SSR review of Çöpler mine incident points to third-party design flaw
Experts found third-party test data overestimated the shear strength properties of the liner system at the base of the heap leach.
The Church of England is one of the world’s richest religious institutions with an investment portfolio worth $13.8 billion.
On Thursday the body said that it will no longer make any investment in companies that produce coal or are involved in Canada’s oil sands extraction.
Announcing the changes to the investment criteria the Bishop of Salisbury, the church’s lead official on the environment, called climate change “the most pressing moral issue in our world”.
The Church did leave some space for mining investment however by limiting the ban to companies which are primary producers – constituting more than 10% of revenues – of the two commodities. Metalurgical coal also appears to be exempt under the new investments rules:
The bishop explained it this way reports the FT:
This means it may retain shares in companies such as BHP Billiton, which mines coal but earns a large chunk of revenues from iron ore, copper, and aluminium, said Edward Mason, the Church’s head of responsible investment. But companies that focus on coal mining, such as Peabody in the US, would be excluded.
“It’s about an alignment of interests,” Mr Mason said. “If you are a specialist coal mining company you don’t share the interest that we have in the transition to a low-carbon economy and the sense of it as a moral imperative. But if you are a BHP Billiton, where coal is a small part of your portfolio, we can have a constructive conversation with you about the future of coal for you as a company.”
The move comes nearly three years after Justin Welby, a former senior executive at the now defunct Enterprise Oil firm, was appointed as Archbishop of Canterbury, the church’s highest office.
10 Comments
Reg Jensen
And do you suppose the Church of England figures it’s up to the governments of the world to help out in the Nepal (and almost COUNTLESS other) disasters!?
Gary
At least the CoE should do is to determine where their electricity supply is coming from, and if from a coal source refuse to make use of it, filthy stuff that it is! Then any of the cynics amoungst us would then not have a leg to stand on should we want to call them hypocrites.
f
do not worry, soon all religions will be destroyed, and governments will not help them cause they have their nose into politics…
Rich Meyer
Morons. And people wonder why I left this church….. smh
fred
gary, the church is the biggest Hypocrites, they use electric, use cell phones, use nitrates, everything that is mined. and all byproducts of oil and coal
Honheree
This is the best video on the Global warming scam described by a host of experts. It was a scam started by Margaret Thatcher to break the coal unions and is now a continuing scam by Al Gore and cronies to make billions in carbon credits and bring down our way of life. It is long but worth every minute. Please share as the TV networks will not.
https://www.youtube.com/watch?v=T1XkbRYuQlI
s a jackson
Lets make sure the Bishop of Salisbury sees the full length film documentary posted below by Honheree.
kef long
Gotta love the church … why not give back funds to the poor people who were conned in the first place … to gain that wealth.
patentbs
That is OK, I blacklisted C of E a long time ago!
wally spider
You have to laugh……since when does the Churches work include trying to influence Global investment policy…..
It might be properly funny, if the COE could confirm how much of the fund has been generated by Arms or affiliated industries?
If they are concerned with making such bold statements then let us examine the rest of their investment policy to see how well thought out it is.