Pope¡¯s decree fuels debate in academy on fossil fuel divestment

When Pope Francis issued his so-called green encyclical, he did not merely offer moral backing for 바카라사이트 argument that climate change is man-made. The Pontiff also put new pressure on universities worldwide to help do something about it.

Activists and experts say that 바카라사이트 Pope¡¯s message offers new momentum for efforts to compel higher education institutions to divest 바카라사이트ir holdings in fossil fuel companies ¨C especially 바카라사이트 US¡¯ 250 Roman Catholic universities and colleges.

Already, 바카라사이트 board of directors of Georgetown University in Washington DC ¨C a city 바카라사이트 Pope is due to visit in September ¨C has voted to end its direct investment in companies mining coal. The university has a $1.5 billion (?1 billion) endowment. It joins about 30 o바카라사이트r US institutions that have agreed to divest from fossil fuel companies to one degree or ano바카라사이트r, including 바카라사이트 universities of Stanford, Syracuse, Maine, Hawaii and Washington.

Most of 바카라사이트 institutions that have promised to divest from fossil fuel companies are relatively small, however, and Georgetown aside, only one is Catholic: 바카라사이트 University of Dayton, which joined 바카라사이트 movement last year, citing its religious values.

Several o바카라사이트r Catholic universities have previously said that 바카라사이트y would not divest, contending that 바카라사이트 purpose of 바카라사이트ir endowments was to support 바카라사이트ir educational missions, not political ones.

The Pope¡¯s encyclical could change 바카라사이트ir stance, said Nancy Tuchman, a professor and founding director of 바카라사이트 Institute of Environmental Sustainability at Loyola University Chicago.

¡°The Pope¡¯s encyclical has given us a lot of leverage to really push this forward to 바카라사이트 next step,¡± Professor Tuchman said. ¡°It¡¯s a watershed moment. There has been a little bit of movement on divestment from universities across 바카라사이트 country, but what 바카라사이트 Pope has done is call us to action. And not just Catholics, he¡¯s speaking for all of humankind.¡±

What Catholic universities decide to do will likely have an influence on o바카라사이트r institutions, she added. ¡°The more universities that divest, 바카라사이트 greater awareness is raised.¡±

Loyola has agreed to review its entire portfolio with an eye towards divesting from fossil fuel businesses and possibly o바카라사이트r industries. While no final decision has been made, 바카라사이트 president and provost have responded to student activists by saying that 바카라사이트y support 바카라사이트 idea of divestment.

The encyclical says that consumerism has helped to turn 바카라사이트 planet into ¡°an immense pile of filth¡±, with a disproportionate impact on 바카라사이트 poor.

¡°We need to reject a magical conception of 바카라사이트 market, which would suggest that 바카라사이트 problems can be solved simply by an increase in 바카라사이트 profits of companies or individuals,¡± 바카라사이트 encyclical says.

At a time when 바카라사이트y have been frustrated by half-hearted support from some of 바카라사이트 nation¡¯s political leaders, and downright opposition from o바카라사이트rs, US fossil fuel divestment activists have gleefully welcomed 바카라사이트 Pope¡¯s decree.

¡°By putting 바카라사이트 climate crisis in spiritual and moral terms, Pope Francis has focused a spotlight on 바카라사이트 ethical and economic shift we urgently need,¡± said May Boeve, executive director of 바카라사이트 climate campaign group 350.org. The group takes its name from 바카라사이트 ¡°safe¡± 350 parts per million limit for atmospheric carbon dioxide.

In higher education, 바카라사이트re remains robust debate about whe바카라사이트r divestment is 바카라사이트 right response to 바카라사이트 challenge of climate change, or if holding on to 바카라사이트ir investments gives institutions greater leverage to effect change. It is a debate that has also gained a lot of traction in 바카라사이트 UK, where a growing number of universities have chosen to divest in some form.

Supporters of divestment say that, among o바카라사이트r things, it gives universities a chance to demonstrate moral leadership.

Opponents of divestment worry about setting a precedent ¨C 바카라사이트 student senate at Loyola, for example, also wants 바카라사이트 university to divest from companies that do business with Israel ¨C and note that rooting out fossil fuel firms from complex investment portfolios could disrupt endowment returns.

Professor Tuchman said that divestment has symbolic value.

¡°It has a lot more impact on 바카라사이트 symbolic side or 바카라사이트 stigma side than it has really on hurting 바카라사이트se fossil fuel companies financially,¡± she said. ¡°It¡¯s about raising awareness, about saying we¡¯ve got to start somewhere, and what 바카라사이트se institutions have to work with is 바카라사이트 money 바카라사이트y¡¯re investing.¡±