Reuters reports: Pope Francis heartened environmentalists around the world in June when he urged immediate action to save the planet from the effects of climate change, declaring that the use of “highly polluting fossil fuels needs to be progressively replaced without delay”.
But some of the largest US Catholic organisations have millions of dollars invested in energy companies, from hydraulic fracturing firms to oil sands producers, according to their own disclosures, through many portfolios intended to fund church operations and pay clergy salaries.
This discrepancy between the church’s leadership and its financial activities in the US has prompted at least one significant review of investments. The Archdiocese of Chicago, America’s third largest by Catholic population, told Reuters it will re-examine its more than $100m (£64m) worth of fossil fuel investments. [Continue reading…]