For what does it profit a man to gain the whole world and forfeit his soul?
- Mark 8:36
FOR PEOPLE
AND PLANET
PROTESTANTISM AND FINANCE
Protestantism is a major tradition within Christianity that originated in Europe in the 16th century following the Protestant Reformation, a religious and social movement that began in 1517 when Martin Luther published his Ninety-five Theses criticising certain practices and beliefs within the Catholic Church. There are estimated 800 million to one billion adherents worldwide, representing approximately 37% of all Christians.
CORE BELIEFS & PRACTICES
The name 'Protestant' derives from an assembly in Germany in 1529 where a number of people protested against an edict condemning the teachings of Martin Luther as heretical. It came to refer to anyone who subscribed to the main principles of the Reformation.
There are many different families of churches within Protestantism, amounting to around 47 denominations, each with its own theological emphases, worship styles, and organisational structures. Some well-known denominations include Lutheranism, Calvinism (Reformed tradition), Anglicanism, Baptists, Methodists, and Pentecostals.
The last 150 years have seen a growth in new movements within Protestantism, including Evangelical churches (around 387 million members), Independent churches (391 million) which emerged as a response to colonialism; and Charismatic/Pentecostal churches (644 million), of which 86% are in the Global South.
Protestants reject the authority of the pope, and emphasise the authority of the Bible as the primary source of religious guidance, repudiating certain traditions and teachings that are not explicitly supported by Scripture.
Protestants believe that salvation is granted through through faith in Jesus Christ and God's grace, rather than through good works or human efforts.
Another core belief is the concept of 'a priesthood of all believers', ie, that all Christians are able to intercede with God on behalf of others and themselves, to bear witness and to confess their sins and be forgiven.
Protestant priests and ministers can marry, while Catholic priests take a vow of celibacy; in some Protestant churches, women can be ordained priests. Lay people generally play significant roles in Protestant churches.
For we are God’s workmanship, created in Christ Jesus to do good works, which God prepared in advance for us to do.
– Ephesians 2
Christian preacher, Uganda. Photo: Adam Cohn
WHAT DOES PROTESTANTISM SAY ABOUT WEALTH AND MONEY?
Historically, Protestant denominations have played a role in promoting ethical behavior in business and finance. The Quakers, for instance, prohibited members from participating in the slave trade as early as the 18th century. Similarly, John Wesley, one of the founders of Methodism, preached about the importance of ethical business practices in his sermon, 'The Use of Money'.
One of the most well-known aspects of Protestantism is the emphasis on a strong work ethic and the idea of stewardship. This is often traced back to the teachings of theologians like John Calvin, who believed that hard work, diligence, and responsible management of resources were indicators of God's favor. The concept of the 'Protestant work ethic' suggests that a faithful Christian should engage in productive labor as a form of worship and service to God.
While Protestantism doesn't inherently view wealth as inherently negative, there is a general caution against excessive materialism and the pursuit of wealth for its own sake. This caution is rooted in teachings that emphasize spiritual values and eternal matters over earthly possessions. (For example, The Bible states in 1 Timothy 6:10, "For the love of money is a root of all kinds of evil.')
Many Protestant denominations emphasise the importance of charitable giving and using one's wealth to help those in need. Biblical principles are often used to guide investment decisions. These principles might include ensuring justice for the poor (Proverbs 29:7), avoiding dishonest gain (Proverbs 16:8), and being good stewards of God's resources (Genesis 2:15).
Protestant investors may avoid investments in industries or companies that engage in activities deemed harmful or unethical, such as tobacco, gambling, or weapons manufacturing. The idea is to align one's financial decisions with their moral and ethical beliefs.
WHAT DOES PROTESTANTISM SAY ABOUT OUR RELATIONSHIP WITH THE EARTH?
Russian Orthodox Church worshippers queue in the Cathedral Square at the Trinity Lavra of St Sergius monastery, Sergiyev Posad. Photo: Trinity Lavra of St Sergius
Due to its diverse nature, Protestantism encompasses a wide range of beliefs and practices, and there is no single 'Protestant erspective' on the relationship with the Earth.
Many Protestant denominations emphasise the concept of stewardship over the Earth. This viewpoint suggests that humans have been given the responsibility to care for and manage the Earth and its resources as faithful stewards.
This often involves practicing responsible environmental stewardship, caring for nature, and being mindful of the impact of human activities on the environment. More recently, it also involves an emphasis on the interconnectedness of social justice and environmental care.
Some interpretations of the Bible, particularly Genesis 1:28, emphasise the idea of human dominion over the Earth. This has led to varying interpretations. Some interpret dominion as a form of responsible stewardship, while others have interpreted it as a license to exploit natural resources for human benefit.
If we are guilty of relentless waste, it is because we have lost the spirit of worship. We are no longer respectful pilgrims on this earth; we have been reduced to careless consumers or passing travellers.
– Ecumenical Patriarch Bartholomew
A SHORT HISTORY OF ORTHODOX ACTION IN THIS AREA
The Green Patriarch,
Bartholomew
Since the mid-1980s, the Orthodox Church has been a leading advocate for environmental awareness and action within the wider Christian world.
In 1989, the then Ecumenical Patriarch, Dimitrios, published the first encyclical letter on the environment, which called for September 1 to be a day of prayer for the protection of the natural environment. This has been adopted by many Christian churches (many of which have since extended it into a Season for Creation from September 1 to October 4, the Feast Day of St Francis).
His successor, Ecumenical Patriarch Bartholomew, convened his first meeting on the environment in 1991, where he was the first religious leader to say that to commit a crime against the natural world was a 'sin'.
He has since become known as the Green Patriarch, having organised many symposia on environmental issues, climate change, and water management, bringing together scientists, religious leaders such as Pope Francis, and policymakers to discuss these matters from a faith-based perspective.
In 2008, Time Magazine declared him one of the 100 Most Influential People in the World for 'defining environmentalism as a spiritual responsibility.' In 2016, the Orthodox Church issued an encyclical titled "The Mission of the Orthodox Church in Today's World," which calls for an economy grounded on ethical principles and emphasises ecological responsibility.
KEY ORTHODOX STATEMENTS ON THE ENVIRONMENT
There are many Orthodox statements and articles on the environment; here are a few of them.
'Our attitude toward possessions reveals our true god and master,' writes Fr James W. Kordaris in his sermon for the Greek Orthodox Archdiocese of America. He adds: 'We witness to Christ by the way we set our priorities in life... take a look at your checkbook and see your priorities. '
The Ecumenical Patriarchate organised an international ecological symposium in Athens and the Saronic Islands in June 2018, entitled 'Toward a Greener Attica: Preserving the Planet and Protecting its People.' Patriarch Bartholomew delivered the keynote address before 200 delegates.
The Green Patriarch and protection of the environment, 2007
This article traces the growing concerns of the Ecumenical Patriarchate about the environmental crisis, from consultations initiated by Ecumenical Patriarch Dimitrios in the mid-1980s, to why his successor, Bartholomew, elected in 1991, became known as the Green Patriarch.
This publication by Orthodox Churches in the Balkans and WWF includes different voices outlining the Church's response to the climate crisis. 'The Church has provided a prophetic voice in mane crisis periods of humanity, and that is perhaps needed now more than ever.'
The future does not belong to humanity when it pursues artificial pleasure and selfish wastefulness while ignoring or exploiting others: 'The future belongs to righteous justice and compassionate love, to a culture of solidarity and respect for the integrity of creation.'
Orthodox theologian Dr Elizabeth Theokritoff describes the Orthodox Church's engagement with the environmental movement as 'one of the most positive things that has happened in the past few decades' and a vital 'way to bear witness today to our faith in the living Saviour of the world'.
Ecumenical Patriarch Bartholomew, Pope Francis, and Archbishop of Canterbury Justin Welby issued their first joint message on the urgency of the environmental crisis, saying: 'We appeal to the heart and mind of every Christian, every believer and every person of good will.'
Issued by the Holy and Great Council of the Orthodox Church, this mission statement calls for an economy grounded on ethical principles and serving the needs of all, as well as an end to 'unfettered consumerism' and 'human responsibility for our God-given environment.'
Ecumenical Patriarch Bartholomew gave a speech setting out the Orthodox position on the environment in which he said 'We must be spokespeople for an ecological ethic that reminds the world that it is not ours to use for our own convenience. It is God's gift of love to us.'
In this encyclical issued in 2019, Ecumenical Patriarch Bartholomew emphasises: 'Care for the natural environment is not an added activity, but an essential expression of church life. It does not have a secular, but rather a purely ecclesiastical character. It is a “liturgical ministry.”
In 2015, the Russian Orthodox Church proposed an alternative Orthodox Finance System. Looking a lot like Islamic finance, it would ban usury (charging interest for lending money), speculative behaviour and investing in businesses contrary to Orthodox values such as gambling.
In 1989, Ecumenical Patriarch Dimitrios published the first Encyclical Letter on the Environment in which he said humans' abuse of the earth had 'led the world to the edge of apocalyptic self-destruction', adding: 'In view of this situation, the Church of Christ cannot remain unmoved.'
HOW CAN WE HELP YOU?
FaithInvest works with all major faith traditions to promote faith-consistent investing and grow the FCI Movement. We also offer a range of services including supporting faith groups to develop investment policies and guidelines aligned to their faith values; governance and communication; training on faith-consistent investing; and FCI scoring and benchmarking.
SUPPORT US
By donating to FaithInvest, your gift helps us develop the free-to-access tools, programmes and resources needed to support faith groups as across as wide a range of geographies and capacities as possible. We are very grateful for any support you can give us.