A coalition of Christians is planning a protest to urge the Church Commissioners to disinvest from BP, Shell and Exxon Mobil, in which it has a combined investment of £170.8m.

The group, which calls itself the Good Steward, plans to hold the protest at the Church of England’s upcoming general synod meeting.

Siobhan Grimes, campaign manager at the Good Steward, told civilsociety.co.uk that the group wants the Church of England’s financial practices to reflect the integrity of Christian thought:

“It does not sit well that it invests in three companies that have accepted responsibility for the worst oil disasters in recent history,” she said. “They have been judged amongst the least ethical companies on the planet.

“We are all also very worried about climate change and do not feel it’s appropriate for the Church to invest like this.”

She added that the group would want the Church Commissioners, which manages investments on behalf of the Church of England, to lead the way on ethical investment as a profitable alternative to investment in the oil industry:

“There has never been a more exciting time to invest in industries that are preparing for a low carbon world,” she said.

She added: “The Church of England has a large investment portfolio. It is important that these shares are kept in low-risk investments so that the pay and pensions of priests – now and in the future – are protected. Oil investment is currently lucrative but it is not a sustainable source of income nor is it risk-free. The loss of share value after an oil catastrophe is passed on at great cost to the shareholder.”

The Church Commissioners also invest in renewable energy, for example Impax Environmental Markets and the Bognor Regis Eco Quarter. But the group estimates its investments in oil are far higher.

The Church of England's Ethical Investment Advisory Group (EIAG) gives advice on ethical investment issues to the Church's three national investing bodies, the Church Commissioners, the Church of England Pensions Board and the CBF Church of England funds

A spokesman said: "The size of the investments of the investing bodies in oil companies reflects the size of the companies, but they do also have investments in renewable energy and the low carbon economy. 

"While taking steps of the kind that the Church Commissioners have done to invest in renewable energy and sustainability-focused companies, investors can only invest within the framework of the economy as it exists.  That is why it is so important for governments to tip the economics in favour of low carbon investments. 

"Oil companies are a very major part of the economy as it is constituted now.  Excluding oil companies from investments would be inconsistent with the fiduciary responsibility to achieve returns for beneficiaries through a prudently diversified portfolio.  It would also prevent engagement by the EIAG with oil companies about their future strategy.  There is also the issue that it would be very damaging to hundreds of millions of people precipitously to starve the oil industry of investment.  Declining oil production would have a severe impact on poorer people in developing countries."