While the precise workings of its new “traffic light system” are still being debated, the Central Finance Board (CFB) of the Methodist Church plans to determine by the end of the year whether BP, Royal Dutch Shell, Total, and Equinor have the ethical credentials to merit continued investor support. Those preferences will be denoted by red, amber, and green categories, which will reflect a firm’s efforts and commitment to reducing greenhouse gas emissions, its asset mix, capital expenditure, climate strategy, and governance.
For the Methodists’ CFB, which manages more than $1.7 billion, the direction of travel from an ethical standpoint will also be important as it also grades the largest mining companies. While the church stands by its 2015 decision to sell its holdings in Glencore because of the Swiss miner’s high exposure to coal, it’s advocating a nuanced approach, said the CFB’s Chief Investment Officer Stephen Beer.
“The thing about divestment is it’s a one-shot tool,” Beer said in an interview. “You lose the ability to engage going forward.”
Read the full story here.
Don't miss our latest HSE content, delivered to your inbox twice monthly. Sign up for the HSE Now newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
17 - 19 Mar 2020
- Bogotá, Colombia
Call for papers open
15 - 18 Jul 2019
- Houston, Texas USA
Join this multi-society conference on carbon management
3 Oct 2019
- Calgary, Alberta, Canada
Being Human - reserve your place at this one-day course
1 Nov 2019
- Bali, Indonesia
Registration Coming Soon
19 - 20 Jun 2019
- Fontainebleau, France
Generating trust, enabling engagement and stimulating innovation
HSE Now is a source for news and technical information affecting the health, safety, security, environment, and social responsibility discipline of the upstream oil and gas industry.
©2003-2019 Society of Petroleum Engineers, All Rights Reserved.