No. Replacement theology (also known as supersessionism and fulfillment theology) teaches that the Church has superseded the Jewish people as the benefactor of God’s covenants.
We affirm the following. First, we believe that Jesus Christ came in order to fulfill the Law and the Prophets (Kairos Document Chapter 2.2.1). At the same time, we do not believe that God replaces one people with another. God does not deal with a people based on their race or ethnicity, but on their faith and conscience. We do not believe that Jews – or any people or nation – are under God’s judgment today.
Finally, we do not reject, but rather embrace, the Jewishness of Christ and the first Church, while maintaining the universality of the Gospel and the kingdom of God.
Kairos Document Chapter 2.1: "We believe in God, one God, Creator of the universe and of humanity. We believe in a good and just God, who loves each one of his creatures. We believe that every human being is created in God’s image and likeness and that everyone’s dignity is derived from the dignity of the Almighty One…. This means for us, here and now, in this land in particular, that God created us not so that we might engage in strife and conflict but rather than we might come and know and love one another, and together build up the land in love and mutual respect."