Churches and faith groups have a vital role to play in accelerating the transition to net zero emissions and financing a liveable future.
The UN estimates that religious institutions manage a combined $3 trillion of investments globally – investments which are not only for financial returns, but also as a way of living out their ethics and values.
Some UK faith groups such as the Quakers in Britain, the Church of Ireland, the Diocese of Truro, and the Church of England’s Church Commissioners for England are now doing just that by investing in climate solutions, primarily renewable energy.
Our report, Church Investment in Climate Solutions: Financing a Liveable Future, reiterates the finding that if the world were to redirect the $570 billion of annual planned oil and gas investments towards renewables, this could fully finance wind and solar expansion in line with the 1.5°C goal of the Paris Agreement – a target that, while still possible, is quickly slipping away if greenhouse gas emissions don’t begin to fall rapidly.
We have identified opportunities for investment in climate solutions, including:
- Renewable energy, which is cheaper than fossil fuels, can be deployed more quickly and can close the energy access gap for 770 million without electricity
- Energy storage, a key technology for accelerating the decarbonisation of the electricity grid and which is forecast to grow by 15% due to policy developments
- Buildings and energy efficiency, from greener materials to retrofitting buildings
- Public transport and electric vehicles, investment that will be needed to reduce the 15% contribution that transport makes to overall greenhouse gas emissions
- Land use and sustainable forestry, which the FIIND Impact Foundation identifies as the second most ‘investable’ sector that it analysed, after electricity production
- Clean cookstoves, an important solution in tackling global poverty and reducing emissions, as 2.8 billion people still lack access to clean cooking fuels
Not only are there huge economic benefits to be gained from investing in renewable energy, but a recent University of Oxford study found that switching to renewables could save the world as much as £10.2 trillion by 2050, while every pound spent on renewables generates three times more jobs than fossil fuel investments – something most UK Churches no longer have.
At Operation Noah, we’re campaigning for Churches and faith groups to increase their investments in climate solutions and will soon be introducing an investment pledge scheme.
Read the full report here
Church Investment in Climate Solutions: Financing a Liveable Future
Green Investment Declaration
The Green Investment Declaration is an initiative developed by Operation Noah and JustMoney Movement to support Churches and other faith institutions across the globe to increase their investments in climate solutions and lead the way in building a greener future.
