Day 2
Motion Calls for Continued Support for RCB on Fossil Fuels Investment
A private members calling for the continued reduction of the Representative Church Body’s investments in fossil fuels was presented at General Synod in Armagh today (Friday May 11). Proposed by Stephen Trew, the motion urged the RCB to continue the positive work of collaborative engagement, increasing investments in renewable investments and reducing exposure to fossil fuel producers, so that by 2022 (as amended by members from 2020), companies where more than 10% of turnover is derived from fossil fuel extraction, will be excluded.
Mr Trew said the motion was about the ethics of investments that provided funds for the work and mission of the church, from pensions to Priorities and the episcopate.
Over the last year, he said, the RCB had responded to the environmental challenge and its effects on people positively by starting a number of environmental projects and managing investments wisely. He added that they needed to be applauded for that.
However, he said that around the world the impact of climate change on people was real with rising sea levels, the wettest decade Ireland has seen, drought and famine in other parts of the world.
“This leads us to a profound ethical question. How can we continue to fund our mission by investing in fossil fuels when they cause human suffering? There is a strong ethical case to end fossil fuel investments. But it also makes sound financial sense,” he stated.
Through his motion, he suggested that members of Synod support the RCB’s climate change engagement, encourage the RCB to keep investing in renewable energy and continue reducing exposure to fossil fuels. Exposure to fossil fuels has gone from 11% to 2.5% of the fund in seven years.
“Reducing exposure to fossil fuel investments is both wise and it is ethical. In the Irish landscape we often see standing stones; in the Old Testament people raised stones to remember times when God had helped them. Today, with this motion, we can raise a standing stone in the landscape of the mission of our Church. Let us mark the day, when with God’s help, we decided that the Church of Ireland is truly an ethical investor and excludes all fossil fuels,” Mr Trew said.
An amendment to the motion was proposed to extend the time for the exclusion of fossil fuel investment until 2022 to give the RB more time.
Kevin Bowers (Meath and Kildare) and chairman of the investment committee spoke against the proposal on excluding companies in which more than 10% of turnover is derived from fossil fuel extraction. He said renewables would continue to grow at an increasing rate and the RB would continue to take advantage of that but fossil fuels still prevailed in the near term. The RB’s investment committee has developed a climate change policy and exposure to fossil fuel producers had been reduced and renewables had been increased. But he said that the motion drew no distinction between fossil fuel producers or the importance of natural gas in the transition from fossil fuels to renewables. Stock specific exclusions have been made this year. He urged General Synod to recognise the significant efforts being made and oppose the motion to ensure that the investments committee continues to have a flexibility to operate.
In reply Mr Trew said that the 10% made a similar statement to excluding tobacco companies on the same grounds. He said full divestment was the way to go. All fossil fuel producers produce carbon and are not committed to a low carbon economy, he stated.
The motion was passed by members of Synod.