United Church to Sell Off Fossil Fuel Assets

Aug 12 - Baystreet Economic Commentary (Canada)

The United Church of Canada , the country's largest Protestant denomination, has voted to sell its fossil fuel assets and commit financially to funding an economy based on renewable energy.

The United Church General Council , which is meeting in Corner Brook, N.L. , voted 67% in favour of the move on Tuesday.

The move will mean selling off about $5.9 million in holdings, or 4.7% of the United Church of Canada treasury.

The Church of England voted to sell off its coal and oilsands assets last summer, and the World Council of Churches has also committed to cutting its fossil fuel holdings.

After Pope Francis urged action on climate change earlier this summer, he faced calls from supporters to divest Vatican fossil fuel holdings.

The United Church executive has been directed to focus on the Top 200 oil, gas and coal companies as listed by the Carbon Tracker index.

The motion made was to ask the executive to "take active steps" to divest its portfolio, said Jeanne Moffat , a leader with the Trinity- St. Paul's United Church climate justice group, which helped support the motion.

She said no timetable was imposed, as the church will need time to determine what is involved financially in selling these assets and to choose suitable replacements that would help advance an economy based on renewables.

Moffat said she believes her own church, in downtown Toronto , was the first faith community in Canada to divest its fossil fuel assets when it made a similar decision in February 2014 .

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