$500 million divestment from fossil fuel companies announced by global faith institutions

by Brendan Hoffman

A coalition of faith institutions around the world is making a divestment of over $500 million from fossil fuel companies, according to The Planetary Press. The thirty-five institutions include Anglican, Baptist, Buddhist, Catholic, and Quaker organizations and represent over $1.2 billion in combined assets. 

The coalition specifically criticized the expansion plans for fossil fuel projects that directly contradict promises made by world governments at COP26, the United Nations climate change conference in 2021, while citing recent reports from the International Energy Agency (IEA) that warn of the dangers of continued oil and gas production. One IEA report concluded that no new gas or oil fields should be approved in order to keep the planet within safe climate limits. However, fossil fuel companies continue to plan on further oil and gas investments. Twenty fossil fuel companies alone are projected to spend $932 billion on new oil and gas fields in the next eight years. 

Speaking on the issue, Sister Susan Francois CSJP, Assistant Congregation Leader and Treasurer of the Sisters of St Joseph of Peace, stated “We decided it was morally imperative to divest fully from fossil fuels rather than profit from activities which hasten the climate crisis.”

These organizations join the already large and diverse coalition of faith institutions that are divesting from fossil fuels. Over 70 other faith institutions have already divested in the last two years, representing another $4.2 billion in assets. 

While the commitment of these thirty-five institutions is a step in the right direction, the divestment will only be that: a single step, and many more steps will need to be taken before we can ensure the safety of our climate.