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Fr. Seamus Finn Reports on Ethics and Sustainable Finance Event October 2nd, 2017
Originally Published on OMIUSA.ORG
By Fr. Séamus P. Finn, OMI
The private seminar convened on the edges of Lausanne in Switzerland in September hoped “to share innovative ideas and exchange concrete proposals on the topic of equitable and environmentally sustainable outcomes derived from the financial markets.”
The 25 participants came from academia, philanthropy, financial management and civil society to converse and consider how they might respectively bring their experiences and ideas on finances to bear on the numerous challenges that societies confront. The vision of a financial industry that would “embrace more ethical and sustainable practices” informed the mission of the organizers who wanted to use the seminar to “catalyze cooperation amongst large investors” and thereby “push concrete proposals in the financial sector.”
Development and climate change framed the broad array of questions and challenges that were considered. The recent hurricanes, typhoons and earthquakes that have inflicted enormous suffering and damage in different parts of the world were often the point of reference for the powerful force and unpredictable path of nature’s journey. The scientific data on the contribution of human activity to dark clouds that climate change presents and the numerous efforts that have been undertaken to respond were examined and debated.
The development conversation has a much longer history and continues to be the subject of debate and evolve. While there may be some agreement about the guiding general principles and standards for measuring a meaningful and humane level of existence, there are multiple proposals about the most successful ways that these objectives can be achieved. Governments, multilateral institutions, religious and secular institutions and organizations have participated in this conversation and explored numerous avenues and vehicles to advance their projects for decades.
In the Catholic tradition, the encyclical by Pope Paul VI, “On the Development of Peoples” set a very high standard when it introduced the concept of “integral human development” into the conversation. This intervention was a clear marker, from the faith perspective, that insisted on an understanding of the human person that was much more than could be measured by the size of their bank account, the neighborhood in which they lived or their achievements in education or other pursuits. In the recent encyclical Laudato Sí, Pope Francis returns to this teaching and extends it when he speaks about “integral ecology”.
Across a stretch of nearly 50 years, major international institutions like the United Nations, the World Bank and the International Monetary Fund have participated in the conversation about “development” and “progress” alongside the numerous official, private and religiously inspired development organizations. They have been informed in this effort by the experience of numerous practitioners and the data and ideas that researchers across several disciplines have contributed.
A second set of questions that the seminar explored focused directly on the kinds of financial institutions and practices that are needed to redirect “bank lending and investment capital” to build “the livable future we want.” Recognizing that the pace of change and the size of the trillions of dollars that are needed to turn away from pathways that are destructive and into sustainable solutions, participants discussed the types of interventions that can will help mainstream capital markets and repurpose our banking system and institutions for 21stcenturies challenges.
Improving the alignment of mission with asset management by foundations, investors and philanthropists was identified as a key driver for this kind of change. Instead of focusing only on avoiding the products and services and companies that investors and grant makers want to avoid the seminar described some of the many tools that are available and already in use to help those responsible to deploy their assets towards the kinds of future they want. They also discussed the innovative funds and research that is coming on line to facilitate the integration of sustainable development priorities into their financial planning.
The development conversation has a much longer history and continues to be the subject of debate and evolve. While there may be some agreement about the guiding general principles and standards for measuring a meaningful and humane level of existence, there are multiple proposals about the most successful ways that these objectives can be achieved. Governments, multilateral institutions, religious and secular institutions and organizations have participated in this conversation and explored numerous avenues and vehicles to advance their projects for decades.
In the Catholic tradition, the encyclical by Pope Paul VI, “On the Development of Peoples” set a very high standard when it introduced the concept of “integral human development” into the conversation. This intervention was a clear marker, from the faith perspective, that insisted on an understanding of the human person that was much more than could be measured by the size of their bank account, the neighborhood in which they lived or their achievements in education or other pursuits. In the recent encyclical Laudato Sí, Pope Francis returns to this teaching and extends it when he speaks about “integral ecology”.
Across a stretch of nearly 50 years, major international institutions like the United Nations, the World Bank and the International Monetary Fund have participated in the conversation about “development” and “progress” alongside the numerous official, private and religiously inspired development organizations. They have been informed in this effort by the experience of numerous practitioners and the data and ideas that researchers across several disciplines have contributed.
A second set of questions that the seminar explored focused directly on the kinds of financial institutions and practices that are needed to redirect “bank lending and investment capital” to build “the livable future we want.” Recognizing that the pace of change and the size of the trillions of dollars that are needed to turn away from pathways that are destructive and into sustainable solutions, participants discussed the types of interventions that can will help mainstream capital markets and repurpose our banking system and institutions for 21stcentury challenges.
Improving the alignment of mission with asset management by foundations, investors and philanthropists was identified as a key driver for this kind of change. Instead of focusing only on avoiding the products and services and companies that investors and grant makers want to avoid the seminar described some of the many tools that are available and already in use to help those responsible to deploy their assets towards the kinds of future they want. They also discussed the innovative funds and research that is coming on line to facilitate the integration of sustainable development priorities into their financial planning.
The Sustainable Development Goals: 17 Goals to Transform Our World
Finally, the seminar explored the role of businesses in supporting through a collaborative multi stakeholder process the achievement of the Sustainable Development Goals that were adopted by the UN General Assembly in 2015. Examples such as “circular economy,” “social impact bonds” and local currency projects from different regions in the world were examined and the possibility of their deployment and scalability was discussed.
Conclusion
The core issues raised by this seminar, encouraging “the financial industry to embrace more ethical and sustainable practices”, must remain a top priority in protecting the planet and building a sustainable future. The centrality of a financial system that provides equitable access to capital across all sectors of the world and respects the planet in the process is critical. Many current practices and policies have failed miserably to achieve these objectives.
This priority, by no means, ignores the numerous efforts and projects to alleviate poverty, end hunger and provide access to healthcare that are being undertaken by innumerable institutions, organizations and individuals across the world. It does however point to the necessary structural and policy reforms that must be made to the financial system and the practices of the financial industry if the scale of the challenge is to be addressed and the needed changes are to introduce reliable platforms for sustainable solutions.
800,000 Young Immigrants Need Your Help. Please Act Now. October 2nd, 2017
As Provincial of the U.S. Province, I am happy to add my support to the 800,000 young immigrants living in our country, going to school, working, without fear of deportation resulting in a fearful, uncertain future.
It is shameful to me that these young people might be facing deportation because the Trump Administration has recently announced an ending to DACA (Deferred Action for Childhood Arrivals) within the next six months.
Please join me and many other U.S. Oblates in demanding action in Congress to protect these young immigrants. Congress must pass a new law to protect these young people and not allow them to be deported. The vast majority of them have done no wrong, committed no crime.
I ask you to join our Justice, Peace and Integrity of Creation Ministry in taking action, as outlined in the letter from Fr. Antonio Ponce, OMI, Director (letter below and attached as a PDF).
Thank you for your interest and concern.
In Christ and Mary Immaculate,
Fr. Louis Studer, OMI
Provincial
_______________________________________________________
Dear Brother Oblates and Associates,
Prompted by the recent action of President Trump to end the Deferred Action for Childhood Arrivals (DACA), a program that protects almost 800,000 young immigrants from deportation who came to the U.S. as children, I write to invite you to offer solidarity to these young people. DACA allows young immigrants to work, go to school, raise a family, and live in the United States without fear of separation by deportation. I ask you to stand with these young people and their families who may include youth members of our Oblates parishes and institutions.
Missionary Oblates JPIC is deeply disappointed with this decision to end DACA, as we expressed in a statement issued immediately after the announcement to end DACA. The consequences of repealing DACA are immediate and devastating to DACA recipients, their families and communities. At the 2016 General Chapter in Rome, Oblates were invited in the Acts of the Chapter to reflect:
In these times of great global changes, we respond to the call of the Spirit, as did St. Eugene de Mazenod in his Preface to the Oblate Rule, by giving a new impetus to the mission that is our raison d’être: being close to the new faces of the poor, the most abandoned, and sharing the Good News to which we are witnesses. We recognize urgent uses which strongly speak to us such us: the situation of refugees, the homeless, and migrants who are forced to leave their countries.
A statement from the U.S. Conference of Catholic Bishops President, Cardinal Daniel DiNardo of Galveston-Houston, along with USCCB Vice President, Archbishop José Gomez of Los Angeles, Bishop Joe Vásquez of Austin, chairman, Committee on Migration, and Bishop Joseph Tyson of Yakima, chairman of the Subcommittee on Pastoral Care of Migrants and Refugees says, the “cancellation of the DACA program is reprehensible,” and goes on to say:
The Church has recognized and proclaimed the need to welcome young people: ‘Whoever welcomes one of these children in my name welcomes me; and whoever welcomes me does not welcome me but the one who sent me’ (Mark 9:37). Today, our nation has done the opposite of how Scripture calls us to respond
We need help to urge Members of Congress to pass the Dream Act of 2017 and protect these young immigrants. In collaboration with other religious communities, we invite you to take action, and recommend the following resources:
- Call your Member of Congress to co-sponsor the DREAM Act of 2017 (S. 1615 / H.R. 3440)
- Catholic Legal Immigration Network (CLINIC) resources:
- Know Your Rights information (multiple languages)
- A family emergency planning guide (information on guardianship, power of attorney)
- Pope Francis recently launched “Share the Journey” global campaign for migrants and refugees
As a JPIC ministry for the U.S province, we will continue to pray, champion immigration reform and push against harmful enforcement practices that separate families. Our faith and charism believe in the dignity of every human being, especially that of children and youth. Compassion, family unity and opportunity for newcomers from one generation to the next are foundations of this nation.
Fr Antonio Ponce OMI
Director, U.S Missionary Oblates JPIC Ministry Office
Share the Journey Campaign: Welcome Migrants and Refugees September 25th, 2017
On September 27, 2017, His Holiness Pope Francis will launch Share the Journey, a two-year worldwide campaign to raise awareness about the plight of immigrants and refugees. The campaign highlights Catholic teachings on migration and encourages openness to experiencing a culture of encounter to strengthen the relationships between migrants, refuges and host communities.
The campaign also reaffirms a Catholic commitment to accompany and welcome migrants and refugees. During the campaign, Catholic communities and organizations are encouraged to organize events, develop action guides, advocate and pray in support of migrants and refugees.
The campaign is sponsored by Caritas International. Join us today as we aim to make a difference.
Sr. Maxine Pohlman Receives Conservation Award September 20th, 2017
On Saturday, September 16th, Sr. Maxine Pohlman, SSND, director of La Vista Ecological Learning Center and JPIC Committee member was one of three local residents presented with the 2017 Confluence Conservation Leadership Award at the annual Mississippi Earth tones Festival in Alton, IL. The festival is held annually as part of the State of Illinois’ “It’s Our River Day” initiative to celebrate Illinois watersheds through education, recreation and conservation. The award is for Sr. Maxine’s work with La Vista Ecological Learning Center, and specifically for her conservation work in the “Missionary Oblates’ Woods Nature Preserve”.
Congratulations, Sr. Maxine!
- Read more about the festival and awards event.
- Visit La Vista Ecological Learning Center’s website and check out upcoming programs.
Biblically Responsible Investing September 11th, 2017
Originally Published on OMIUSA.ORG
The inaugural Christian Investment Summit took place at the Billy Graham Training Center just outside of Ashville, NC August 16 – 18. The brochure announcing this event promised to bring “together investment and financial thought-leaders to learn more about Biblically Responsible Investing (BRI)” and to engage “with one another in an inspiring mountain retreat setting”.
The event was steeped in the evangelical tradition that drew from the Jewish and Christian scriptures, the preached word and many rich hymns and songs of praise. These morning and evening services wrestled with themes like “Faith and the Market” and the how the value system of Jesus Christ might inform the principles and the decision-making processes that guide both the advisory services and transactions that investment practitioners offer to their clients each day.
