Pope Francis has been vocal about climate change and the effects of “highly polluting fossil fuels.” But the U.S. Catholic Church isn’t putting its money where its mouth is.
U.S. Catholic organizations have millions of dollars in energy companies, reports Reuters. The energy holdings account for about 5% to 10% of some of the largest dioceses’ equity investments, close to the 7.1% of the S&P 500 index. Catholic bishops in the U.S. have restricted investments related to abortion, contraception, pornography, tobacco, and war, but have not commented on energy before now. Individual priests and nuns have spoken out about social responsibility for the churches and energy companies, but the upper echelon of the church has done little. U.S. bishops say that while divestment can draw attention to the issue, it’s “not the be-all to end-all,” and some advocate for an activist approach to the investments. Many of the U.S. bishops were appointed by Pope Francis’ predecessors, and tend to be more conservative than he is.
The Archdiocese of Chicago, the third largest diocese in the U.S., told Reuters it will take a closer look at its $100 million of fossil fuel investments to consider next moves. The Chicago Archdiocese COO Betsy Bohlen says the Church is looking at the implications of the pope’s letter to Catholic bishops, including investments and energy use by churches. The Archdiocese of Boston held $4.6 million of energy stocks last year, and the Diocese of Rockville Centre in Long Island had $6.3 million in 2013. The Archdiocese of New York and Los Angeles, the two largest in the country, declined to comment or provide information on their holdings.
During his upcoming visit to the U.S., Pope Francis is expected to speak about climate change with Congress.
Energy holdings certainly aren’t doing the Catholic Church any favors right now. The S&P 500 energy index dipped almost 9% last year, and oil is currently below $45 a barrel. No one expects the U.S. to lead the Catholic divestment push, but some change is inevitable. Georgetown recently gave in to student pressure, promising to stop directly investing in coal companies. Writes Reuters:
The U.S. Catholic Church has no choice but to reconcile its investments with the realities of climate change. “Otherwise the bishops will be saying they follow the pope with their spirits, but not with their money,” says Amy Domini, head of Domini Social Investments.
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