The Acts of Convention

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)