Catholic institutions are divesting from fossil fuel companies and investing in renewable energy as part of their ethical investment commitments, to respond to the Pope’s Laudato Si’ encyclical and the COP21 statement of Catholic Bishops from all continents.
CATHOLIC JOINT DIVESTMENT ANNOUNCEMENT – MAY 10, 2017
Nine Catholics institutions announce on May 10 2017 the largest ever joint Catholic divestment from fossil fuels, a new record and a clear sign of the momentum behind the Catholic response to climate change. The announcement is very significant for the number of different Catholic orders – including Jesuits and Franciscans – uniting once again behind this issue, which is gaining growing support at all levels of the Catholic Church. The announcement comes ahead of the much talked about G7 Summit in Sicily (26-27 May) and during the first UNFCCC intersessional under President Trump, at which technical details are being added to the framework of the Paris Agreement. Catholics express their strong conviction for the care of our common home just in the middle of the week-long Global Divestment Mobilization organized by climate change NGO 350.org, as part of which thousands worldwide are taking action to push cities, universities, churches, pension funds, museums and other institutions to demonstrate climate leadership by breaking their financial ties to fossil fuel companies.
For learning more and joining the next joint divestment announcement on October 4 2017, please [email protected]
WHAT IS “DIVEST-INVEST”?
Divestment is the opposite of investment – it is the removal of your investment capital from stocks, bonds or funds. The global Divest-Invest movement is asking institutions to move their money out of oil, coal and gas companies for both moral and financial reasons, asking instead to reinvest those resources in clean energy companies that will help solve the climate crisis while tackling energy poverty.
CATHOLIC DIVEST-INVEST NEWS
- The webinar “Laudato Si’ & Catholic Investing: Moving Forward” reviewed the latest Catholic Divest-Invest updates – March 23, 2017
- The “Laudato Si’ & Catholic Investing” conference took place in Rome, with keynote speeches from Cardinal Turkson, Christiana Figueres and Cardinal Ribat (NCR summary) – January 27, 2017
- Fossil fuel divestment funds double to $5 trillion in a year – December 12, 2016
- Seven Catholic Organizations Divest from Fossil Fuels on Occasion of Feast of St. Francis – October 4, 2016
- New report “The Sky’s Limit”: Coal mines and oil and gas wells currently in operation have 2.67 times more carbon than what is “safe” to burn to keep global temperature increase below 1.5C threshold
- On September 7, GCCM hosted a webinar: “Caring for Creation by Divesting from Fossil Fuels and Reinvesting in Climate Solutions”
- At the Vatican press conference on September 1, Cardinal Turkson mentioned that the fossil fuel divestment movement is based on the same logic encouraged in Laudato Si by Pope Francis of applying social pressure to businesses for the common good.
- Four Catholic Organizations Divest from Fossil Fuels in Occassion of Laudato Si Anniversary – June 16, 2016 (see in The Guardian)
WHO COMMITTED TO DIVEST?
Over 530 institutions globally, representing over $3.4 trillion in funds under management, have committed to divest. They include institutions such as the World Council of Churches, the Lutheran World Federation, the Norwegian Sovereign Wealth Fund, the Rockefeller Brothers Fund, and many academic institutions such as Stanford University and Oxford University.
Catholic institutions that committed to divest fully or partially:
- Georgetown University – USA
- Franciscan Sisters of Mary – USA
- University of Dayton – USA
- Trocaire – Ireland
- Sisters of Loretto – USA
- CCFD-Terre Solidaire (Catholic Committe Against Hunger and for Development) – France
- Catherine Donnelly Foundation (Sisters of Service) – Canada
- The Passionists – Holy Spirit Province Australia, NZ, PNG and Vietnam
- Presentation Sisters Wagga Wagga – Australia
- Presentation Congregation Queensland – Australia
- Marist Sisters – Australia
- The Jesuits in English Canada
- Federation of Christian Organisations for the International Voluntary Service (FOCSIV) – Italy
- Presentation Society of Australia and Papua New Guinea
- SSM Health – United States
- Diocese of the Holy Spirit of Umuarama in Paraná – Brazil
- Missionary Society of St. Columban – International
- Salesian Sisters of Don Bosco – Daughters of Mary Help of Christians in Milan and Naples – Italy
- Scarboro Missions – Canada
- [NEW!] The Mission Congregation of the Servants of the Holy Spirit (Global, General Curia)
- [NEW!] The Diocese of Pescara (Italy)
- [NEW!] Il Dialogo (Italy)
- [NEW!] The Italian Jesuits (Italy)
- [NEW!] Rete Interdiocesana Nuovi Stili di Vita (Italy)
- [NEW!] Siloe Monastic Community (Italy)
- [NEW!] MGR Foundation (USA)
- [NEW!] The Wheaton Franciscan Sisters, Daughters of the Sacred Hearts of Jesus and Mary (USA)
- [NEW!] St Joseph’s Province of the Congregation of the Passion – English Province of the Passionists (UK)
If your organization is interested in learning more, please contact [email protected]
- NEW! Divest-Invest toolkit for Catholic Communities
- A beginner’s guide to fossil fuel divestment – The Guardian
- Webinar: “Caring for Creation by Divesting from Fossil Fuels and Reinvesting in Climate Solutions” (by Global Catholic Climate Movement)
- Webinar: Laudato Si’ and Socially Responsible Investment Strategy (by U.S. Conference of Major Superiors of Men)
- Full list of institutions committed to divest
- Divestment FAQs
- Divestment classifications
- Why we need to keep fossil fuels in the ground (video)
- Getting Out of Oil: Catholic universities can make a difference through divestment
- Divest & Reinvest Now! statement signed by over 80 theologians and faith leaders
- Shareholder advocacy – Some institutions choose to use their shareholder voices to promote business practices that protect the earth (see Sisters of St. Francis of Philadelphia case)
- The Catholic Case for Fossil Fuel Divestment – New blog post by Erin Lothes, Ph.D
- Catholic Investment: Principles and Practice – New paper by Thea Ormerod (Australian Religious Response to Climate Change), Jacqui Remond (Catholic Earthcare Australia) and Robert Howell (Quaker, Aotearoa New Zealand).
- Assets in Action: How Catholic institutions are using their investments to counter climate change – Case studies of 3 Catholic institutions
For more information or media inquiries about Catholic Divest-Invest action, please contact us.