[Fuusm-l] Business Resolution on Fossil Fuel Divestment

[Rebecca Phillips]

Hello, all (again),

This is likely the last email you will receive from me regarding this year's General Assembly. In addition to the Article II revisions and the Actions of Immediate Witness, delegates will be voting on a business resolution calling for immediate divestment from fossil fuels by the UU Common Endowment Fund and the use of those funds for reparations to communities harmed by fossil fuel development. The resolution was submitted by the Youth Divestment caucus.

Some background: in 2014, the UUA voted to move toward fossil fuel divestment and began by divesting from directly-held stocks in fossil fuel companies other than select companies targeted for shareholder advocacy. It has retained shares in banks and other pooled funds that are invested in fossil fuels, in part because of a 2021 decision to engage in shareholder advocacy. The full proposal, the trustees' statement, and the UUA treasurer's statement are attached.

The business resolution calls for immediate divestment because of the immediate nature of the climate change threat and the ongoing mistreatment of frontline communities, particularly communities of color. The reparations would come from those UU Common Endowment Funds belonging to the UUA, not those invested by individual congregations.

The UUA trustees oppose the resolution, arguing that the advancement of UU values is better supported by following the processes adopted in 2014 and 2021 and continuing in some cases to work from within.

The treasurer's statement primarily examines the numbers and claims that adopting the proposal as written would require approximately $700,000 from the UUA's annual income each year for twenty years to fund the reparations work, roughly the cost of seven staff positions when benefits are factored in. (I will add that members of the Youth Divestment Caucus have arrived at different numbers; I cannot evaluate them.)

All three statements agree that divestment from climate-harming companies is the goal.

Please let me know your thoughts by Tuesday evening.

Rebecca

"If you have a garden and a library, you have everything you need."-- Cicero
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