The world’s biggest asset managers and banks are financing the climate crisis. This is immoral and it must stop.
We’re organizing diverse people of faith to call on finance leaders to end their support for fossil fuels and deforestation and, instead, to finance a just and sustainable future.
ABOUT THE CAMPAIGN
The natural world is a sacred trust which we must cherish and protect. We know that money and material wealth must be used to promote the shared welfare of all. Those responsible for managing financial assets are morally bound to take right action, to act ethically, and to respect these universal moral values.
As people of diverse faiths and spiritualities, we call on the world’s asset managers, banks, and insurers to stop financing the profoundly immoral destruction of our climate.
It is an absolute moral imperative to end investment in climate destruction. All people of faith and spirituality with a role in the financial system have a responsibility to take concrete action immediately to put the world on a path to a just and sustainable future.
Moral Standards for Asset Managers
Building on a decade of multi-faith leadership on fossil fuel divestment, religious investors and grassroots people of faith will call on asset managers to commit to meeting five moral standards in their investing:
- Stop investing in fossil fuels and deforestation.
- Require the companies you invest in to decarbonize for real.
- Protect Indigenous and human rights.
- Invest in a rapid and just transition to a sustainable future.
- Provide investments free of fossil fuels and deforestation by default.
WHY ASSET MANAGERS?
We’re starting this campaign by focusing on the world’s largest asset managers – including BlackRock and Vanguard. Why?
- These companies invest billions in coal, oil, and gas projects.
- BlackRock is the world’s largest investor in deforestation, including multiple projects that are destroying the Amazon.
- These companies invest in projects that routinely violate the human rights and legal protections of Indigenous peoples and local communities.
- These firms can become global climate leaders – and that is an urgent moral imperative.
“As people of diverse faiths and spiritualities, we call on the world’s asset managers to stop financing the profoundly immoral destruction of our climate.”
-the rev. abby mohaupt
- Why is GreenFaith launching this campaign?
With governments, financial institutions play an enormous role in enabling the destruction of the climate – and have the potential to accelerate equitable climate solutions. GreenFaith brings a religious perspective and religious voices into the ongoing effort to influence financial institutions to do what is right for the climate. Allies who’ve been involved in climate finance campaigning for years are eager to have diverse faith voices involved! As a multi-faith movement, we can make a difference!
- Why should religious groups be involved in issues of fossil fuel finance?
How society’s financial institutions use money is a deeply moral question – and always has been. Should these banks and asset managers spend money on destroying the climate or creating a sustainable and just future? On lifting up all people, or only on helping the rich and powerful? Right now, financial institutions are still directing the world’s wealth towards the fossil fuel and industrial agriculture/deforestation companies that are driving this climate crisis. Religious groups have a responsibility, as voices of morality, to call for this destructive madness to end, and for financial institutions to commit to supporting climate solutions
- Why are we targeting companies like BlackRock and Vanguard?
These massive asset management companies have huge influence over the flow of funds into different sectors of the economy. Their size is difficult to comprehend – BlackRock is the single largest investor in the stock market, and Vanguard is not far behind. A change of behavior by these companies will send an important signal to other financial institutions, as well as to political leaders, that the time for bold climate action has arrived.
- How is this campaign related to fossil fuel divestment campaigns?
This campaign represents an evolution in religious engagement in the area of climate finance. GreenFaith has been proud to help lead multi-faith participation in the divestment movement for many years, and we continue to call on religious groups to divest. We also know that it is vital now for all investors – not just religious ones – to end their support for the climate’s destruction and to invest in equitable climate solutions. We’re excited and grateful to be working with many faith-based divestment colleagues on this new effort.