4 days ago
PH Catholic Church falls behind goal to divest in fossil fuel, mining operations — study
The Philippine Catholic Church has been lagging in its efforts to divest investments in companies involved in fossil fuel and mining operations in the past decade, according to a report published by a non-government organization and the Church's charity arm.
The Catholic shareholders' report, which was launched on Wednesday entitled "A Decade of Divestment for Our Common Home' identified Catholic stockholders of 16 corporations that have been identified to finance fossil fuel and mining operations.
The report was published Living Laudato Si Philippines, an NGO that started as an interfaith movement initiated by Catholic lay people calling on Philippine financial institutions to divest from coal-related operations and other environmentally harmful activities, and Caritas Philippines.
From 2015 to 2024, the study showed that only P167.5 million worth of stocks have been divested by Catholic shareholders from the said corporations.
It can be recalled that the Catholic Bishops' Conference of the Philippines (CBCP) issued a Pastoral Letter in 2022 that detailed the committment to withdraw support for non-renewable energy resources such as fossil fuel by the end of 2025.
'Without clear commitments and policies from these banks to divest from fossil fuels, we (CBCP) commit to withdraw all our resources that are with them not later than 2025, and hold them accountable to their fiduciary duties and moral obligations as climate actors,' the 2022 Pastoral Letter read.
GMA News Online has reached out to CBCP for comment.
The report also identified nine archdioceses and 20 dioceses as stockholders of at least one of the 16 corporations and more than 140 congregations, missionaries, schools, universities, research institutions, seminaries, and other groups were also identified as stockholders.
Meanwhile, the stocks of the Archdiocese of Manila in six corporations, which are valued at P43.6 billion as of December 2024, did not decline in the past decade.
GMA News Online has reached out to the Archdiocese of Manila for comments.
The report noted that 10 Catholic groups divested in a Philippine conglomerate company within the past decade, while four organizations increased their shares.
This resulted in a 16% decrease in stocks and a 25% growth in total value for all Church shareholders. And at least 13 Catholic Church groups own 61% shares of the conglomerate company.
"For the CBCP to meet its divestment pledge, it must decide on how to enable the dioceses and other groups to navigate the entire divest-invest process,' said John Leo Algo, Living Laudato Si deputy executive director for Programs and Campaigns.
'This involves letting bishops know exactly where their finances and assets are, improving their literacy on sustainable financing, and giving them the understanding that divest-invest is ultimately a process of just transition," Algo added.
Synodality
San Carlos Bishop Gerardo Alminazan, head of the CBCP National Laudato Si Program, noted the importance of synodality, or journeying together, in dealing with the divestment challenges.
"We must walk the talk, aligned with the Laudato Si' and our previous pledges. We are currently taking steps to strengthen our programs, such as on green auditing, capacity-building for financial officers in dioceses, and forming partnerships to accelerate our divestment towards more sustainable reinvestment," said Alminazan, who is also the Vice President of Caritas Philippines.
Published in 2015, Pope Francis' "Laudato Si: On Care for Our Common Home' tackles climate change and humans' role in caring for the earth.
To address the divestment challenges, the report recommended the following to the CBCP and other institutions:
Produce a report presenting a list of viable options for sustainable investments
Conduct a comprehensive financial mapping and auditing of all Philippine dioceses for a more accurate assessment of the CBCP's progress in divestment
Continue the rollout of the divest-invest executive course, with a stronger emphasis on improving ecological understanding, financial literacy, and ethical decision-making
Create new partnerships in sustainable financing, and foreign faith-based organizations with progress in the divest-invest process
Persuade current Catholic stockholders to influence corporate leadership to transition away from ecologically-harmful industries and activities
Enhance the multisectoral implementation of strategies and programs relevant to divest-invest under the National Laudato Si' Program
"The Church continues to reach out through a new dialogue as a compassionate bridge of respectful understanding. Transformation must start from within because it is in witnessing that we take action as we are all called to live by the teachings of the Gospel and the guidance of those who lead us,' said Rodne Galicha, Laudato Si Executive Director. — BAP, GMA Integrated News
