Decision by Swedish Pension fund to drop fossil fuel companies shows financial and ethical considerations are now aligned and puts onus on Churches to demonstrate prudence.
Nearly 50 Churches and faith-based organisations around the world have now decided to disinvest from fossil fuel companies. They have done so for compelling theological, moral and scientific reasons. They are aware that climate change is already here and will intensify rapidly, hurting in particular poor communities in geographically vulnerable regions.
Maybe these organisations have also been aware of the financial reasons for disinvestment – that the fossil fuel companies are continuing to invest heavily in finding new reserves, despite the evidence that, if we are going to keep the increase in global warming below 2 degrees centigrade, over half of the world’s known reserves will have to be left untouched in the earth. This evidence has recently been endorsed by Mark Carney, the Governor of the Bank of England.