Catholic church to make record divestment from fossil fuels

More than 40 Catholic institutions are to announce the largest ever faith-based divestment from fossil fuels, on the anniversary of the death of St Francis of Assisi.

The sum involved has not been disclosed but the volume of divesting groups is four times higher than a previous church record, and adds to a global divestment movement, led by investors worth $5.5tn.

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Church institutions joining the action include the Archdiocese of Cape Town, the Episcopal Conference of Belgium and the diocese of Assisi-Nocera Umbra-Gualdo Tadino, the spiritual home of the world’s Franciscan brothers.

A spokesman for the €4.5bn German Church bank and Catholic relief organisation Caritas said that it was committing to divest from coal, tar sands and shale oil.