[Green] UUA Trustees statement on divestment resolution

[Rebecca Phillips]

I can't remember if this statement has been circulated before, but in a nutshell, the trustees oppose the fossil fuel divestment resolution because it requires immediate divestment, and the funds have been working on this issue for a while. I have copied below what I see as the most important part of the statement. Full statement here.<https://www.uua.org/uuagovernance/board/announcements/statement-against-2023-business-resolution-complete-divestment>
[https://www.uua.org/themes/custom/b5_uua/images/logos/uua_logo_share.png]<https://www.uua.org/uuagovernance/board/announcements/statement-against-2023-business-resolution-complete-divestment>
Statement From the UUA Board of Trustees Against the 2023 Business Resolution ‘Complete Divestment From the Fossil Fuel Industry and Subsequent Reparations'<https://www.uua.org/uuagovernance/board/announcements/statement-against-2023-business-resolution-complete-divestment>
Statement from the UUA Board of Trustees against the 2023 Business Resolution ‘Complete Divestment from the Fossil Fuel Industry and Subsequent...
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To maximize our values-based investing, UUCEF's size also means that we have the most impact when we work in coalitions like the Interfaith Center for Corporate Responsibility. We are excited about the recent work of the Investment Committee, including implementing new human rights screening and data, growing racial equity investing, and direct community investments. These changes are already having an impact – for example, the UUCEF has recently made a $2 million investment in an Indigenous-managed fund for community development financial institutions.


The Investment Committee has had a long-term commitment to climate action and a carbon-free future, recognizing these commitments are important for UU investors and activists. UUCEF has embraced the UUA’s commitment to climate justice for the most-impacted communities and the need to push companies whose stocks we hold to get to global NetZero 2050 targets for reducing greenhouse gas emissions. The work of UUCEF’s full fossil fuel divestment began almost ten years ago and historically has included shareholder advocacy with fossil fuel companies. In May 2022, the Investment Committee decided to sell any fossil fuel stocks held in separate accounts that were greater than minimums needed for that advocacy. This spring, the Investment Committee went further and voted to complete the full divestment of directly-held stocks called for in the 2014 GA Business Resolution and ended shareholder advocacy with fossil fuel companies (Carbon Underground 200 companies). Recognizing there are now many other endowments paying attention to climate issues, far more than a decade ago when UUCEF began its advocacy, this will allow the Investment Committee to shift its focus towards emerging engagement campaigns advancing the green transition where it can have greater impact. This includes advocating that banks stop investments in fossil fuels and utilities continue to shift away from fossil fuels to renewable electrification.

Rebecca

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