Under Pope Francis, the Vatican has actively advocated for divestment from fossil fuels, spurring over 1,600 global institutions, including 384 Catholic organizations, to reassess investment practices. This shift originated from Pope Francis's 2015 encyclical, Laudato Si', which emphasized urgent action against climate change. The Catholic Bank fur Kirche und Caritas eG exemplifies this movement, committing to a gradual divestment strategy. However, many institutions remain cautious about publicly sharing their divestment specifics, complicating the overall assessment of faith-based financial commitments to sustainable practices.
"Five years later, the Vatican issued a recommendation to promote ethical, responsible, and integral criteria for investment decision making, taking care not to support companies that harm... environmental ecology."
"Among those who have been open about their intentions is Germany's Catholic Bank fur Kirche und Caritas eG, which made a 2017 pledge to gradually divest entirely from fossil fuels."
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