by Denise Simon
Clash Daily Contributor
Back in April of 2015, The Vatican held a one day 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.
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 …
Read the rest of this Reuters story here.
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.
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 …
Read the rest of this Reuters story here.
There are other curious investments by the Vatican while most of the financial reports are never reported publicly.
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…
Read the rest here.
DENISE SIMON is the Senior Research/Intelligence Analyst for Foreign and Domestic Policy for Stand Up America US as well as the aide de camp for MAJOR GENERAL PAUL E. VALLELY, US ARMY (ret). Her weekly show delves into the very deep and murky waters of foreign and domestic issues. Each week her guests include high level Intel people, former Flag Officers, DEA, CIA, NSA, etc… You name it… http://majestic.waverstreamer.com:2418