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LONDON, Feb 26 (Reuters) - Catholic religious order Jesuits
in Britain will ditch fossil fuel companies from its $500
million equity portfolio by the end of the year, it said on
Wednesday, citing corporate failure to respond quickly to the
threat of climate change.
Asset managers responsible for more than $14 trillion have
divested from the sector in recent years, though many more
prefer to remain invested and engage with companies to change
their business strategies.
Some companies have sought to address investor concern,
including BP's pledge this month to reduce its carbon
emissions, though critics have said that such measures have not
gone far enough.
Jesuits in Britain, which has 400 million pounds ($517.5
million) invested with three money managers to finance its work,
said it is more than halfway through the process of selling out
of its holdings in oil majors BP, Shell and Total
.
"Our trustees took the decision to completely divest from
oil, gas and coal-producing companies because they felt these
companies were not making enough progress towards better
solutions," said Stephen Power, a Brother in the Society of
Jesus, which manages the group's ethical investing strategy.
The Jesuits had considered outright divestment for a decade,
but until now had opted only to restrict investment in companies
with large holdings in thermal coal or those using Canadian tar
sands, Power said.
With diversified energy companies BP and Shell, the order
had focused on encouraging the companies to follow a "greener
and more future-focused policy".
"However, the severity of the climate emergency has made it
crystal clear that action is needed more than words if climate
action is to be effective," Power said.
A spokesman for the order said its main equity investment
managers are AXA Framlington Investment Management, CCLA and
Cazenove Capital Management.
($1 = 0.7730 pounds)
(Reporting by Simon Jessop
Editing by David Goodman)
