Oral Answers to Questions

Debate between David T C Davies and Caroline Spelman

Thursday 5th May 2016 Commons Chamber

[Mrs Spelman]

I expect all of us have met or been ministered to by a wise elderly priest, but the statutory retirement age for clergy is 70. Exceptions can be made. Although that is officially the retirement age, clergy may be given permission by the bishop to continue to officiate. A team vicar may have their term extended by two years, and a further extension may be achieved by a fixed-term licence, particularly in a diocese where there is special pastoral need. So there are ways in which exceptionally able clergy can continue to serve beyond the age of 70.

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

6. What the purpose is of the resolution co-filed by the Church Commissioners to commission ExxonMobil to carry out an impact assessment on the effect of climate change policies on that company’s portfolio and strategy.

[Mrs Spelman]

The Commissioners have co-filed a resolution with the New York State Common Retirement Fund so that ExxonMobil’s shareholders can indicate to the company their wish to see better corporate reporting on the long-term risks that the transition to a low-carbon economy presents to Exxon. This includes a scenario in which the implementation of the Paris agreement restricts warming to below 2°C.

[David T. C. Davies]

Before they are too critical of the oil companies, may I suggest that the Church of England Commissioners read the Bible—Matthew 25, the parable of the oil lamps and the 10 virgins—and remember that it was the five virgins who lived happily ever after and who had a cheap and ready supply of this much-maligned fossil fuel?

[Mrs Spelman]

My hon. Friend and I perhaps do not share the same interpretation of the Bible when it comes to belief in climate change as a phenomenon. When I shortly visit the diocese of the Arctic, I shall have very much in mind the recent news that the British research station is in danger of sinking into the sea, as was shown in a documentary on television last night. Will my hon. Friend recognise that the Church Commissioners have been commended with a number of prizes for their work on an ethical investment strategy, which includes taking account of the risk that climate change poses to investments?

Oral Answers to Questions

Debate between David T C Davies and Caroline Spelman

Thursday 17th December 2015 Commons Chamber

[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.