Pensions Board asks for fossil fuels review: Church of England Newspaper, November 15, 2013 November 14, 2013Posted by geoconger in Church of England, Church of England Newspaper.
Tags: Church of England Pensions Board
The Church of England Pensions Board has lent it support to a request by 70 global pension funds to the world’s major energy companies, asking them to investigate how the push to combat man-made climate change will impact the profitability of their businesses.
On 24 October 2013 the 70 pension funds published an open letter to the top 45 oil, gas, coal and electric companies asking them to complete the study by the end of the first quarter of 2014. Because the capital investments required to extract gas, oil and coal take years to recoup, the pension funds stated the risk of future regulations that would limit production or impose expensive pollution-control requirements could reduce the industry’s profitability.
The letter signed by the Church of England Pensions Board, Scottish Widows Investment Partnership, Rockefeller & Co., and the treasurers of half a dozen U.S. states, represents almost $3 trillion in investments.
“The underlying question here is the billions of dollars that are being invested” is prudent in light of the changing regulatory environment, the head of the California’s State Teachers’ Retirement System, Jack Ehnes, told the Associated Press.