The Acts of Convention
| Resolution Number: | 2024-A029 |
|---|---|
| Title: | Divest from Fossil Fuels |
| Legislative Action Taken: | Concurred |
| Final Text: | |
Resolved, That the 81st General Convention express appreciation that the Investment Committee of Executive Council has acted responsibly to implement General Convention resolution 2015-C045, calling for divestment of fossil fuel companies from the investment portfolio of the Domestic and Foreign Missionary Society (DFMS) and for reinvestment of DFMS assets in clean energy alternatives; and be it further
Resolved, That, having learned that the Church Commissioners of the Church of England and, separately, the Church of England Pensions Board announced on June 22, 2023 that each will divest from all fossil fuel investments by the end of 2023, and noting that more than eight years have passed since the adoption of resolution 2015-C045, this General Convention direct that any and all investments in companies in fossil fuel industries remaining in the DFMS portfolio be sold by December 31, 2024; and be it further
Resolved, That all institutional investors across The Episcopal Church be requested to take note of the decisions of General Convention that DFMS is (a) to divest fully and finally from all companies in fossil fuel industries by December 31, 2024, and (b) to reinvest divested fossil fuel company assets in clean energy alternatives, and that all such institutional investors be encouraged to adopt the same target for full and final divestment of such fossil fuel company investments and also to reinvest such assets in clean energy alternatives.
| Citation: | General Convention, Journal of the General Convention of...The Episcopal Church, Louisville, 2024 (New York: General Convention, 2024), p. 377. |
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Legislative History
| Author: | Executive Council Committee on Corporate Social Responsibility |
|---|---|
| Originating House: | House of Bishops |
| Originating Committee: | Stewardship and Socially Responsible Investing |
House of Bishops
The House of Bishops Committee on Stewardship and Socially Responsible Investing presented its Report #1 on Resolution A029 (Divest from Fossil Fuels) and moved adoption.
Original Text of Resolution:
(A029)
Resolved, the House of Deputies concurring,
That the 81st General Convention express appreciation that the Investment Committee of Executive Council has acted responsibly to implement General Convention resolution 2015-C045, calling for divestment of fossil fuel companies from the investment portfolio of the Domestic and Foreign Missionary Society (DFMS) and for reinvestment of DFMS assets in clean energy alternatives, and be it further
Resolved, That, having learned that the Church Commissioners of the Church of England and, separately, the Church of England Pensions Board announced on June 22, 2023 that each will divest from all fossil fuel investments by the end of 2023, and noting that more than eight years have passed since the adoption of resolution 2015-C045, this General Convention direct that any and all investments in companies in fossil fuel industries remaining in the DFMS portfolio be sold by December 31, 2024, and be it further
Resolved, That all institutional investors across The Episcopal Church be requested to take note of the decisions of General Convention that DFMS is (a) to divest fully and finally from all companies in fossil fuel industries by December 31, 2024, and (b) to reinvest divested fossil fuel company assets in clean energy alternatives, and that all such institutional investors be encouraged to adopt the same target for full and final divestment of such fossil fuel company investments and also to reinvest such assets in clean energy alternatives.
Motion carried
Resolution adopted
(Communicated to the House of Deputies in HB Message #23)
House of Deputies
The House of Deputies Committee on Stewardship and Socially Responsible Investing presented its Report #7 on HB Message #23 on Resolution A029 (Divest from Fossil Fuels) and moved concurrence.
Motion carried
The House concurred
(Communicated to the House of Bishops in HD Message #185)
Resolution Concurred by Both Houses, June 26.
| Report Reference: | Executive Council: Report of the Committee on Corporate Social Responsibility, Reports to the 81st General Convention, 2024. |
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| Abstract: | The 81st General Convention urges divestment from fossil fuel industries and investment in clean energy alternatives. |
| Notes: | The Journal omits the final text of A029 and instead repeats the final text of A028. This has been corrected in the Acts of Convention. |