Catholic groups join global divestment from fossil fuels

Today, 42 faith institutions from 14 countries, including 21 from the UK, have announced their decision to divest from fossil fuels. The multi-faith announcement comes from Catholic, Methodist, Anglican and Buddhist institutions, among others, with over £1.1 billion in assets under management.

The announcement comes at the start of Laudato Si’ Week, a global commemoration of the fifth anniversary of Laudato Si’, Pope Francis’ encyclical on climate change and ecology. Catholics are invited to take decisive action towards a just recovery, following the prophetic example of the largest global divestment announcement.

The Diocese of Arundel and Brighton is among the organisations involved, becoming the third Catholic diocese in England and Wales to divest, following similar moves by the Dioceses of Middlesbrough and Lancaster in January. The Jesuits in Britain and the Sisters of St Joseph of Peace (UK) have also joined the announcement to date.

Rt Revd Richard Moth, the Bishop of Arundel and Brighton, said: “Care for the world that has been given to us is an increasingly pressing need. It is therefore timely that the Diocese of Arundel & Brighton divests from fossil fuels. This positive step will contribute to the common good and, I trust, pave the way for further practical action to safeguard this and future generations.”

Mark Campanale, Founder and Executive Chair of Carbon Tracker, an independent think tank that analyses the financial impact of an energy transition, said, “A comprehensive economic recovery means taking the long view, investing now in infrastructure that will serve communities for years to come. Fossil fuels do not have a place in the long-term health of humanity. Faith institutions’ commitment to create a better world is leadership that governments should follow.”

After being invited to participate in Laudato Si’ Week by Pope Francis, Catholics have taken up the project to build a more just and sustainable future together. Last month, 21 Catholic organisations with $40 billion in assets under management committed to invest in companies that align with their values by signing the Catholic Impact Investing Pledge.

A report published earlier this month by Operation Noah, the Christian climate change charity, is calling on Churches in the UK to urgently divest from fossil fuels in response to the climate emergency. The report, ‘Church investments in major oil companies: Paris compliant or Paris defiant?’, shows the gap between the business plans of major oil companies and the Paris Agreement targets, which commits to limit global average temperature increases to well below 2°C compared with pre-industrial levels, and aims for 1.5°C.

The report highlights that Shell and BP intend to spend huge sums on exploration and extraction of new reserves this decade ($149 billion and $71 billion respectively). They plan to increase oil and gas production by 38% and 20% respectively between 2018 and 2030, when global carbon emissions must fall by 55% by 2030 in order to limit the global average temperature rise to 1.5°C, according to the 2019 UN Emissions Gap report.

The report also draws attention to the fact that BP and Shell, which spend the most among the major oil companies on lobbying against climate action, belong to trade associations such as the American Petroleum Institute, which have successfully lobbied for weaker environmental regulation during the Covid-19 crisis.

The former Archbishop of Canterbury, Rt Revd Dr Rowan Williams, said in response to the Operation Noah report: “The current health crisis has highlighted as never before the need for coherent international action in the face of global threat. Can we learn the lesson and apply it to the global threat of climate change? To do so means taking practical and effective steps to reduce our lethal dependence on fossil fuels.”

The year 2020 has taken on a new significance as a year of stark choice: the climate emergency is still happening, and the decisions we make now will shape our ability to safeguard a liveable planet and affect the future of humanity for thousands of years. What future will our Churches choose? Will they continue investing in companies that are fuelling climate breakdown, or will they invest in a clean energy future where all life can flourish?

Following the global divestment announcement, there are now more than 170 Catholic institutions around the world that have made divestment commitments. Operation Noah hopes that all dioceses in England, Wales and Scotland will join the Dioceses of Middlesbrough, Lancaster and Arundel & Brighton in ending support for fossil fuels.

James Buchanan, Bright Now Campaign Manager at Operation Noah, said: “The decisions we make now will affect the future of humanity for thousands of years. These faith institutions are showing strong leadership in response to the climate crisis, and we hope that more Catholic dioceses and religious orders will join them in divesting from fossil fuels and investing in the clean technologies of the future.”

Bokani Tshidzu is Bright Now Campaign Officer at Operation Noah. Copies of the new Operation Noah report are available to download from the Bright Now website.