"These Waves …:" Writing New Bodies for Applied E-literature Studies
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"These Waves …:" Writing New Bodies for Applied E-literature Studies
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CofE national investing bodies and transition to low carbon economy
The Bible, and Christian theology down through the centuries, make it crystal clear that humankind has a divinely mandated responsibility for the physical world, for its creatures and for one another, especially the weakest and least able. Whilst God desires us to participate with him in the process of change and adaptation, this mandate also requires us to do all we can to minimise whatever is damaging creation and God’s creatures, and to promote all that is good and that brings the kingdom of heaven into ever greater realisation on earth.
This mandate is what has guided the Ethical Investment Advisory Group (EIAG) to develop a new climate change policy that was announced today by the National Investing Bodies of the Church of England.
The policy was developed by the EIAG on behalf of the Investing Bodies and aims to ensure that the Church through its investments plays its role in supporting the transition to a low carbon future.
Unfortunately, the present day reality is that for many of the poorest and most marginalised in the world climate change is already having significant impacts. The least able to adapt to climate related extremes are the very ones who will suffer disproportionately from the ecological, social and economic consequences that flow from these changes. It is also the poorest who have contributed the least to greenhouse gas emissions and are in most need of strategies that enable economic growth and development. In addition to ecological considerations, justice calls for urgent global action to ensure equitable access to enriching and sustainable development and a rapid transition to a low-carbon economy.
Supporting that transition to a low carbon global economy is at the heart of our new policy. The immediate impact will be a complete divestment from the most polluting fossil fuel companies that derive more than 10% of their revenues from thermal coal and tar sands, worth £12 million. The policy goes on to make a clear commitment that the NIBs should be at the forefront of institutional investors acting on climate change, in both an aspirational and realistic fashion. Although the Church is already taking action, there is a recognition that more can and should be done to engage not just companies but also policy makers. Importantly, the policy sets a clear expectation for companies to play a constructive role in assisting their business models in the transition to a low carbon future. Significantly, where this is not taken seriously further divestments will be considered.
At its heart, this policy is about engagement and a belief that through engagement we will be able to assist companies and policy makers to achieve the needed transition.
It was also clear to members of the EIAG that it was impossible to separate climate change from the values and priorities that are reflected in our social and economic practices and systems, and cannot therefore be successfully addressed by technical or managerial measures alone. Human greed and unbridled expansion, often at the expense of the poor and vulnerable, is challenged by both the Bible and Christian theology. Ultimately, therefore, our values and priorities must drive society’s response to climate change.
Our prayer is that this policy can make a credible contribution to that response.
The Rev Canon Professor Richard Burridge, Deputy Chair of the EIAG