The South Erregulla prospect has a total approximate area of 66km². Credit: Zbynek Burival on Unsplash

The Church of England is to pull investments from oil and gas firms that are not on track to meet the Paris Agreement on climate change by 2023.

The church’s General Synod voted 347 to four in favour of this decision.

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With the vote, the Church of England stated that ‘the church must play a leading role on the urgent issue of climate change’.

The church’s original proposal suggested a deadline of 2020 for analysing how companies are progressing in meeting the Paris Agreement.

Before the voting process, Church Commissioners deputy chair David Walker said that pulling out investments from firms by 2020 would leave its influence ‘in tatters’.

"If oil companies continue to drag their heels, there is nothing to stop the church divesting earlier."

According to the church’s spokesperson, with the postponed deadline, it would be able to push for change in the oil and gas industry.

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The new decision will be applicable to £8.3bn investment fund, as well as a £2.3bn retirement fund of Church Commissioners and an additional £2bn of other funds of the church.

Church Commissioners is the body that manages the Church’s investments and invested £123m in oil and gas firms in 2017.

According to Charity Christian Aid’s head of UK advocacy Tom Viita, this vote would notify all oil companies.

Viita told BBC: “If oil companies continue to drag their heels, there is nothing to stop the church divesting earlier if they, or Synod, are not satisfied with the speed of change.”