Church of England joins passive push with new climate transition index
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The Church of England pension board is today launching a “passive index” onto the London Stock Exchange, which will be aligned with the goals of the Paris climate deal. It adds: “The church will invest an initial £600m in the FTSE TPI Climate Transition Index which follows calls from Mark Carney, the outgoing governor of the Bank of England, for pension funds to tackle the financial risk of climate change.” The paper says the church’s endowment and investment funds plan to sell shares in “fossil fuel companies that are slow to respond to global warming” starting in 2023. To bring this to life in the Oil & Gas sector they will sell shares in Exxon, Chevron and BP amongst others that dont have scope 3 targets. In contrast Shell and Repsol are in the index.
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