A029 Divest from Fossil Fuels
Resolved, the House of Deputies concurring,
That the 81st General Convention express appreciation that the Investment Committee of Executive Council has acted responsibly to implement General Convention resolution 2015-C045, calling for divestment of fossil fuel companies from the investment portfolio of the Domestic and Foreign Missionary Society (DFMS) and for reinvestment of DFMS assets in clean energy alternatives, and be it further
Resolved, That, having learned that the Church Commissioners of the Church of England and, separately, the Church of England Pensions Board announced on June 22, 2023 that each will divest from all fossil fuel investments by the end of 2023, and noting that more than eight years have passed since the adoption of resolution 2015-C045, this General Convention direct that any and all investments in companies in fossil fuel industries remaining in the DFMS portfolio be sold by December 31, 2024, and be it further
Resolved, That all institutional investors across The Episcopal Church be requested to take note of the decisions of General Convention that DFMS is (a) to divest fully and finally from all companies in fossil fuel industries by December 31, 2024, and (b) to reinvest divested fossil fuel company assets in clean energy alternatives, and that all such institutional investors be encouraged to adopt the same target for full and final divestment of such fossil fuel company investments and also to reinvest such assets in clean energy alternatives.
Explanation
The Executive Council’s Committee on Corporate Social Responsibility noted in its Blue Book report that several fossil fuel companies remain in the equity portfolio of the Church while also being on the No Buy List. This is part of a transition to full exclusion or divestment called for by the 2015 General Convention in 2015-C045. Chevron, now the largest oil company in the U.S., Phillips Petroleum, Valero and Marathon were among the remaining companies at the time of the preparation of the Blue Book report. CCSR, having reviewed this matter, recommends that any and all investments in fossil fuel companies remaining in the DFMS investment portfolio be fully and finally divested by December 31, 2024.