Back in April of 2015, The Vatican held a one days summit on Climate Change where Jeffrey Sachs was the keynote speaker.
For Pope Francis, he has his own ‘green agenda’ and is quite outspoken in this global issue.
He has become an outspoken advocate on environmental issues, saying acting on climate change is “essential to faith”and calling the destruction of nature a modern sin. He has vowed to only increase pressure on world leaders after his disappointment with the Lima climate talks. He is hoping that his encyclical will influence the climate talks in Paris at the end of the year.
Just in time for the Pope’s visit, enter the Senate Democrats and the climate change legislation they have introduced today.
Reuters: U.S. Senate Democrats on Tuesday unveiled energy legislation designed to hasten America’s adoption of cleaner energy, slash greenhouse gas emissions below the Obama administration’s goal, and help their party attract young voters in the 2016 elections.
The bill, announced by Senate Democratic party leaders and the energy committee’s top Democrat, Senator Maria Cantwell, laid out the party’s vision for cutting emissions at least 34 percent by 2025.
It contrasts with a Republican approach focused on increased oil and gas production. Senator Chuck Schumer, who is expected to take over as the Senate Democratic leader from Senator Harry Reid, called it “a refreshing reprieve from the tired Republican mantra of ‘drill baby, drill.’
Although the bill has no prospect of passing in a Republican-controlled Congress, Democrats hope voters will approve of the preview of their energy policy approach if they regain control of the Senate in 2016.
Democrats said the focus on clean energy will appeal to younger voters.
“This is going to be a huge issue in the 2016 campaign,” Schumer said at the news conference.
The bill would mandate a national reduction in greenhouse gas emissions by at least 2 percent each year through 2025. That would surpass the administration’s target of a reduction of 26 percent to 28 percent below 2005 levels by that year.
United Nations-sponsored talks on fighting climate change are scheduled to begin Nov. 30 in Paris.
So, could there be some real hypocrisy in all of this? You betcha. Throughout the United States, the Catholic church is deeply invested in drilling leases and holds stock in oil companies. The revenue is astounding for the church.
Reuters: Yet in the heart of U.S. oil country several dioceses and other Catholic institutions are leasing out drilling rights to oil and gas companies to bolster their finances, Reuters has found.
And in one archdiocese — Oklahoma City — Church officials have signed three new oil and gas leases since Francis’s missive on the environment, leasing documents show.
On Francis’ first visit to the United States this week, the business dealings suggest that some leaders of the U.S. Catholic Church are practicing a different approach to the environment than the pontiff is preaching.
Catholic institutions are not forbidden from dealing with or investing in the energy industry. The United States Conference of Catholic Bishops’ (USCCB) guidelines on ethical investing warn Catholics and Catholic institutions against investing in companies related to abortion, contraception, pornography, tobacco, and war, but do not suggest avoiding energy stocks, and do not address the ownership of energy production interests.
A Reuters review of county documents found 235 oil and gas leasing deals signed by Catholic Church authorities in Texas and Oklahoma with energy and land firms since 2010, covering 56 counties across the two states. None of the Texas leases in the review were signed after the pope’s encyclical.
Those two states have been at the forefront of a boom in U.S. energy production in recent years, often through the controversial hydraulic fracturing production method, known as fracking.
There are other curious investments by the Vatican while most of the financial reports are never reported publically.
Holy See Revenue and Investments
In order to gain an understanding of the complex economy of the Vatican, it is important to establish the differences between Vatican City and the Holy See. The Holy See is the governing body of the nation. If you entered into a contract with the territory, you would do it with the Holy See, in most cases. Vatican City is the physical area where the Holy See resides.The Holy See generates revenue from Peter’s Pence, an 8th Century term for donations that are received from Catholics all over the world. From individuals to dioceses, the Holy See collects the donations through a special department. The Holy See also gains revenue from interest and investments of its reserves.
Historically, the Holy See invested mainly in Italian industries, spreading its portfolio between stocks and bonds, and limiting its stake in companies to less than 6%. It has invested conservatively, choosing to buy and hold proven companies in strong industries; because of this, investments in the developing world are limited.
More recent investments have been more international, however, particularly in western European currencies and bonds, with some activity in the New York Stock Exchange. The Holy See also has investments in real estate around the world, particularly in land and churches.
There are some investments that the Holy See won’t make however; no investments are made in companies that go against church values, such as pharmaceutical companies that manufacture birth control.Vatican City Revenue and Banking
The Vatican, by contrast, receives revenue from more traditional stately ventures. There are no formal tourism efforts but the Vatican also collects revenue through museum admissions, tours, highly sought-after stamps and coins and the sale of publications.Vatican City, on the other hand, was $27 million in the black after 5 million visitors toured in 2012, buying up collectibles and visiting museums.
In January, the Bank of Italy conducted routine inspections and found that Deutsche Bank Italia hadn’t sought proper authorization to process credit card transactions on behalf of the Vatican.
When Deutsche Bank asked for permission, it was turned down due to the Vatican not meeting anti-money laundering standards. The Vatican said that it’s scrambling to meet all provisions to restore credit card payments but as of now, it’s cash only if you’re visiting.
