The Church of England has committed to fully decarbonise its investment portfolios by 2050 by joining the UN-convened Net Zero Asset Owner Alliance.

Its three National Investment Bodies (NIBS), which represents more than £12 billion in assets under management, will ensure their investments are aligned with limiting global warming to the 1.5°C Paris target, with a target of achieving net zero emissions by 2050.

The now 18-member Net Zero Asset Owner Alliance, which was initiated last September, has collective assets under management of more than $4.3 trillion (£3.3tn).

By joining the Alliance, members hold themselves accountable on progress by setting and publicly reporting on intermediate targets in line with the Paris Agreement.

Andrew Brown, Chief Executive, Church Commissioners for England, said: “Climate change is the challenge of our age. The 2020s are the decade in which we need to make decisive progress, both halting the growth in global GHG emissions and setting the world on course to achieve the goals of the Paris Agreement.

“As part of our commitment to the Paris Agreement, the Church Commissioners are pleased formally to state our commitment to transition our investment portfolio to net-zero emissions by 2050. We urge all governments, investors and companies also to commit to net zero 2050 to address the climate emergency.”