Vatican backs divestment from mining sector

Vatican backs divestment from mining sector | Daily Tribune

VATICAN CITY, Holy See (AFP) — The Vatican backed Friday an initiative urging Catholic institutions to move their money out of mining and into more ethical fields, as demand for minerals for artificial intelligence surges globally.

Over 40 faith-based groups have joined forces with the Latin American network Churches and Mines (Iglesias y Mineria), which raises awareness of mining’s social and environmental fallout.

The initiative follows an appeal by the Vatican in June 2020 for Catholics worldwide to divest from the fossil fuel and arms industries.

Proponents hope it may push companies to clean up their business practices.

“In many parts of the world, the expansion of the mining industry has generated profound social tensions and serious environmental consequences,” Italian Cardinal Fabio Baggio, the Vatican’s second-in-command for environmental issues, told a press conference.

Brazilian Bishop Vicente Ferreira highlighted concerns over the rise of AI, which has triggered an explosion in global demand for elements such as cobalt and lithium to manufacture the magnets, batteries, and components essential for servers.

“Artificial Intelligence is a good example of how much mineral resources are consumed by the world’s current technology companies,” he said, adding that companies must treat workers fairly and respect the environment.

The divestment initiative is inspired by the late Pope Francis’s landmark 2015 manifesto Laudato Si, which championed environmental protection and a holistic ecology.

Pope Leo XIV, the Catholic Church’s first US pope, has also called for more to be done to protect the natural world and workers’ rights.

Cardinal Baggio said it was “essential to listen to the voices of the communities that directly suffer the hardships and conflicts caused by mining, both legal and illegal.”

“We cannot remain silent in the face of such blatant injustices,” he added.

Many of the affected communities live in South America, Africa or Asia.

Guatemalan Cardinal Alvaro Ramazzini denounced gold mining in his country, where profits flow northward while local populations suffer from cyanide pollution.

“The challenge is to make governments and corporations understand that legality does not always equate to justice,” he told reporters.