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This year the diocese made a change that most members of the community won’t notice on a day to day basis, but which diocesan leadership hopes will have an impact on a wider scale. The diocese moved its investment accounts into fossil-fuel free investments.

The journey to this point was lengthy. It involved reflection and research by many people. Sometimes, it meant dealing with an banking and investment industry that wasn’t yet offering the types of investment options organizations like the diocese were looking for.

Spurred by increasing awareness of the ability to drive change through careful use of institutional funds, and the Anglican Church of Canada’s document “Investing with a Mission,” the diocese decided to revisit it’s investment portfolio.

Archbishop John Stephens - who served on a diocesan climate response task force prior to being elected to lead the diocese- recalled that one challenge was getting a clear understanding of how directly linked diocesan investments were to business that make their money from fossil fuels. Eventually it was realized that diocesan funds were more closely linked to fossil fuels than diocesan leadership or faithful wanted it to be.

Still, it was not quite as simple as simply saying “we’re going to divest of investments in fossil fuels.” Investment firms like Phillips, Hager & North Institutional (PHN), which the diocese uses, often focus on risk categories or the types of income an investment fund will yield. In more recent years such firms have moved toward labeling investment funds according to environmental or social impact.

In the years since the diocese began discussing fossil fuel free investing, diocesan leadership has researched the available options and potential impact on income. Finally, in January of this year the Finance & Property Commitee conducted an in depth review of the diocesan investment portfolio, and alternatives that would be in line with the diocesan dedication to responsible stewardship. In February the Committee presented to Diocesan Council the available Fossil Fuel Free investment options offered by PHN. Diocesan Council whole heartedly supported the move.

The Archbishop and the Treasurer directed RBC Global Asset Management Inc. to transfer all diocesan holdings from fossil fuel-related funds into sustainable, fossil fuel-free alternatives. Specifically:

  • From: RBC Vision Bond Fund → To: RBC Vision Fossil Fuel Free Bond Fund
  • From: RBC Vision Canadian Equity Fund → To: RBC Vision QUBE Fossil Fuel Free Canadian Equity Fund
  • From: RBC Vision Global Equity Fund → To: RBC Vision Fossil Fuel Free Global Equity Fund
  • From: PH&N Multi-Strategy Credit Fund → To: RBC Vision Fossil Fuel Free Bond Fund