By Francis X. Rocca of The WSJ. (2022). Excerpts:
"The Vatican called on Catholic institutions and believers around the world to avoid investing their money in companies that produce fossil fuels, violent videogames and drugs that induce abortion, among other products.
The Vatican’s first-ever guidelines on “faith-consistent investing,” released on Friday, are the highest-level effort so far to direct investments in accordance with Catholic teaching. They call for “proactive positive investing” in industries such as renewable energy and microfinance."
"Cardinal Peter Turkson, who oversaw development of the guidelines, described them as a “wake-up call” to the many dioceses and institutions that haven’t developed their own rules on which financial investments are inappropriate."
"the Vatican guidelines are advisory and that investment decisions lie with the officials in charge of particular institutions."
"a number of U.S. dioceses have large investments in oil and other fossil fuels"
"Other industries on the blacklist include makers of armaments, pornography and genetically modified seeds—the last on account of “environmental and health risks not yet precisely defined” and concerns about food security, “especially in developing countries where multinational groups patent seeds to dominate the market.”
Cardinal Turkson and Father Finn [who helped prepare the Vatican guidelines] said the guidelines don’t necessarily mean Catholic institutions or individuals should divest from companies in the problematic areas, but the guidelines call on shareholders to engage when possible with management in order to shape company policy in accordance with Catholic values and the emission reduction goals of the Paris agreement."
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