Resolution Number: | 2018-A020 |
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Title: | Divest From Fossil Fuel Companies and Reinvest in Clean Energy |
Legislative Action Taken: | Concurred as Amended |
Final Text: |
Resolved, That the 79th General Convention call upon the Investment Committee of the Executive Council to report to Executive Council all steps taken in the past triennium to divest from fossil fuel companies and reinvest in clean renewable energy in a fiscally responsible manner in accordance with General Convention resolution 2015-C045; and be it further
Resolved, That the General Convention reaffirm the language of resolution GC2015-C045 urging all institutions, dioceses, and congregations of the Episcopal Church to engage the topic of divestment from fossil fuels and reinvestment in clean energy and encourage them to share progress toward this goal with the Executive Council and the Advisory Council on the Stewardship of Creation; and be it further
Resolved, That the General Convention commend the Church Pension Fund for its passion in responding to climate change and for its statement “This does not mean that we would never divest; to do so, however, we would have to believe that divesting would not negatively impact the financial performance of our portfolio” (CPF Report to the House of Deputies, November 2, 2017, page 6); and be it further
Resolved, That in light of this statement, that the General Convention urge CPF to be mindful of the Church’s desire to become increasingly invested in renewable and clean energy; and be it further
Resolved, That the General Convention request that the Church Pension Fund provide a report that includes a sustainability plan to the 80th General Convention.
Citation: | General Convention, Journal of the General Convention of...The Episcopal Church, Austin, 2018 (New York: General Convention, 2018), pp. 1095-1096. |
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Legislative History
Author: | Advisory Council on the Stewardship of Creation |
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Originating House: | House of Deputies |
Originating Committee: | Stewardship & Socially Responsible Investing |
House of Deputies
The House of Deputies Committee on Stewardship and Socially Responsible Investing presented its Report #17 on Resolution A020 (Fossil Fuel Divestment) and moved adoption with amendment.
Original Text of Resolution:
(A020)
Resolved, the House of Bishops concurring, That the 79th General Convention call upon the Investment Committee of the Executive Council, the Episcopal Church Endowment Fund, and the Episcopal Church Foundation to report to Executive Council all steps taken in the past triennium to divest from fossil fuel companies and reinvest in clean renewable energy in a fiscally responsible manner in accordance with General Convention resolution 2015-C045; and be it further
Resolved, That the General Convention reaffirm the language of resolution GC2015-C045 urging all dioceses and parishes of The Episcopal Church to engage the topic of divestment from fossil fuels and reinvestment in clean energy and encourage dioceses and parishes to share progress toward this goal with the Advisory Council on the Stewardship of Creation; and be it further
Resolved, That the General Convention commend the Church Pension Fund for its passion in responding to climate change and for its statement “This does not mean that we would never divest; to do so, however, we would have to believe that divesting would not negatively impact the financial performance of our portfolio.” (CPF Report to the House of Deputies, November 2, 2017, page 6); and be it further
Resolved, That in light of this statement, that the General Convention urge CPF to consider that its fiduciary duty to shareholders may require it to avoid climate change-related risk, including investment in fossil fuel companies, and therefore to initiate a thorough investigation of the potential financial impact, both benefits and disadvantages, of divestment from fossil fuel companies and reinvestment in clean renewable energy, to take steps to effect such divestment/reinvestment in a fiscally responsible manner, and to report back CPF’s findings to the 80th General Convention.
Committee Amendment:
Resolved, the House of Bishops concurring, That the 79th General
Convention call upon the Investment Committee of the Executive Council
and the Episcopal Church Endowment Fund, and the Episcopal Church
Foundation to report to Executive Council all steps taken in the past
triennium to divest from fossil fuel companies and reinvest in clean renewable
energy in a fiscally responsible manner in accordance with General Convention
resolution 2015-C045; and be it further
Resolved, That the General Convention reaffirm the language of
resolution GC2015-C045 urging all institutions,dioceses, and
parishescongregations of The Episcopal Church to engage
the topic of divestment from fossil fuels and reinvestment in clean energy and
encourage dioceses and parishesthem to share progress
toward this goal with the Executive Council and the Advisory Council on
the Stewardship of Creation; and be it further
Resolved, That the General Convention commend the Church Pension Fund for its passion in responding to climate change and for its statement “This does not mean that we would never divest; to do so, however, we would have to believe that divesting would not negatively impact the financial performance of our portfolio” (CPF Report to the House of Deputies, November 2, 2017, page 6); and be it further
Resolved, That in light of this statement, that the General Convention urge CPF to be mindful of the Church’s desire to become increasingly invested in renewable and clean energy; and be it further
Resolved, That the General Convention request that the Church Pension
Fund provide a report that includes a sustainability plan consider
that its fiduciary duty to shareholders may require it to avoid climate
change-related risk, including investment in fossil fuel companies, and
therefore to initiate a thorough investigation of the potential financial
impact, both benefits and disadvantages, of divestment from fossil fuel
companies and reinvestment in clean renewable energy, to take steps to effect
such divestment/reinvestment in a fiscally responsible manner, and to report
back CPF’s findings to the 80th General Convention.
Motion carried
Resolution adopted with amendment
(Communicated to the House of Bishops in HD Message #248)
House of Bishops
The House of Bishops Committee on Stewardship and Socially Responsible Investing presented its Report #8 on HD Message #248 on Resolution A020 (Fossil Fuel Divestment) and moved concurrence.
Motion carried
The House concurred
(Communicated to the House of Deputies in HB Message #405)
Resolution Concurred by Both Houses, July 13.
Report Reference: | Advisory Council on the Stewardship of Creation, Reports to the 79th General Convention, 2018, pp. 574-592. |
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Abstract: | The 79th General Convention reaffirms its commitment to divest from fossil fuel companies and reinvest in clean energy and calls on the Executive Council and the Church Pension Fund to report on their progress in reaching these goals. |