For God’s sake: Church of England puts pressure on Total Energies over Russia ties

The Church of England has urged Total Energies (Total) to reconsider its decision not to exit Russia, following the country’s invasion of Ukraine.

The pensions board and the manager of its investment fund are reconsidering its shareholding in Total, according to The Guardian.

The French energy giant has kept hold og its Russia following its invasion of Ukraine.

Instead, it has announced no further investment into its Russian projects, but has not unveiled any plans to divest from the country.

The group still holds a 19.4 per cent stake in Novatek, Russia’s largest producer of liquefied natural gas.

The pension board and the Church Commissioners for England have written joint letter to Total’s chief executive Patrick Pouyanné, urging the company to rethink its position.

Last month, the Church of England announced it had sold all £20m of investments in Russian companies in response to what the archbishops of Canterbury and York described as Vladimir Putin’s “act of evil” in Ukraine.

The Church Commissioners manage a £9.2bn investment fund while the pensions board manages a fund worth £3.7bn.

The size of its stake in Total remains undisclosed.