Church of Ireland divests from its largest fossil fuel investment – Kinder Morgan
The Church of Ireland is divesting from Kinder Morgan (KMI), a fossil fuel pipeline and utilities company. For a number of years KMI was the largest fossil fuel investment the Church of Ireland had with about £4m invested in this company. This is about 2% of its entire investment funds. Kinder Morgan announced last year that it would build another pipeline, the Trans-Mountain pipeline, to treble the throughput of tar sands oils from Alberta Canada to the Canadian west coast. A move that the Anglican churches in Canada oppose.
The divestment announcement is wonderful news! I have written a number of times on this blog about the ethical problem of investing in Kinder Morgan. The decision to divest was largely based on financial grounds but this demonstrates that wise investors are divesting from fossil fuels.