Quantcast

Quakers Divest From Fossil Fuels

Climate

The Eco-Justice Working Group of Philadelphia Yearly Meeting has announced that more than $2 million of assets have been divested from fossil fuels and reinvested in a new Quaker Green Fund offered by Friends Fiduciary Corporation.

Image courtesy of 350.org

By doing so, Philadelphia area Religious Society of Friends join a growing number of religious communities, colleges, towns and states across the country and world, which are pressuring government and industry to act now to slow climate change. Meetings that have already shifted funds include Central Philadelphia, Lansdowne, Westtown, Lehigh Valley, Old Haverford and Newtown Monthly Meetings. The question of investing with integrity is actively underway at many others. These Quaker Meetings are urging Philadelphia Yearly Meeting, the largest body of the Religious Society of Friends in the U.S., to divest as well.

“We understand that addressing the climate crisis is a moral imperative,” said Bruce Harrison of Westtown Monthly Meeting. “The divestment movement draws attention to the seriousness of climate disruption and the need to combat the powerful coal, oil and gas companies, which persist in resisting efforts to curb polluting carbon and methane emissions.”  

The movement is based on recent climate and financial analyses by the Carbon Tracker Initiative which makes it clear that 80 percent of the world’s fossil fuel reserves must not be burned if we are to maintain a hospitable climate.

“By divesting and reinvesting, we communicate the urgency of our concern for protecting a stable climate future for the commonwealth of life,” said Paula Kline, member of the Eco-Justice Working Group. “We want to invite meaningful conversation about the transition to clean energy.” 

The decision is consistent with Religious Society of Friends’ values. They have a long history of concern for ethical investing and exclude other industries such as tobacco, gambling and arms manufacture because of the harm they do. Quakers understand that money is always an instrument of moral choice. The difficult times for the future of the Earth—and more particularly its poorest citizens—merit dramatic, but responsible, actions like this.

Friends Fiduciary Corporation excluded coal and coal based utilities from their portfolio in 2013. Stanford University has just followed suit. “We have a carbon budget, with very real limits which must be respected, if we want to survive,” Kline said. “We also know about financial bubbles, and the carbon bubble is a concern to any financial manager.” 

The Eco-Justice Working Group acts on the Quaker commitment to stewardship including the Friendly Households program, which supports reducing our carbon footprint and promoting renewable energy options. The consequences of unchecked climate change can be described as a theft from our children, be we are all at risk. Climate instability threatens every society on Earth and the natural systems on which they depend.

 

EcoWatch Daily Newsletter

An aerial view of a neighborhood destroyed by the Camp Fire on Nov. 15, 2018 in Paradise, Calif. Justin Sullivan / Getty Images

Respecting scientists has never been a priority for the Trump Administration. Now, a new investigation from The Guardian revealed that Department of the Interior political appointees sought to play up carbon emissions from California's wildfires while hiding emissions from fossil fuels as a way to encourage more logging in the national forests controlled by the Interior department.

Read More
Slowing deforestation, planting more trees, and cutting emissions of non-carbon dioxide greenhouse gases like methane could cut another 0.5 degrees C or more off global warming by 2100. South_agency / E+ / Getty Images

By Dana Nuccitelli

Killer hurricanes, devastating wildfires, melting glaciers, and sunny-day flooding in more and more coastal areas around the world have birthed a fatalistic view cleverly dubbed by Mary Annaïse Heglar of the Natural Resources Defense Council as "de-nihilism." One manifestation: An increasing number of people appear to have grown doubtful about the possibility of staving-off climate disaster. However, a new interactive tool from a climate think tank and MIT Sloan shows that humanity could still meet the goals of the Paris agreement and limit global warming.

Read More
Sponsored
A baby burrowing owl perched outside its burrow on Marco Island, Florida. LagunaticPhoto / iStock / Getty Images Plus

Burrowing owls, which make their homes in small holes in the ground, are having a rough time in Florida. That's why Marco Island on the Gulf Coast passed a resolution to pay residents $250 to start an owl burrow in their front yard, as the Marco Eagle reported.

Read More
Amazon and other tech employees participate in the Global Climate Strike on Sept. 20, 2019 in Seattle, Washington. Amazon Employees for Climate Justice continue to protest today. Karen Ducey / Getty Images

Hundreds of Amazon workers publicly criticized the company's climate policies Sunday, showing open defiance of the company following its threats earlier this month to fire workers who speak out on climate change.

Read More
Locusts swarm from ground vegetation as people approach at Lerata village, near Archers Post in Samburu county, approximately 186 miles north of Nairobi, Kenya on Jan. 22. "Ravenous swarms" of desert locusts in Ethiopia, Kenya and Somalia threaten to ravage the entire East Africa subregion, the UN warned on Jan. 20. TONY KARUMBA / AFP / Getty Images

East Africa is facing its worst locust infestation in decades, and the climate crisis is partly to blame.

Read More