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Church Of England Cleans Up Investment Portfollio With £12m Fossil Fuel Share Sell-Off

Church Sells £12m In Shares For 'The Most Pressing Moral Issue In Our World'
Steven Hopkins
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The Archbishop of Canterbury Justin Welby arrives for the Easter Day service at Canterbury Cathedral in Kent.
Gareth Fuller/PA Wire

The Church of England is continuing to clean up its investment portfolio, selling £12 million of its shares in fossil fuel companies, as part of a new climate change policy.

The Church said it will no longer make any direct investments in companies that generate more than 10% of their revenue from extracting thermal coal or producing oil from tar sands.

Last year the church was caught-out, when having campaigned against pay day lenders, it was revealed it had indirectly invested in Wonga. The church later said it was indirectly exposed to the payday lender through pooled funds of less than £100,000, and "removed" the investment.

Bishop Nick Holtam, the lead Bishop on the environment at the Church of England, said climate change is "the most pressing moral issue in our world".

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The Archbishop of Canterbury Justin Welby, seen above at the Easter Day service at Canterbury Cathedral in Kent

The policy will see more engagement between the church's national investment bodies and the companies in which it holds shares, including fossil fuel producers.

Pierre Jameson, chief investment officer of the Church of England pensions board said it wanted a global policy frameworks that "incentivises" the reduction of carbon emissions and the "transition to a low carbon economy".

He said: "We need governments meeting in Paris at the end of this year to agree long term global emissions targets with a clear pathway to a low carbon future."

Tom Joy, director of investments at the Church Commissioners, said the church wants to be "at the forefront of institutional investors seeking to address the challenge of energy transition".

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The Church of England
Archbishop of Canterbury Easter service(01 of24)
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The Archbishop of Canterbury Justin Welby delivers his sermon during the Easter Day service at Canterbury Cathedral in Kent. (credit:Gareth Fuller/PA Wire)
BRITAIN-RELIGION-BISHOP-WOMAN(02 of24)
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Bishop Libby Lane (C) leaves York Minster in northern England on January 26, 2015, with the Archbishop of York, John Sentamu, (L) and the Archbishop of Canterbury, Justin Welby, (R) following a service in which she was consecrated as the new Bishop of Stockport. The Church of England ended centuries of male-only leadership on Monday as Libby Lane became its first female bishop at a grand ceremony in York cathedral, despite fierce opposition from traditionalists. AFP PHOTO / OLI SCARFF (Photo credit should read OLI SCARFF/AFP/Getty Images) (credit:OLI SCARFF via Getty Images)
First Female Bishop Consecrated At York Minster(03 of24)
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YORK, ENGLAND - JANUARY 26: The Rev Libby Lane (front, C) stands with the Archbishop of York, Dr John Sentamu (front C, L) and the Archbishop of Canterbury, Justin Welby (front row, 6th R) outside York Minster after she was consecrated as the eighth Bishop of Stockport on January 26, 2015 in York, England. The Church of England consecrated its first female bishop during a ceremony at York Minster today. The Reverend Libby Lane, who has been the vicar of St Peter's Hale and St Elizabeth's Ashley, in Greater Manchester, was ordained as the new Bishop of Stockport in a two hour service led by the Archbishop of York, Dr John Sentamu. (Photo by Jeff J Mitchell/Getty Images) (credit:Jeff J Mitchell via Getty Images)
The Remains Of King Richard III Are Finally Laid To Rest(04 of24)
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LEICESTER, UNITED KINGDOM - MARCH 26: Archbishop of Canterbury Justin Welby arrives at Leicester Cathedral for the reinterment ceremony of King Richard III, on March 26, 2015 in Leicester, England. The skeleton of King Richard III was discovered in 2012 benaeth a car park, in the foundations of Greyfriars Church in Leicester, 500 years after he was killed in the Battle of Bosworth Field. (Photo by Richard Pohle - WPA Pool/Getty Images) (credit:WPA Pool via Getty Images)
The Remains Of King Richard III Are Finally Laid To Rest(05 of24)
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LEICESTER, UNITED KINGDOM - MARCH 26: Archbishop of Canterbury Justin Welby waits at the entrance to Leicester Cathedral for the reinterment ceremony of King Richard III, on March 26, 2015 in Leicester, England. The skeleton of King Richard III was discovered in 2012 benaeth a car park, in the foundations of Greyfriars Church in Leicester, 500 years after he was killed in the Battle of Bosworth Field. (Photo by Richard Pohle - WPA Pool/Getty Images) (credit:WPA Pool via Getty Images)
Archbishop Of Canterbury Delivers HIs Easter Sermon(06 of24)
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CANTERBURY, ENGLAND - APRIL 05: Justin Welby, the Archbishop of Canterbury, delivers his Easter sermon on April 5, 2015 in Canterbury, England. During his traditional message, the Archbishop talked of the plight of Coptic Christians in the Middle East and also said Christians should resist persecution without violence. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
Archbishop Of Canterbury Delivers HIs Easter Sermon(07 of24)
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CANTERBURY, ENGLAND - APRIL 05: Justin Welby, the Archbishop of Canterbury, delivers his Easter sermon on April 5, 2015 in Canterbury, England. During his traditional message, the Archbishop talked of the plight of Coptic Christians in the Middle East and also said Christians should resist persecution without violence. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
Archbishop Of Canterbury Delivers HIs Easter Sermon(08 of24)
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CANTERBURY, ENGLAND - APRIL 05: Justin Welby, the Archbishop of Canterbury, delivers his Easter sermon on April 5, 2015 in Canterbury, England. During his traditional message, the Archbishop talked of the plight of Coptic Christians in the Middle East and also said Christians should resist persecution without violence. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
Archbishop Of Canterbury Delivers HIs Easter Sermon(09 of24)
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CANTERBURY, ENGLAND - APRIL 05: Justin Welby, the Archbishop of Canterbury, delivers his Easter sermon on April 5, 2015 in Canterbury, England. During his traditional message, the Archbishop talked of the plight of Coptic Christians in the Middle East and also said Christians should resist persecution without violence. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
Archbishop Of Canterbury Delivers HIs Easter Sermon(10 of24)
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CANTERBURY, ENGLAND - APRIL 05: Justin Welby, the Archbishop of Canterbury, delivers his Easter sermon on April 5, 2015 in Canterbury, England. During his traditional message, the Archbishop talked of the plight of Coptic Christians in the Middle East and also said Christians should resist persecution without violence. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
Archbishop Of Canterbury Delivers HIs Easter Sermon(11 of24)
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CANTERBURY, ENGLAND - APRIL 05: Justin Welby, the Archbishop of Canterbury (C), leaves after delivering his Easter sermon on April 5, 2015 in Canterbury, England. During his traditional message, the Archbishop talked of the plight of Coptic Christians in the Middle East and also said Christians should resist persecution without violence. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
Archbishop Of Canterbury Delivers HIs Easter Sermon(12 of24)
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CANTERBURY, ENGLAND - APRIL 05: Justin Welby, the Archbishop of Canterbury, arrives to deliver his Easter sermon on April 5, 2015 in Canterbury, England. During his traditional message, the Archbishop talked of the plight of Coptic Christians in the Middle East and also said Christians should resist persecution without violence. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
Archbishop Of Canterbury Delivers HIs Easter Sermon(13 of24)
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CANTERBURY, ENGLAND - APRIL 05: Justin Welby, the Archbishop of Canterbury, arrives to deliver his Easter sermon on April 5, 2015 in Canterbury, England. During his traditional message, the Archbishop talked of the plight of Coptic Christians in the Middle East and also said Christians should resist persecution without violence. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
Archbishop Of Canterbury Delivers HIs Easter Sermon(14 of24)
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CANTERBURY, ENGLAND - APRIL 05: Justin Welby, the Archbishop of Canterbury, delivers his Easter sermon on April 5, 2015 in Canterbury, England. During his traditional message, the Archbishop talked of the plight of Coptic Christians in the Middle East and also said Christians should resist persecution without violence. (Photo by Carl Court/Getty Images) (credit:Carl Court via Getty Images)
Travel-Trip-Canterbury Tales(15 of24)
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FILE - This March 21, 2013 file photo shows the congregation lining up to enter Canterbury Cathedral for the Enthronement of the Archbishop of Canterbury, The Most Reverend Justin Welby in Canterbury, England. It was in the Canterbury Cathedral in 1107 that Archbishop Thomas Becket was viciously killed by four knights who believed they were doing the bidding of King Henry II. As a result, Becket became a martyr and the cathedral a place of pilgrimage to his shrine. (AP Photo/Chris Ison, Pool) (credit:ASSOCIATED PRESS)
Vatican Pope(16 of24)
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Pope Francis meets the Archbishop of Canterbury Justin Welby during a private audience at the Vatican Friday, June 14, 2013. (AP Photo/Alessandra Tarantino) (credit:ASSOCIATED PRESS)
Vatican Pope(17 of24)
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Pope Francis exchange gifts with the Archbishop of Canterbury Justin Welby, as his wife Caroline looks on, during a private audience at the Vatican Friday, June 14, 2013. (AP Photo/Alessandra Tarantino) (credit:ASSOCIATED PRESS)
Kenya Archbishop of Canterbury(18 of24)
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The Archbishop of Canterbury Justin Welby conducts a service at the All Saints Cathedral in Nairobi, Kenya Sunday, Oct. 20, 2013. Welby made the one-day visit to Kenya to meet with the Primates of the Anglican Communion on the eve of the second Global Anglican Future Conference (GAFCON) which is due to take place in Nairobi throughout next week. (AP Photo/Ben Curtis) (credit:ASSOCIATED PRESS)
Kenya Archbishop of Canterbury(19 of24)
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The Archbishop of Canterbury Justin Welby conducts a service at the All Saints Cathedral in Nairobi, Kenya Sunday, Oct. 20, 2013. Welby made the one-day visit to Kenya to meet with the Primates of the Anglican Communion on the eve of the second Global Anglican Future Conference (GAFCON) which is due to take place in Nairobi throughout next week. (AP Photo/Ben Curtis) (credit:ASSOCIATED PRESS)
Kenya Archbishop of Canterbury(20 of24)
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The Archbishop of Canterbury Justin Welby, center-left, speaks with a member of the congregation before conducting a service at the All Saints Cathedral in Nairobi, Kenya Sunday, Oct. 20, 2013. Welby made the one-day visit to Kenya to meet with the Primates of the Anglican Communion on the eve of the second Global Anglican Future Conference (GAFCON) which is due to take place in Nairobi throughout next week. (AP Photo/Ben Curtis) (credit:ASSOCIATED PRESS)
South Sudan Displaced(21 of24)
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The Archbishop of Canterbury Justin Welby, left, meets with South Sudan's President Salva Kiir in Juba, South Sudan Thursday, Jan. 30, 2014. Visiting South Sudan on Thursday, the head of the worldwide Anglican church told reporters that he sensed "the trauma and loss" that is afflicting the whole country and that he was in South Sudan to meet clerics and officials including President Salva Kiir and to promote forgiveness and reconciliation. (AP Photo/Mackenzie Knowles-Coursin) (credit:ASSOCIATED PRESS)
South Sudan Displaced(22 of24)
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Archbishop of South Sudan Daniel Deng Bul, left, and the Archbishop of Canterbury Justin Welby, right, say a prayer outside a chuch in Juba, South Sudan Thursday, Jan. 30, 2014. Visiting South Sudan on Thursday, the head of the worldwide Anglican church told reporters that he sensed "the trauma and loss" that is afflicting the whole country and that he was in South Sudan to meet clerics and officials including President Salva Kiir and to promote forgiveness and reconciliation. (AP Photo/Mackenzie Knowles-Coursin) (credit:ASSOCIATED PRESS)
Britain(23 of24)
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The Archbishop of Canterbury Justin Welby, left, looks at pray ribbons outside Leicester Cathedral to attend a service for the re-reinterment of the mortal remains of Richard III at Leicester Cathedral, Leicester, England, Thursday, March 26, 2015. The skeleton of King Richard III was discovered in 2012 in the foundations of Greyfriars Church, Leicester, 500 years after he was killed in the Battle of Bosworth Field. (AP Photo/Rui Vieira) (credit:ASSOCIATED PRESS)
Britain(24 of24)
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The Archbishop of Canterbury Justin Welby, left, looks at pray ribbons outside Leicester Cathedral to attend a service for the re-reinterment of the mortal remains of Richard III at Leicester Cathedral, Leicester, England, Thursday, March 26, 2015. The skeleton of King Richard III was discovered in 2012 in the foundations of Greyfriars Church, Leicester, 500 years after he was killed in the Battle of Bosworth Field. (AP Photo/Rui Vieira) (credit:ASSOCIATED PRESS)

The commissioners are the largest private owner of UK forestry, with 4% of their portfolio invested in sustainable forestry.

Mr Joy added: "This new policy rightly goes beyond to incorporate investment exclusions for companies focused on the highest carbon fossil fuels where we do not think engagement would be productive."

The Rev Canon Professor Richard Burridge, deputy chairman of the Ethical Investment Advisory Group, said the church has a moral responsibility to take action on environmental issues and work for justice for the poor "who are most vulnerable to climate change".

He said: "This responsibility encompasses not only the Church's own work to reduce our own carbon footprint, but also how the Church's money is invested and how we engage with companies on this vital issue."

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