One of Britain’s biggest managers of ethical funds is to dump £20m of shares in fossil fuel companies in one of the biggest divestments so far because of climate change.
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| Steam rises from the cooling towers at a coal-fired power station. |
Shares in BHP Billiton, the Anglo-Australian mining giant, will be among those sold by BMO Global Asset Management’s range of “responsible” funds, which manage £1.5bn of assets. They were previously known as the “stewardship” funds, the first ethical funds launched in Britain.
The archbishop of Canterbury, Justin Welby, played a crucial role in the divestment, as president of BMO’s responsible investment council. The Church of England has already pulled out of investing in companies that make more than 10% of its revenues from thermal coal or oil from tar sands.
BMO’s divestment goes further, banning all companies with fossil fuel reserves from being in its responsible funds range.
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