The Church of England has lost faith in oil and gas companies

The church is divesting from companies—like Exxon, BP, and Shell—that fail to meet climate goals

The Church of England has come to the conclusion there is no saving fossil fuel companies from the error of their ways when it comes to sustainability and climate change.

The Church Commissioners, which manage the church’s £10.3 billion ($13.1 billion) endowment fund, and the Church of England Pensions Board will both be disinvesting their portfolios from oil and gas companies. The divestment announcement, dated June 22, will also affect any other company operating in the oil and gas business that is not taking action to meet the goals set in the 2015 Paris Agreement, which aims to cut greenhouse gas emissions to keep global temperatures from rising above 1.5 degrees Celsius above pre-industrial levels.

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