Faith leaders challenge sovereign wealth and pension funds: divest from fossil fuels
Marrakech, November 10—Leaders from global faith groups, financial institutions and foundations called on sovereign wealth and pension funds to end trillions in investments related to fossil fuels and invest in renewable energy in line with the Paris Agreement.
The faith leaders met at Building the Divest Invest Movement with Faiths, Foundations and Finance, an official side event of the COP22 UN Convention on Climate Change, which began November 7 in Marrakech.
At the event, the COP 22 Interfaith Climate Statement was released, with eminent leaders from across faith traditions joining together in a powerful call to action. Signatories include His Holiness the Dalai Lama; Msgr. Marcelo Sánchez Sorondo, Chancellor of the Pontifical Academy of Sciences; Rev Dr. Olav Fykse Tveit, General Secretary, World Council of Churches; Sayyid M. Syeed, Islamic Society of North America; Archbishop Desmond Tutu; and over 220 other faith leaders from around the globe. Other signatories include senior Buddhist, Hindu, Jain, Sikh, Muslim, Eastern Orthodox, Roman Catholic, Protestant, Unitarian Universalist, Indigenous and other spiritual leaders.
The Statement included a set of imperatives designed to speed a transition to a low carbon future in a timeframe consistent with the goal of limiting temperature rises to 1.5°C above preindustrial levels. The calls included shifting public finances away from fossil fuels, increasing financing to end energy poverty with renewable energy, and ensuring a just transition that protects human rights and vulnerable communities.
Faith leaders urged their communities for more commitments to divest from fossil fuels and invest in renewable energy, with the Islamic Society of North America (ISNA) announcing that it would commit to divest its investments from fossil fuels and encourage its two constituent organizations and five national affiliated institutions to do so as well. This marked the world’s first divestment announcement from a Muslim institution.
“According to Islam’s most basic and fundamental teachings, human beings have been uniquely charged with the great responsibility of being Guardians of the Earth. It goes against the mission of the ISNA to invest in fossil fuel companies whose operations and products cause such grave harm to humanity and to Creation,” said Dr. Azhar Azeez, President of the Islamic Society of North America.
The event was hosted by GreenFaith and Divest Invest. GreenFaith is an interfaith environmental organization that mobilizes diverse faith communities for environmental action. Divest Invest encourages individuals and philanthropic institutions to accelerate the transition to a clean energy future.
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