KarunaNews Story

Ahead of Earth Day, whose theme this year is “Invest in our Planet”, 31 faith-based organizations representing Christian and Jewish traditions and hailing from seven countries are ending investments of more than $2 billion in coal, oil and gas companies. To date, faith-based groups represent the largest share (35%) of the 1,500 divesting institutions worldwide, which hold combined assets upward of $40 trillion. Many Catholic organizations and dioceses were galvanized by Pope Francis’ call for a rapid phaseout of fossil fuels in "Laudato Si", and many Anglican dioceses were the focus of a Lent divestment campaign organized by Operation Noah, a Christian climate group. While a recent report concluded that with rapid decarbonization, global warming can still be limited to 1.5 C, the 20 largest fossil fuel companies are projected to spend nearly $1 trillion on new oil and gas fields by 2030.