2. What the Church Commissioners’ policy is on investing in fossil fuel companies. (902794)
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.
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?
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.
Dr Huq, we will get to you. Your question is different, but we will reach it.
In people’s minds, fossil fuels are obviously a cornerstone of the Paris accord. Does my right hon. Friend agree that the involvement of faith groups was absolutely vital in getting that agreement? Everyone from the Pope to Christian Aid, and many other organisations, was fundamental in making sure that the moral case for tackling climate change was heard.
My hon. Friend is absolutely right. The engagement of faith leaders in securing a successful agreement in Paris last weekend was very important. I want to commend the work of the Bishop of Salisbury, who led an initiative in which 200 pilgrims from the Church of England walked 200 miles to Paris to show their commitment to reaching an agreement.