Church of England Pensions Board welcomes oil and gas energy transition commitments

18 December 2020

The Church of England Pensions Board has today welcomed the move by eight leading energy companies to agree collaborative Principles for the energy transition.

Leading energy companies, BP, Eni, Equinor, Galp, Occidental Petroleum Corporation, Repsol, Royal Dutch Shell and Total have jointly announced their agreement to apply six Energy Transition Principles as the the global energy sector attempts to move away from fossil-based fuels.

Adam Matthews, who Chairs the Climate Action 100+ European Working Group on a Net Zero Standard in Oil and Gas and representing the Church of England Pensions Board, said:

“This is an important foundational commitment. It represents a significant consolidation of the progress that has been made in Europe whilst also seeing the first US oil and gas company joining with their European peers.

As CA100+ investors we are in extensive and detailed dialogue with the oil and gas sector and it is extremely helpful to have a position from these companies that unifies around core principles including on scope 3 emissions and corporate lobbying amongst others.”

Climate Action 100+ is an investor initiative launched in 2017 to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. To date, more than 500 investors with more than USD $51 trillion in assets under management have signed on to the initiative.

Source: The Church of England