The world\u2019s churches have become an arena for the debate over whether it is better to tackle global warming by divesting from fossil fuel companies or by holding shares and engaging with energy groups to spur more climate-friendly business models.<\/p>\n
The World Council of Churches, which represents around 560m Christians in 140 countries, has adopted a divestment strategy for its SFr16.7m investment portfolio. Its finance policy committee decided in July that fossil fuels should be added to the list of sectors in which the council would not invest.<\/p>\n
\u201cThe use of fossil fuels must be significantly reduced and by not investing in those companies we want to show a direction we need to follow as a human family to address climate changes properly,\u201d\u009d said Rev Dr Olav Fykse Tveit, WCC general secretary.<\/p>\n
But the Church of England, which has an investment portfolio worth around \u00c2\u00a39bn, has opted for engagement. It announced last month it would use its stakes in Royal Dutch Shell and BP to urge the companies to cut their carbon emissions and invest more in renewables.<\/p>\n