Catholic religious order Jesuits in Britain will remove fossil fuel partners from its $500 million equity fund by the end of this year, it stated Wednesday, citing company failure to respond shortly to the specter of climate change.
Asset managers in charge of over $14 trillion have divested from the sector lately, although many more choose to remain invested and engage with corporations to change their business methods.
Some firms have sought to address investor concern, along with BP’s commitment this month to reduce its carbon emissions, though critics have stated that such measures haven’t gone far enough.
Jesuits in Britain, which has 400 million pounds ($517.5 million) invested with three money managers to fund its work, said it’s over halfway through the procedure of selling out of its stakes in oil giants BP, Shell, and Total.
The Jesuits had thought of outright divestment for 10 years. Still, until now, had opted only to limit investment in corporations with significant holdings in thermal coal or these utilizing Canadian tar sands, Energy stated.
With diversified energy firms BP and Shell, the order had focused on encouraging the businesses to follow a “greener and more future-focused policy”.
A spokesperson for the order stated its primary equity investment managers are AXA Framlington Investment Management, CCLA, and Cazenove Capital Management.