The Catholic Church has announced updates to its financial investment policy to protect the sanctity of life and align with church teachings.
The latest effort in Pope Francis’ reform of the Vatican’s finances will exclude investments in embryonic stem cell research or other efforts considered in contradiction to the church’s pro-life teachings, as well as defense or weapons development companies.
“The new Investment Policy aims to ensure that investments are aimed at contributing to a more just and sustainable world; protecting the real value of the Holy See’s net worth, generating a sufficient return to contribute sustainably to the financing of its activities,” the Holy See released in a statement on Tuesday.
“And are aligned with the teachings of the Catholic Church, with specific exclusions of financial investments that contradict its fundamental principles, such as the sanctity of life or the dignity of the human being or the common good,” it added.
The policy change emphasized church investments in activities considered “productive,” noting that financial matters are “always” a moral issue.
“In this sense, it is important that they be aimed at financial activities of a productive nature, excluding those of a speculative nature, and above all that they be guided by the principle that the decision to invest in one place rather than another, in one productive sector rather than another, is always a moral and cultural choice,” the statement noted.
The policy was approved as a five-year agreement that will go into effect on September 1.
A new Investment Committee has also been created to implement the necessary changes and oversee the new policy’s implementation. Both the teachings of the church and the return on investment will be included in consideration of future evaluations of the church’s investments.
American Cardinal Kevin Farrell has been announced as the chairman of the committee. His role will include leading a team of financial professionals from both inside and outside of the Catholic Church.
The announcement comes just two days after Pope Francis asked for prayers during a Sunday message regarding his seven-day trip to Canada scheduled to begin July 24.
“Next Sunday, God willing, I will leave for Canada; therefore, I wish now to address all the people of that country,” Francis said. “Dear brothers and sisters of Canada, as you know, I will come among you especially in the name of Jesus to meet and embrace the indigenous peoples.”
Francis also made headlines last week after an interview with Univision, when the pope said President Joe Biden’s view of abortion as a Catholic was incoherent. The church’s official teachings oppose abortion.
“I leave it to [President Biden’s] conscience and that he speaks to his bishop, his pastor, his parish priest about that incoherence,” the pope said.