SPC to disinvest from fossil fuels

SPC to disinvest from fossil fuels

Following the General Assembly’s decision to continue to “engage” with fossil fuel companies, despite this policy being ineffective in persuading them to change their strategy, the Kirk Session and Congregational Board have agreed to withdraw the funds we currently have invested in the Church of Scotland Growth Fund.

The full text of the letter sent to the Investors Trust is provided below:

In the light of our concerns about climate change driven by the continued burning of fossil fuels, most recently highlighted by Pope Francis in his meeting with oil executives, and the failure of the Church of Scotland’s policy of engagement to bring about significant change in the policies and practices of Shell, BP and Total over the last 2 years, Selkirk Parish Church has decided to withdraw its funds invested in the Church of Scotland Growth Fund.

As an eco-congregation, we do not believe it is ethically acceptable to invest in, and gain profit from, companies whose main aim is to continue to explore for, and to extract, fossil fuels. For example, BP states on its website that its strategy is to “invest in more gas and oil, producing both with increasing efficiency”. In fact, we believe that these investments are contrary to the Investors Trust’s current policy not to invest in companies whose “activities … are felt to harm society more than they benefit it”. The activities of Shell, BP and Total (and other similar companies) are driving the whole world towards dangerous and potentially uncontrollable climate change, already causing harm to people across many parts of the planet.

We disagree with the Church of Scotland’s policy to continue to “engage” with these companies as being impractical and ineffective. Many large institutions, including cities, universities, some pension funds, the British Medical Association, the Church of Ireland and the United Reformed Church in Scotland have already agreed to fully divest from all fossil fuel exploration and extraction. We believe that the Church of Scotland should be leading the way for others, and should fully divest now from all companies involved in fossil fuel exploration and extraction; this would give a stronger signal to these companies than any engagement is ever likely to do.

Within Selkirk Parish Church, we are committed to caring for God’s creation. We can no longer wait for the Church or Scotland to act in this matter, so we are taking our own small steps to make ourselves “fossil free”. Withdrawing our funds is one step in this journey that we are able to make now, and therefore we are doing so. We hope that other congregations may follow our example.

The funds withdrawn may be either reinvested in an ethical fund or used to part-fund a children and families worker; we consider this to be a much better way to invest for growth in God’s Kingdom.