Diocese of Truro no longer investing in fossil fuel extraction funds

September 16, 2021

Having committed to becoming Net Zero by 2030, the Diocese of Truro is pleased to announce that it no longer invests in funds that include fossil fuel extraction.

The Bishop of St Germans, the Rt Revd Hugh Nelson who leads on Creation Care in the diocese, announced the decision ahead of COP26 and in support of Operation Noah’s Bright Now campaign.

The diocese launched its new environmental strategy Cherish Creation, Cut Carbon Speak Up: A diocesan vision and strategy for Creation Care in early 2021 and this announcement is the latest in a series of changes the diocese is making to meet its commitments.

Bishop Hugh said: “We are proud to be able to say we no longer invest in companies whose principal business involves the extraction, production or refining of coal, gas and oil. We know there is still a long way to go and we will be looking very closely at all our investments to try and divest wherever we find an indirect link to extraction but we are pleased to have taken this first, big step.”

Michael Sturgess, the Truro Diocesan Board of Finance Ltd’s chairman, said: “We have deliberately selected fund managers with a strong ethical policy in terms of creation care as well as strong investment performance and are actively seeking out good investments such as renewables at the same time as continuing to review our existing investments to ensure we meet our commitments.”

The decision of the Diocese of Truro to divest its own investments in fossil fuel companies follows the 2018 Church of England General Synod where members voted to call for the Church of England’s National Investing Bodies to accelerate divestment from fossil fuels.

A number of churches in the diocese have also made the decision to go fossil free for their investments. St Martin’s Church in Liskeard is the first to join Operation Noah’s call for global disinvestment from fossil fuel extraction in the lead up to COP26, and the diocese will be encouraging the others to join in as well.

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