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Two Years After Rana Plaza… May 1st, 2015
Two years after the collapse of the Rana Plaza factory in Bangladesh, concerns linger. These include the timeliness of major remediation efforts, the establishment of factory health and safety committees, and corporate commitments to a victims’ fund. A coalition of global investors representing $2.5 trillion in assets – including the Missionary Oblates – have sent letters to corporate members of the Bangladesh Accord for Fire and Building Safety (Accord) and the Alliance for Bangladesh Worker Safety (Alliance). The letters request that companies disclose their efforts to safeguard the lives of workers in Bangladesh garment factories.
Read the investor letter here…
Faith-based Investors Help VOICE to Secure Needed Funding from GE April 28th, 2015
Faith-based and socially responsible investors enabled leaders from VOICE (Virginians Organized for Interfaith Community Engagement) to use their proxies to attend the GE AGM in Oklahoma City on April 22. VOICE was interested to attend the AGM to press GE to commit to $1 million in funding for the Metro IAF/VOICE Equity Restoration Fund. The faith-based activists had already secured $1 million from J.P. Morgan and $1.5 million from Bank of America.
Their effort was successful, which the faith leaders learned in an email from the company just as they were boarding their flight to Oklahoma. The grant will serve to leverage $10 million+ from religious and other social investors to help finance the rehabilitation of blighted and abandoned properties, construction of new homes, the development of affordable rental housing, and other community restoration activities in Prince William County, VA.
The Oblates, through Fr Seamus Finn, OMI have been working with VOICE for several years on this initiative designed to help those crushed by the mortgage crisis in 2007-08.
Read the letter from GE committing to this grant funding.
Climate Finance Pursued by Faith-Based and Socially-Responsible Investors April 14th, 2015
The Missionary Oblates, along with other ICCR members, are trying to limit climate-related risk by advancing research and dedicated investment in climate change solutions. These Climate Finance initiatives are being pursued by faith-based and socially responsible investors to propel the shift we need to a low-carbon economy.
What is lacking is a favorable policy environment that can ensure optimal risk-adjusted returns, which, investors, as fiduciaries, are required to achieve. As articulated in the Global Investor Statement on Climate Change (endorsed by 265 investors including ICCR, and representing $24 trillion in assets), private investment will only flow at the scale and pace necessary if it is supported by clear, credible and long-term policy frameworks that shift the risk-reward balance in favor of less carbon-intensive investment. For this reason, ICCR members are working with others in the investment community to press for the climate policy shifts that will unleash this flow of capital and drive clean energy investment. At the same time, members are seeking to educate the broader responsible investment community about both current and future climate finance opportunities.
Here are some examples of initiatives in which the Missionary Oblates have been active:
PUTTING CAPITAL TO WORK IN THE GREEN ECONOMY
Click here to read more »
Goodbye to Plastic Bags in Laredo Texas April 14th, 2015
Laredo, Texas has banned the use of plastic bags, after a nearly decades-long campaign by community based environmental groups. Fr. Bill Davis, OMI joins in this PSA video to alert people to the ban, which will start on April 30th.
The ban will prohibit single-use retail plastic bags with a less than 4 mil thickness, and single-use paper bags with a less than a 30-pound weight standard. Exceptions have been made for restaurants, fast food establishments, meat products, dry cleaners, newspapers, nonprofits, and foods that are chilled or frozen.
Each year, Laredo – a city of roughly 240,000 people – consumes an average of 120 million plastic bags, according to city estimates. The city is littered with plastic bags, and they have created a significant problem for the city’s creeks and storm drains, as well as the Rio Grande, the city’s only source of drinking water.
The Rio Grande International Study Center (RGISC), a non-profit that works with the Oblates in Laredo and now the JPIC Office, spearheaded the effort to clean up local waterways.
Nuclear Weapons Facilities are Troublingly Insecure April 13th, 2015
Hiroshima Peace Memorial, commonly called the Atomic Bomb Dome. Hundreds of thousands in Japan died as a result of the two nuclear bombs dropped on Hiroshima and Nagasaki.
Carl Kabat, OMI, one of the Ploughshares Eight, is featured in a New Yorker article on the faith-based protests against nuclear weapons that started in the 1980’s. Recent anti-nuclear weapons protests have pointed out the vulnerability of high security US nuclear facilities.
“The Y-12 National Security Complex sits in a narrow valley, surrounded by wooded hills, in the city of Oak Ridge, Tennessee. Y-12 and Oak Ridge were built secretly, within about two years, as part of the Manhattan Project, and their existence wasn’t publicly acknowledged until the end of the Second World War. … [S]ince the early nineteen-eighties a small group of peace activists, devout supporters of the Plowshares movement, have been trying to break into nuclear-weapons sites throughout the United States. They’ve almost always succeeded. Plowshares actions have not only revealed serious vulnerabilities in the security of America’s nuclear enterprise; they’ve also shed light on the inherent risks faced by every nation that possesses weapons of mass destruction. Having these weapons creates endless opportunities for theft or misuse. At the moment, the probability of terrorists staging a successful nuclear attack may be low, but the consequences would be unimaginably high. And, as Plowshares activists have demonstrated again and again, improbable things happen all the time.”
