Oral Answers to Questions

David T C Davies Excerpts

Thursday 17th December 2015 Commons Chamber

The right hon. Member for Meriden, representing the Church Commissioners, was asked—

[David T. C. Davies (Monmouth) (Con)]

2. What the Church Commissioners’ policy is on investing in fossil fuel companies.

[The Second Church Estates Commissioner (Mrs Caroline Spelman)]

The Church Commissioners published a comprehensive ethical investment strategy in May 2015. They do not invest in fossil fuel companies that derive more than 10% of their revenues from the extraction of thermal coal or the production of oil from oil sands.

[David T. C. Davies]

I wonder whether the Church Commissioners might reconsider given the enormous exponential increase in living standards during the past 200 years as a result of our exploitation of fossil fuels. Does my right hon. Friend not think that the Church should sometimes put aside the Greenpeace manuals and look at Matthew 25 and the parable of the talents?

[Mrs Spelman]

My hon. Friend may not agree with me about the underlying causes of climate change, but I think he has to accept that, with the collapse in the oil price and the volatility of oil as a commodity, it makes eminent good sense for the Church Commissioners to diversify their portfolio, particularly away from the extraction of materials that may be detrimental to the environment.