[Green] UUA Trustees statement on divestment resolution

[George Banziger]

Thanks, Rebecca.

I do understand their rationale, but it is disappointing.


George & Gwen Banziger; 740-434-5685; 740-434-3354 (mobile)


On Thu, Jun 8, 2023 at 3:30 PM Rebecca Phillips via Green <green at fuusm.org>
wrote:

> 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/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...
> www.uua.org
>
>
> 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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>
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