Church of England has tens of millions invested in water firms dumping poo in Britain’s rivers – despite green-hectoring
THE Church of England has tens of millions invested in water firms dumping poo in Britain’s rivers – despite green-hectoring from the Archbishop of Canterbury Justin Welby.
Bishops have been venting fury over discharges of raw sewage into rivers in the House of Lords.
But they seem to have no issue with the Church’s Pensions Fund, which has up to £32 million worth of holdings in water companies – including shares that return dividends.
The revelation was made in Channel 4‘s latest documentary, where comedian and consumer champion Joe Lycett investigated how Britain’s rivers and oceans have become filled with human waste.
In ”Joe Lycett Vs Sewage’, it was also revealed how England‘s holy establishment has previously disinvested from oil and gas giants like Shell over environmental concerns.
Mr Lycett called on the Church of England to do the same with water companies but the Pensions Board turned him down, insisting “progress and improvements are possible”.
The Board also told him they are signatory to the UN-backed Principles for Responsible Investment, placing “responsible and ethical investing at the heart of its approach”.
They added that they are deeply concerned by the operation of several water firms and the effectiveness of the regulation.
There were around 375,000 sewage spills in England and Wales in 2023, sparking fury among coastal communities.
Concerns have also been raised over dividends paid out by water firms to shareholders given the average combined water bill is to rise by 6 per cent or about £27 from April 1.
But in return for higher bills, the industry has promised a record £14.4 billion investment to improve water security, reduce sewage in rivers and seas, and upgrade infrastructure.
The Bishop of St Albans, the Rt Rev Alan Smith, slammed water companies 2022 for not taking the issue with “sufficient seriousness”.
During a debate in the House of Lords, he added: “Nine water companies recorded £2.8 billion in profits despite over 400,000 dumps of sewage in 2020. How can that be acceptable?”
Under new Government plans, water bosses who illegally pollute rivers and the sea will be banned from bagging bonuses in the 2024/2025 financial year.
Industry regulator Ofwat will launch a consultation on the criteria for the ban within the categories of pollution and serious contamination.
The Government said it will apply to all executive board members and chief executives and would be expected to come into effect later this year, subject to the consultation