{"id":5654,"date":"2017-05-04T22:14:31","date_gmt":"2017-05-05T03:14:31","guid":{"rendered":"https:\/\/www.scarboromissions.ca\/?p=5654"},"modified":"2017-05-04T22:14:31","modified_gmt":"2017-05-05T03:14:31","slug":"scarboro-missions-informs-fossil-fuel-companies-of-divestment-decision","status":"publish","type":"post","link":"https:\/\/www.scarboromissions.ca\/news\/scarboro-missions-informs-fossil-fuel-companies-of-divestment-decision","title":{"rendered":"Scarboro Missions informs fossil fuel companies of divestment decision"},"content":{"rendered":"

In October 2014 Scarboro Missions decided to divest over a period of five years from stocks and bonds in fossil fuels and related infrastructure.\u00a0 We recently completed this divestment.\u00a0 In April 2017 we sent the letter below to the relevant officers and directors of the various companies divested.\u00a0 Fossil fuel divestment has become a fast growing global movement in response to climate change.\u00a0 In December 2016 the Guardian reported<\/a> fossil fuel assets committed to divestment doubled in a little over a year to $5.2 trillion.\u00a0 Information on Catholic and other faith organizations who are divesting from fossil fuel companies and reinvesting can be found at these two websites:<\/p>\n

www.catholicclimatemovement.global\/Divest-and-Reinvest\/<\/a><\/p>\n

www.fossilfreefaith.ca\/about\/who-has-divested\/<\/a><\/p>\n

 <\/p>\n

Dear Fossil Fuel Company:<\/p>\n

Scarboro Missions is a Canadian society of Catholic priest and lay missioners dedicated to global mission.\u00a0 As former shareholders in Fossil Fuel Company, we are writing to inform you of our decision to divest from stocks and bonds in fossil fuels and related infrastructure.<\/p>\n

After some discussion and reflection, Scarboro Missions decided in October 2014 to divest over a period of five years.\u00a0 We recently completed this divestment.\u00a0 Reports then and now, including from the Intergovernmental Panel on Climate Change, indicate that most fossil fuel reserves cannot be used if we hope to avoid dangerous climate change.\u00a0 Global warming of 2\u00b0C above pre-industrial levels is no longer considered safe.\u00a0 Least developed and low-lying countries already facing severe climate change impacts call for global warming to be kept below 1.5\u00b0C, meaning even fewer fossil fuel reserves could be used.\u00a0 These countries include Malawi, Guyana, the Dominican Republic, and other countries where Scarboro missioners serve or have served.<\/p>\n

At the 2015 Paris Climate Change Conference countries agreed to hold global warming to well below 2\u00b0C and pursue efforts for the 1.5\u00b0C limit.\u00a0 The World Meteorological Organization confirmed that 2016 was the hottest year on record and that the global average temperature was already about 1.1\u00b0C higher than the pre-industrial period.\u00a0 We are at a crossroads.\u00a0 Rapid transformation to a low carbon economy is the safest way to limit global warming.\u00a0 Business as usual or weak responses risk devastating climate change impacts for all of us but particularly for those least responsible\u2014future generations, our brothers and sisters in the Global South, as well as the community of life on Earth.<\/p>\n

We realize that fossil fuels provide many benefits in society including warm homes, jobs that help take care of families, and many products we use daily.\u00a0 While we still use fossil fuels, we recognize the urgent need to transition away from them.\u00a0 Therefore, we no longer wish to invest in building further fossil fuel infrastructure and are investigating how to reinvest funds in ways that would better care for creation and future generations.\u00a0 Scarboro Missions has also taken steps to reduce fossil fuel use, such as an energy audit and various building retrofits including insulation, windows, boilers, and a solar assisted water heater.<\/p>\n

Various actions would help us all to move away from our dependency on fossil fuels including:<\/p>\n