The Ecumenical Panel on a New International Financial and Economic Architecture (NIFEA) met for the sixth time in Geneva, Switzerland from 25-27 March to discern and discuss future strategies in resisting and dismantling anti-life economies for ones that nurture life in its fullness.
The meeting, jointly convened by the World Council of Churches, World Communion of Reformed Churches, Lutheran World Federation, World Methodist Council, and the Council for World Mission, lamented that the world is in a far worse situation than it was 13 years ago when the 2012 Sao Paulo Statement on International Financial Transformation for an Economy of Life was drafted.
The original statement condemned the ideology of consumerism, the explosion of monetisation, and how the workings of the financial and economic order were biased towards the wealthy.
During the meeting, the NIFEA panel members collectively voiced deep alarm over the unprecedented and increasing consolidation of capital, technology, and political power exacerbating inequality, undermining democratic governance, sparking wars and invasions for resources, and destroying fragile ecosystems in their wakes.
New evils amongst the old
In a three-page letter signed by all NIFEA partners after the meeting, a grim observation was made in the document that the world today is still beleaguered by old and new forms of colonialism that continue to destroy lives, cultures, livelihoods, and societies.
The letter identified Indigenous people, people of African descent, migrants, and refugees as particularly vulnerable.
Looking beyond, the letter also noted the alarming level of inequality where over a billion across the world – half of them children – subsist in poverty whilst billionaires increased their wealth by over 15% in 2024 to US$15 trillion.
An escalating climate and biodiversity disaster also loomed large on the minds of the gathered faith leaders who believed that further inaction will pose a devastating existential threat to all life.
“Several tipping points are close to being crossed or have already been crossed, leading us to recognise that we may be beyond a point of no return,” warned the ecumenical panel who levelled the blame on the presence of global inequality as the catalyst of the numerous climate crises around the world.
“Through their hyper-luxurious lifestyles and investments in fossil fuel (“carbon bomb”) projects, the richest 1% are overwhelmingly responsible for the bulk of carbon emissions, whilst pre-existing disparities based on class, gender, and race have created a precarity immediately worsened by climate change.”
Additionally, the letter also called out the rampant expansion of authoritarian and nationalistic ideologies that are rooted in notions of supremacy that have their flames fanned by social media resulting in polarisation and anger in societies, making it even tougher to exercise rational thought and compromising political decision-making.
That the world is in the age of oligarchs is a phenomenon which did not escape the discernment of the gathered ecumenical community who identified the small class of the ultra-rich as a dangerous group that have increasing control over all dimensions of life that threatens to undermine democracy.
The letter further urged the strengthening of existing democratic governance systems, persistent efforts in fighting corruption, the building of economies centred on human rights-based policies, and installing robust, equitable financial regulatory mechanisms internationally.
Remembering the reasons to resist
In an introspective conclusion, the NIFEA meeting called for a return to the church’s theological foundations.
“As a Church, we must stand with the poor and the oppressed. We must advocate for walking gently on this earth,” declared the partners unequivocally. “As Christians, we must support those who experience forced migration… fight against systemic racism, challenge existing colonialist policies and systems, reject the economic system that lacks compassion for the vulnerable, and resist structures that keep women in positions of disadvantage.”
“A Church that remains silent in the face of injustice misses an important mark of being a true Church.”
Click here to read the full version of the Communique released at the 6th Meeting of the Ecumenical Panel on a New International Financial and Economic Architecture (NIFEA).