Churches have a vital role to play in accelerating the transition to net zero emissions, according to ‘Church Investment in Climate Solutions: Financing a Liveable Future’ – a new report from Operation Noah relevant to climate campaigners and faith investors.
The UN estimates that religious institutions manage a combined $3 trillion (£2.5 trillion) of investments globally. Faith institutions invest not only for financial returns, but also to live out their ethics and values. As this new report recognises, some UK faith groups such as the Quakers in Britain, the Church of Ireland, the Diocese of Truro and the Church of England’s Church Commissioners for England are now doing just that by investing in climate solutions.
The report reiterates the finding that if the world were to redirect the $570 billion of annual planned oil and gas investments towards renewables, this could fully finance wind and solar expansion in line with the 1.5°C goal of the Paris Agreement – a target that, while still possible, is quickly slipping away as earlier this month the UN warned that the world is currently headed for a catastrophic 2.8°C rise in average temperatures if emissions do not begin to fall rapidly.