The Presbyterian Church (U.S.A), the largest Presbyterian denomination in the United States with more than 1 million parishioners, recently made an historic decision to remove the great bulk of its investments from the fossil fuel industry.
The Presbyterian Foundation and the Board of Pensions of the Presbyterian Church (U.S.A) have been directed to stop new investments in fossil fuel companies and divest most of their fossil fuel industry investments. These investments are spread in more than 50 companies, which are currently held in the respective portfolios of the foundation and board.
This herculean victory comes after 12 years of educating and mobilizing thousands of Presbyterians, Presbyteries voting to support it 147 times, and multiple overtures to the governing Presbyterian General Assembly. Organizers credit the galvanized Presbyterian youth as a key catalyst for the win.
Photo credit: Joppe Spaa, Unsplash
Based on the successful divestment campaign that helped topple South Africa’s apartheid system, the fossil fuel free divestment movement’s main goal was to take away the “social license” of coal, oil and gas companies and to diminish their influence on public policy. During the first 10 years of the campaign, thousands of individuals and other institutions pledged to move $40.76 trillion out of fossil fuel companies.
The Presbyterians join many other faith-based organizations that have gone fossil fuel free, including the World Council of Churches, the Episcopal Church, the Unitarian Universalist Association, the Union for Reform Judaism and many United Methodist congregations.
Pam McVety is one of the long-time champions of the hard-won effort to encourage these entities to divest almost completely from fossil fuels. She is a retired scientist, former member of Fossil Free PCUSA and an active member of the Presbyterians for Earth Care Advocacy Committee.
“The warming of the planet is the greatest threat to life on earth since the last Ice Age and we have taken a crucial step to help fulfill our obligation to be good stewards of the planet,” she said. “The evidence of climate change has grown enormously over the past twelve years, and nearly everyone is now affected by its consequences. Fossil fuels contribute to worldwide conflict, economic hardship, illness, premature death, major air and water quality problems, and are an existential threat to future generations. Removing our financial support from this industry is an important step – and one of many we must take – to become better stewards of the Earth.”
She and others plan to continue their efforts, including advocating for “simpler ways of living that demand less energy, while developing ethically resourced systems for the production and storage of renewable energy.”
Over the last decade, Green Century has provided Pam McVety and the Presbyterians for Earth Care Advocacy Committee with information about fossil fuel free investing, the failed record of engagement with fossil fuel companies, and encouragement for these efforts.
“The conviction of individuals around the country for fossil fuel free investing is still burning brightly,” said Leslie Samuelrich, president of Green Century. “We offer a heartfelt congratulations to all of those who worked on, supported and achieved this landmark victory.”