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.
12 - 14 Feb 2019
- Galveston, Texas, USA
Join leading industry experts as they share their experiences with the integrated fluid network
3 - 5 Feb 2019
- Houston, USA
Enhanced Oil Recovery Across Scales
29 - 31 Oct 2019
- Bali, Indonesia
Call for Papers is Now Open.
15 Jan 2019 15:30 EST
- Live, then On Demand
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.
©2003-2018 Society of Petroleum Engineers, All Rights Reserved.