The Catholic Church has launched an international project that calls on investors give up investments into the mining industry. The initiative, supported by senior church leaders and about 40 religious organizations around the world, aims to force companies to respect workers’ rights and protect the environment in mining areas. Those who don’t risk losing funding.
The Vatican emphasized that this is not just an economic step, but an act of fidelity to the principles of protecting human dignity. Cardinal Fabio Baggio, who presented the initiative at a press conference, recalled that there are many regions in the world where the development of the mining industry has led to acute social conflicts and severe environmental damage.
Under the late Pope Francis, the Vatican had already called on the faithful to withdraw funds from the defense and oil and gas sectors, but the project aimed precisely against the extractive industry, launched for the first time. Priest Dario Bossi, one of the project coordinators, explained that the goal is to encourage Catholics and other religious communities to leave mining as an ethical response to the problems associated with it.
Specific target companies or the list of participating organizations were not disclosed. However, the initiative comes against the backdrop of rapidly growing demand for minerals for the green transition. According to the International Energy Agency, demand for lithium, cobalt and copper could triple by 2030 and quadruple by 2040.
Some in the industry have long recognized the need for change. Back in 2001, leaders of major companies created the International Council on Mining and Metals, which promotes the principles of responsible business conduct. However, Cardinal Alvaro Ramassini of Guatemala, who spoke at the presentation of the project, emphasized that the goal of the new initiative is to convey to governments and businesses a simple idea: what is permitted by law does not always correspond to justice.
The Vatican is moving from words to actions, trying to direct financial flows towards ethical investing. Time will tell how effective this step will be in the context of growing global demand for metals, but the very fact of such a statement at the church level is an important signal to the market.
Source: Reuters
Image: Mining Weekly
