Kirk rejects call to stop investing in oil and gas firms
● Delegates vote in favour of ability to have ‘ dialogue’ with fossil fuel giants
Pleas for the Kirk to divest its money from oil and gas companies in two years’ time or sooner have been rejected at the 2018 General Assembly of the Church of Scotland.
Instead delegates voted to keep investments in fossil fuel companies so the Church of Scotland would still have “a seat at the table” to persuade companies to seek alignment with the 2015 Paris Climate Agreement. Around 8 per cent of the Church of Scotland’ s Investors Trust £ 272.2 million Growth Fund is invested in oil and gas companies.
It is managed by Newton Investment Management in line with the current ethical guidelines of the Kirk’s Investors Trust. This includes not investing in any funds which have more than 15 percent of their shares in an oil or gas company.
Earlier, Rev Dr Richard Frazer, convener of the Church and Society Council, and minister at Grey friars Kirk in Edinburgh, presented a report recommending building up a non- gas and oil investment portfolio over the next two years and then divesting from fossil fuels.
It said :“We find it deeply uncomfortable that the Church, as an organisation concerned about climate justice, is investing in something which causes the very harm we seek to alleviate.”
However, some delegates said two years was too long .
Rev Jennifer Adams, minister at Duff us, Spy ni ea nd Hope man in Mo ray, who proposed more urgent action, said: “Business models of oil companies are showing no sign of change. Engagement is not working.”
In the end, delegates voted in favour of Very Rev Albert Bog le, a former Moderator, who proposed retaining oil and gas investments.
He said :“We need more robust engagement. Let’s be the thorn of the flesh of the oil companies.”
The Scottish Charity Regulator, OSCR, says a charity– which the Kirk is – should not invest in a sector inconsistent with its purposes even if this has an impact on its investment portfolio.
In 2016, the General Assembly agreed to explore how to alter the Kirk’ s existing investment policies and move towards a low- carbon global economy.
The General Assembly also took the decision that year to stop investing in tar sands and thermal coal production. It also no longer invests in tobacco or alcohol.