 2016 at 5:36 pm This diatribe makes the religious doctrines of the C of E less important than that of the Paris boondoggle on Climate change. Associate Rector Columbus, GA Curate (Associate & Priest-in-Charge) Traverse City, MI Rector Hopkinsville, KY Bishop Diocesan Springfield, IL TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Featured Events Rector Knoxville, TN Rector Shreveport, LA Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Canon for Family Ministry Jackson, MS Missioner for Disaster Resilience Sacramento, CA Rector Washington, DC Priest-in-Charge Lebanon, OH Rector Tampa, FL Associate Rector for Family Ministries Anchorage, AK Rector/Priest in Charge (PT) Lisbon, ME Assistant/Associate Priest Scottsdale, AZ C of E takes climate change fight to ExxonMobil with U.S. allies An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET Submit an Event Listing Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Submit a Job Listing Anglican Communion Assistant/Associate Rector Washington, DC Press Release Service Family Ministry Coordinator Baton Rouge, LA last_img

Leave a Reply

Your email address will not be published. Required fields are marked *