The Board of Directors of the Diocese of Olympia, Inc., recognizes its fiduciary responsibility to shareholders in the James F. Hodges Diocesan Investment Fund (DIF) to be a shareholder advocate of positive investment by the DIF in renewable energies. As a result, the Board agreed to commission a study of the carbon footprint of DIF investments, and the results of that study are attached in an executive, annotated report.
Highlights of the report are:
- The electrical utility we own is the leader in wind and solar energy production in the US. It is the largest single contributor to our reduced carbon intensity.
- Our portfolio is almost half as intensive as the relevant benchmark.
- Our energy holdings are in line with the benchmark.
- Our industrial sector holdings are less carbon intensive than their competitors.
- We are more carbon intensive in materials, which is a very small sector in which we are underweight relative to the benchmark.
It should also be noted that the Diocese of Olympia encourages households, congregations, and institutions to undertake a carbon footprint analysis of their energy use using the EPA’s household carbon footprint calculator.
We also encourage households and congregations, after using the carbon footprint calculator, to invest in carbon offsets through the carbon offset partnership the Diocese of Olympia has with the Diocese of the Southern Philippines.
“The Diocesan Investment Committee has a holistic approach to portfolio management that, in addition to carbon footprint, the portfolio includes construction, valuation, balance sheet strength and judgement about the quality of management and future growth prospects.”
– Darcy MacLaren, member, Diocesan Investment Committee