Church abandons oil – Too early to move at full blast – Arab Times Kuwait News

Church abandons oil – Too early to move at full blast – Arab Times Kuwait News

This post has been read 561 times!

IN a surprise announcement last week, the Church of England decided to let go of investments worth about $150 million in oil companies including BP and Shell, accusing them of not doing enough to tackle climate change. It will divest from companies that produce fossil fuels. It concluded that the oil companies failed to meet a certain mid-year target.

The spokesperson of the Church of England urged oil companies to take climate change into serious consideration, which would mean phasing out of the traditional oil industry and opting for alternative green and clean energy, instead of fossil fuels. The church currently has investments worth more than $11 billion. It will offl oad all of its investments in oil companies such as Shell, BP, Eni, Repsol, Total and other European groups, in addition to the ExxonMobil and Occidental Petroleum of the United States.