A021 Create a Care of Creation Loan Program for Episcopal Dioceses

Resolved, the House of Deputies concurring,

That the 81st General Convention of The Episcopal Church (TEC) affirms its Episcopal Covenant to Care of Creation commitment to form and restore loving, liberating, life-giving relationships with all of Creation; and be it further

Resolved, the General Convention allocates $3 million in TEC endowment funds as a loan portfolio to establish a Care of Creation loan program for dioceses to utilize as a funding resource for primarily capital projects to advance the goal of bringing the Church into carbon net zero compliance by 2030 (2022-A087), and that start up funds of $30,000 annually be allocated to launch this effort; and be it further

Resolved, this General Convention directs the Executive Council to assign responsibility for oversight of these assets to its Economic Justice Loan Committee (EJLC) for loans that support greater Care of Creation and eco-justice initiatives; and be it further

Resolved, that the Economic Justice Loan Committee, consult with the Task Force on Creation Care and Environmental Racism (or its successor) and will add a liaison, to create and implement a program format mirroring EJLC best practices by the Treasurer’s Office.

Explanation

The funds in the portfolio are used on a revolving basis to provide loans directly to dioceses for development capital programs and projects. The principal, upon repayment, is then re-loaned to other dioceses. All the loans pay interest, and that interest income is used to support TEC’s programs. The net carbon zero resolution passed at the 80th General Convention, while ambitious and visionary in scope, did not provide financial resources to implement this mandate. Using a revolving loan fund model, already successfully used by the Episcopal Church, will help advance this mandate and other critical eco-justice mandates.

 

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