Pope's Climate Push At Oodds with U.S. Catholic Oil Investments
Pope's Climate Push At Oodds with U.S. Catholic Oil Investments
Pope Francis heartened environmentalists around the world in June when he urged immediate action to save the planet from the effects of climate change, declaring that the use of "highly polluting fossil fuels needs to be progressively replaced without delay."
But some of the largest American Catholic organizations have millions of dollars invested in energy companies, from hydraulic fracturing firms to oil sands producers, according to their own disclosures, through many portfolios intended to fund church operations and pay clergy salaries.
This discrepancy between the church's leadership and its financial activities in the United States has prompted at least one significant review of investments. The Archdiocese of Chicago, America's third largest by Catholic population, told Reuters it will reexamine its more than $100 million worth of fossil fuel investments.
"We are beginning to evaluate the implications of the encyclical across multiple areas, including investments and also including areas such as energy usage and building materials," Betsy Bohlen, chief operating officer for the Archdiocese, said in an email.
The pope's encyclical, a letter sent to all Catholic bishops, has sharpened a debate well underway in Catholic organizations and other churches about divestment. But many major American dioceses have resisted the push.
"You now have this clash between Pope Francis' vision of the world, and the world that the bishops who run the investments live in," said Father Michael Crosby, a Capuchin friar in Milwaukee who advocates socially responsible investing in the church.
"The bishops are a very conservative group, and I'm not hopeful this will be resolved anytime soon."
Dioceses covering Boston, Rockville Centre on Long Island, Baltimore, Toledo, and much of Minnesota have all reported millions of dollars in holdings in oil and gas stocks in recent years, according to documents reviewed by Reuters.
The holdings tend to make up between 5 and 10 percent of the dioceses' overall equities investments, similar to the 7.1 percent weighting of energy companies on the S&P 500 index, according to the documents.
The United States Conference of Catholic Bishops' guidelines on ethical investing warn Catholics and Catholic institutions against investing in companies related to abortion, contraception, pornography, tobacco, and war, but do not suggest avoiding energy stocks.
While several organizations of progressive Catholic nuns and priests have been actively urging energy companies to make their operations more socially responsible, that activist approach has not taken hold at the level of the dioceses.
A spokesman for the USCCB declined to comment when asked if the organization was considering adjusting its investment guidelines after the encyclical, deemed the most controversial papal pronouncement in half a century.
"The Pope's intent was to say to people: there is an urgency on this issue," said Frank Coleman, who manages Catholic Responsible Investing for the Christian Brothers Investment Services, which has resisted calls to divest the fossil fuel share of its $6 billion under management.
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Some of the largest American Catholic organizations have millions of dollars invested in energy companies, from hydraulic fracturing firms to oil sands producers.
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