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CHURCH TIMES: Oil company shares? Time to move our investments elsewhere?

by PAUL VALLELY: 03 JANUARY 2020

HERE we are, in 2020, at the start of not just a new year but a new decade. It is one that could prove make-or-break for the dominant challenge of the 21st century: climate change. Will it be a decade of delivery or a decade of disaster?

So, what is the way forward? The director of new energies at Shell, Maarten Wetselaar, outlined its $2-billion plan to transition from fossil-fuels to low-carbon energy. Yet it is still spending $25 billion on oil prospecting.

The world of finance, which holds large amounts of oil-company shares, must exert pressure for that to change. The trouble, says the outgoing governor of the Bank of England, Mark Carney, is that financial firms are “not moving fast enough” away from fossil-fuel investments. Many of those investments, which could rapidly become worthless, are lodged in the pension funds of ordinary people. Perhaps it is time for us to demand that our pension funds move our investments elsewhere.

FULL ARTICLE

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