disinvestment
An option to divest. Image courtesy pichetw/shutterstock.com
By now, you may have heard that Jim Wallis and Sojourners have stopped funding climate change by divesting from fossil fuels. Unfortunately, for millions of Christians who invest at faith-based financial institutions, fossil-free investing just isn’t an option.
We’ve done our research. Of the 13 major Christian investment companies we studied, not a single one offers a way for their members to opt out of fossil fuels. We think Christian investment companies should be the FIRST to stop funding climate change! Read our open letter and sign below.
Beyond the Letter of the Law: The Jewish Perspective on Ethical Investing and Fossil Fuel Divestment
Ethical investing is a part of traditional Jewish morality. Image courtesy pau2000/shutterstock.com
Climate change resulting from the use of fossil fuels poses a grave threat to human and non-human life. Because a real national response to climate change has been stymied by political inaction, cultural inertia, and the concerted effort of fossil fuel companies, environmental organizations have encouraged universities, towns and cities, religious communities and other organizations to divest from fossil fuel investments.
In Judaism, ethical investing is part of traditional Jewish morality. Within the sources are two questions that are central to the issue of divestment:
Is it mandatory to divest from products (like tobacco and fossil fuel) that are not illegal but are, clearly, harmful?
To what degree is a minority shareholder morally responsible for the actions of a corporation when they are unable to exercise any significant control?
Several fundamental Jewish theological concepts bear upon these questions. Firstly, since God created the universe only God has absolute ownership over Creation (cf. 1 Chronicles. 29:10-16). Humans do not have unrestricted freedom to misuse Creation as they are tenants, not owners. Since human ownership of Creation is not absolute, the use of even private property cannot be divorced from morality. A product may be legal, but if it is harmful, its use is not ethical.
Svetlana Lukienko and Andriano/Shutterstock.com
The Supreme Court’s Citizen’s United case infamously affirmed money spent in political campaigns as a form of free speech, thus declaring various legal limitations unconstitutional. The ruling gives a political megaphone to those with the most money and has been decried by many as contributing further to the nation’s political dysfunction and rigid polarization. I strongly agree.
But this ruling came to mind again when I heard the news that the World Council of Churches, at its Central Committee meeting in early July, had made a decision not to invest in fossil fuel industries. In fact, money does talk. Where institutions place their invested funds is not a neutral, pragmatic matter. It speaks volumes.