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June 18, 2020, Adrian, Michigan – On the fifth anniversary of the publication of Laudato Si’, U.S. congregations of Dominican Sisters announced the launching of a strategic investment initiative in collaboration with Morgan Stanley to address climate change, especially as it affects marginalized communities disproportionately impacted by global warming. The Sisters committed $46,650,000 to the initiative, seeding Climate Solutions Funds that have attracted more than $130,000,000 in capital investments.
“Dominicans have long been engaged in addressing issues related to poverty and Earth’s degradation,” said Sister Patricia Siemen, OP, Prioress of the Adrian Dominican Sisters. “Today we are extending these efforts to Wall Street by proactively investing in marketplace climate solutions that we hope will have a catalyzing impact for the common good of people and planet.”
Leaders of 16 congregations of Dominican Sisters, representing nearly 3,500 Catholic Sisters from Washington to New York and Texas to Michigan, are participating in this collaborative initiative in partnership with the Chicago office of Graystone Consulting Group, a women-led institutional consulting practice which is part of Morgan Stanley. The Sisters’ anchor investments in this initiative have attracted additional investors, providing a pool of more than $130 million for investment in climate solutions that integrate the UN’s Sustainable Development Goals on water, sanitation, food security, energy, and related challenges facing economically impoverished communities.
“We are bringing these resources to the marketplace to help address our deep concern about the integrity of God’s creation and the people most impacted by climate change,” Sister Patricia said. “Although we initiated this effort well before the outbreak of COVID-19, the global pandemic has underscored the link between climate change and ecological degradation and the health and wellbeing of people, especially those most vulnerable.”
The initiative, five years in the making, has attracted numerous other investors. Séamus P. Finn, OMI, Chief of Faith Consistent Investing of the Oblate International Pastoral (OIP) Investment Trust, said, “The OIP Trust is excited by the opportunity to join the Dominican-Climate fund and was especially attracted by the insight and innovation that is at the core of the fund’s approach. The vision for the fund is grounded in the transformation of the current financial system and gives priority to people, planet and sustainability.”
Lisa Zuckerman, Vice President of Treasury and Strategic Investing for CommonSpirit Health, said, “CommonSpirit Health is a long-standing socially responsible investor, and we are grateful for opportunities with like-minded investors that align with our values and create healthier communities. We seek strong social returns as well as financial returns. With its focus on climate change, the Climate Impact Solutions Fund helps address a pressing global health issue,” she said, adding, “When we can meet our financial goals, we are able to spread our healing mission to more people.”
Sister Patricia noted, “We are delighted that this integrated approach to climate investing has attracted other investors and investment managers, helping to scale this kind of approach to climate finance globally.”
The unusual partnership between U.S. Catholic Sisters and a global Wall Street investment firm emerged from a commitment the Dominican Sisters made as a Conference in 2015 to “develop an appropriate strategy to promote investment in climate solutions.” The commitment, made prior to the Paris Climate Agreement, was the fruit of a yearlong faith-praxis cycle of study, contemplation and action developed by the Earth Council of northeast Dominican congregations that had engaged Dominicans throughout the United States.
A Sisters’ Climate Finance Taskforce was formed, reaching out to more than three dozen financial institutions in search of a manager that would develop financial products addressing climate change and integrating the UN Sustainable Development Goals. “We found that manager in The Graystone Consulting Group of Morgan Stanley,” said Caldwell Dominican Sister Patricia Daly, OP, a longtime corporate-responsibility advocate, who played a leading role on the taskforce and in forging the partnership. “This marks a new moment of collaboration in the world of finance. May this milestone spark a new movement of integrated climate solutions that are responsive to Pope Francis’ moral call to humanity in Laudato Si’ to care for God’s creation and God’s people,” she said.
Two years ago, on June 18, 2018, leaders of the 16 congregations gathered at the global headquarters of Morgan Stanley on Times Square to celebrate the inauguration of the initiative with their anchor commitments. The Sisters were hosted by officers from Morgan Stanley’s Institute for Sustainable Investing and Graystone Consulting Institutional Consultants Kristina Van Liew and Linda Stephans.
“Partnering with Morgan Stanley’s Graystone Consulting, we seek to identify models for faith-based organizations and other institutions and individuals to proactively invest in climate solutions that will help our world shift to a renewables-based economy while assisting the neediest communities around the globe,” Sister Patricia said. “We want to do all we can to protect Earth, our common home, and help safeguard the future for young people today and for generations to come.”
Sister Patricia noted that their integrated approach to climate finance echoes the call Pope Francis issued in Laudato Si’ for “an integrated approach to combating poverty, restoring dignity to the underprivileged, and at the same time protecting nature” (139). The initiative is aligned with efforts that Catholic Sisters around the world have undertaken for years to address issues related to poverty and ecological degradation. These include support for affordable housing and healthcare, education, microenterprise, community development, as well as clean water, land conservation, renewable energy, Earth literacy programs, wetlands restoration, and advocacy for climate agreements and programs serving people with low incomes, among others.
The 16 congregations of Dominican Sisters participating in this collaboration, and the congregational leaders giving voice to the statements are:
Adrian Dominican Sisters (Michigan) Patricia Siemen, OP, Prioress
Amityville Dominican Sisters (New York) Peggy McVetty OP, Prioress
Blauvelt Dominican Sisters (New York) Michaela Connolly, OP, Prioress
Caldwell Dominican Sisters (New Jersey) Patrice Werner, OP, Prioress
Dominican Sisters of Hope (Ossining, New York) Catherine McDonnell, OP, Prioress
Dominican Sisters of Houston (Texas) Donna Pollard, OP, Prioress
Dominican Sisters of Peace (Columbus, Ohio) Patricia Twohill, Prioress
Dominican Sisters of Sinsinawa (Wisconsin) Toni Harris, OP, Prioress
Dominican Srs of St. Catherine of Siena (Saratoga, Calif.) Susan Snyder, OP, Prioress
Dominican Sisters ~ Grand Rapids (Michigan) Sandra Delgado, OP, Prioress
Dominican Sisters of Sparkill (New York) Mary Murray, OP, President
Maryknoll Sisters of St. Dominic (New York) Antoinette Guztler, OP, President
Mission San Jose Dominican Sisters (Fremont, California) Cecilia Canales, OP, Prioress
San Rafael Dominican Sisters (California) Carla Kovack, OP, Prioress
Springfield Dominican Sisters (Illinois) Rebecca Ann Gemma, OP, Prioress
Tacoma Dominican Sisters (Washington) Sharon Casey, OP, Past President
U.S. Catholic Sisters, including congregations of Dominican Sisters, are financially independent of the Roman Catholic Church. Their revenues come from the ministerial earnings of their Sisters, which are pooled along with donations in support of their mission, social security payments, and earnings on investment of these resources.
November 8, 2019, Adrian, Michigan – The General Council of the Adrian Dominican Sisters endorses the following statement by the Leadership Conference of Women Religious (LCWR) on President Donald Trump’s decision to withdraw the United States from the Paris Climate Agreement.
“The Leadership Conference of Women Religious (LCWR) was deeply disappointed by President Trump’s 2017 pledge to pull the United States out of the Paris Climate Agreement and we are profoundly troubled by the decision to formally request US withdrawal from this critically important international agreement. Catholic teaching is clear – climate change is a grave moral issue that threatens our commitment to: protect human life and dignity, exercise a preferential option for the most vulnerable, promote the common good, and care for God’s creation. The failure of the United States to fulfill its 2015 commitment dishonors our nation and threatens our common home. We will continue to raise our voices against climate policies that harm Earth and its people and to advocate for climate justice.”
On June 1,2017, when President Trump announced his intention to withdraw from the Agreement, the Adrian Dominican Sisters General Council issued a statement declaring that decision to be “politically, economically, and morally indefensible” because it “threatens to condemn Earth, our common home, and future generations to potentially catastrophic climate change.”
The Leadership Conference of Women Religious is an association of leaders of congregations of Catholic women religious in the United States. Founded in 1956, LCWR assists its members to collaboratively carry out their service of leadership to further the mission of the Gospel in today’s world.
Members of the Adrian Dominican Sisters General Council are Sisters Patricia Siemen, OP, Prioress; Frances Nadolny, OP, Administrator and General Councilor; Mary Margaret Pachucki, OP, Vicaress and General Councilor; and Patricia Harvat, OP, and Elise D. García, OP, General Councilors.