Global faith institutions say disinvesting in fossil fuels is a 'moral imperative'

Image: Operation Noah

Source: Operation Noah

While delegates meet at COP29, 27 faith institutions - including two Church of England dioceses and the first-ever commitments from Catholic dioceses in France - call for an end to the fossil fuel era. This sends a strong signal to negotiators at the UN climate summit in Azerbaijan that fossil fuels are morally unacceptable, given the negative climate, biodiversity and human rights impacts of extracting, transporting and burning fossil fuels.

As greenhouse gas emissions accumulate faster than at any time in human history, with extreme climate events like last month's deadly flash flooding in Spain becoming more common, faith leaders are deeply concerned by fossil fuel companies' ongoing investment in planet-heating fossil fuels and plans to expand production - especially when cleaner, cheaper and more abundant energy exists in the form of solar and wind power. BP has abandoned its goal to cut oil output while Shell has weakened its emissions targets. These actions highlight the industry's short-sighted and dangerous commitment to doubling down on the greenhouse gas pollution that harms creation and all who share it.

Over the course of ten years of faith-based climate campaigning, more than 570 faith institutions from around the globe have made a fossil fuel divestment commitment, including the National Investing Bodies of the Church of England; the Jesuits in Britain, Canada, Australia and Euro-Mediterranean Province; the Church of Sweden; and the Anglican Church of Southern Africa. Today's list of divesting institutions includes 10 Catholic dioceses (seven in Italy, two in France and one in Ireland), nine Catholic religious orders, two Church of England dioceses, a Catholic university in Canada and the Christian Associations of Italian Workers (a full list of divesting institutions is here).

For the first time, French Catholic dioceses are dropping fossil fuel investments and encouraging church members to do the same. Their action adds to the growing calls to bring an end to the fossil fuel era, in contrast to the actions of French oil giant TotalEnergies, which is building a heated crude oil pipeline across Uganda and Tanzania that would decrease the chances that the world limits global heating to 1.5C, a goal of the Paris Agreement. The pipeline would also endanger vulnerable communities and critical wildlife habitats, and is widely seen as a continuation of extractive practices, with the majority of the profits going to the wealthier global north.

In Italy, which has been hit by floods and drought in recent weeks, the calls for divestment from numerous Catholic bishops are especially significant. They provide clear evidence of the strong support for fossil fuel phase out within the Catholic Church in Italy.

Around the world, faith leaders from Pope Francis to the Friends World Committee for Consultation to the World Council of Churches have called for an end to the fossil fuel era and for a just transition to a clean energy economy, with many prominent faith groups and faith leaders backing the Fossil Fuel Non-Proliferation Treaty. Yet the reasons investors should take their money out of fossil fuels and invest in climate solutions are not only ethical, but financial as well: the International Energy Agency predicts fossil fuel use will peak before 2030, then fall into terminal decline.

Religious institutions manage a combined $3 trillion of investments globally and, in aligning their values with their investments, have divested from fossil fuels more than any other sector. Both the Vatican and World Council of Churches have called for faith groups to take their money out of fossil fuel companies - with some estimates suggesting fossil fuel companies spend an average of just 5% of capital investment on renewables and low-carbon energy - and invest in climate solutions. In 10 years, more than 1,600 institutions from all sectors, with combined assets of over $40 trillion, have made some form of fossil fuel divestment commitment, up from a starting point of $50 billion in 2014. Alongside divesting, faith communities are also calling on governments and banks to phase out their support for fossil fuels and to scale up investment in clean energy, with more faith groups investing in climate solutions themselves.

Faith institutions' dropping fossil fuels sends a strong signal to national governments at COP29, the UN-backed climate negotiations. Over 28 previous sessions - which have been heavily influenced by petro-states and fossil fuel companies - global leaders have made public pronouncements yet failed to turn the arc of emissions downwards. Final COP pronouncements have also regularly failed to call for the rapid transition away from fossil fuels, which are the driving cause of global heating and climate chaos.

Bishop Laurent Percerou, Bishop of Nantes (France); Nicolas Perenchio, Diocesan Treasurer; Pénélope and Jean-Baptiste Aubourg, Integral Ecology Leads for the Diocese of Nantes, said: "The Diocese of Nantes, very aware of both the cry of the Earth and the cry of the poor, has reviewed its investment policy in recent years. Having made the link between the consumption of fossil fuels, climate and social disruption, and especially the impact on the poorest, we are now resolutely committed to divest from fossil fuels within five years. With this action, we wish to be consistent with our faith as well as inviting everyone to consider their finances, as this is part of the way of conversion for all of us."

Jean-Michel Mithieux, Treasurer of the Diocese of Grenoble, one of the divesting French dioceses, said: "In the Diocese of Grenoble-Vienne, among other actions, we have divested fossil fuels from all our direct holdings and are constantly on the lookout to divest from structured products that are partially invested in fossil fuels."

A full list of the 27 institutions divesting from fossil fuels and statements from leaders can be found HERE

Bishop Gianrico Ruzza, Bishop of Porto-Santa Rufina and Member of the Episcopal Commission for social issues and work, justice and peace for the Italian Bishops' Conference said: "The diocese of Porto-Santa Rufina joins the campaign on fossil fuel divestment to testify with a concrete action our care for creation and for creatures, which Pope Francis reminds us are a gift of God's love. In the work of the Creator, the beauty of the Word of God shines through, the Word that in Jesus Christ reveals the face of the good Father. We are called by the Gospel to be bringers of peace and justice by announcing with our heart, our mind and our hands the hope of the Resurrection in every aspect of life and in every social development."

Jean-Michel Mithieux, Diocesan Treasurer for the Diocese of Grenoble (France): "For several years, the Diocese of Grenoble-Vienne has given particular attention to ensuring that its economic choices are guided by the fundamental principles of the Social Doctrine of the Church.

The Laudato Si' encyclical, and more recently Laudate Deum, have reminded us of the importance of aligning our actions with our faith. In the Diocese of Grenoble-Vienne, among other actions, we have divested fossil fuels from all our direct holdings and are constantly on the lookout to divest from structured products that are partially invested in fossil fuels."

Bishop Attilio Nostro, Bishop of Mileto-Nicotera-Tropea (Italy): "We consider [fossil fuel divestment] to be a moral imperative, given the strong destructive impacts that fossil fuels have on climate, biodiversity and human rights."

Rt Revd Paul Davies, Bishop of Dorking, Diocese of Guildford (Church of England): "As Christians we have a moral imperative to protect God's creations in all forms. I am so encouraged by the inspirational work led by our churches in caring for the environment and reducing their carbon footprint, and as a Diocese we want to lead by example. That is exactly why we have already divested from fossil fuel funds and have committed not to reinvest in the future. With this action, I hope we can join others in creating a more sustainable future for us all."

Most Revd Alan McGuckian SJ, Bishop of Down and Connor (Northern Ireland): "It is evident that investments in fossil-related funds cause great harm to the environment and adversely impact upon the poorest and most vulnerable within society. Therefore, the Diocese of Down and Connor commits to fully divest from fossil fuel companies.

This decision and commitment marks a symbolic shift in divestment from fossil fuels to investment in caring for the environment, to investment in sustainable living, to investment in the children of the future."

Emiliano Manfredonia, National President of the Christian Associations of Italian Workers (ACLI): "Fossil fuel energy constitutes one of the main sources of pollution on our planet: in fact, it is the largest contributor in greenhouse gas emissions. The use of fossil fuels therefore has a major impact on the environment and ongoing climate change, and there is a need to reduce their dependence by promoting more sustainable forms of supply. In pursuit of a true energy transition, we need urgent measures that prioritise the adoption of renewable forms of energy (solar, wind and hydropower) to replace fossil fuels.

The goal must be to improve energy efficiency from renewable sources in all areas:

· with improved efficiency in apartment buildings and the installation of photovoltaic panels;

· in roads: with the spread of electric or hybrid vehicles;

· in industrial processes.

Only by adopting new technologies and sustainable practices can we safeguard our planet, mitigate the effects of climate change, and continue to produce the energy we need.

Therefore, we as ACLI are advocates for any action that can support the energy transition process including actions aimed at encouraging divestment from fossil fuels."

James Buchanan, Climate Finance Campaign Manager, Laudato Si' Movement: "We celebrate today's news that a further 25 Catholic institutions have joined the global divestment movement. Fossil fuel divestment is a powerful and prophetic step, recommended by the Vatican, which an increasing number of Catholic institutions are taking in response to the growing climate crisis. The fossil fuel industry has consistently demonstrated that it is not prepared to take the action needed to avert climate chaos, with several major oil companies rowing back on climate commitments in the last year. We urge all faith institutions to accelerate the clean energy transition by divesting from fossil fuel companies and scaling up investment in climate solutions."

Clare Fussell, Bright Now Campaign Director, Operation Noah: "Churches and faith communities around the world are saying what politicians and fossil fuel executives are often unwilling to say, which is that burning oil, gas and coal is destroying our common home. But more than just talking, faith communities are taking action, treating fossil fuel investments in the same way that they treat tobacco, arms, gambling and other activities that do not align with their values. Many faith groups are now investing in climate solutions instead of continuing to subsidise the dying and destructive fossil fuel industry - an industry which refuses to change at the pace and scale required."

Revd Prof Dr Jerry Pillay, General Secretary of the World Council of Churches: "WCC has been working for climate justice for decades. One important part in the work to reduce greenhouse gas emissions is to phase out fossil fuels as soon as possible in every way possible. Therefore Churches and faith communities should divest from those companies that profit from the fossil fuel industry. We have to walk the talk."

LINKS

ICN 10 November 2024 - Diocese of East Anglia is now a fully ethical investor: www.indcatholicnews.com/news/51061

Operation Noah: www.operationnoah.org

Laudato Si' Movement: https://laudatosimovement.org

World Council of Churches: https://oikoumene.org/resources/publications/save-childrens-lives

Green Anglicans: https://greenanglicans.org

Green Faith: https://greenfaith.org