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The World Council of Churches (WCC) is among signatories on a joint letter to H.E. Sri Narendra Modi—prime minister of the Republic of India and chair of the Group of Twenty (G20)—which urges G20 leaders to adopt a New International Financial and Economic Architecture.

Participants at the annual Ecumenical School on Governance, Economics and Management are exploring how an Economy of Life is a key pillar of the Pilgrimage of Justice and Peace. The school is running from 19-30 August in Bogor, Indonesia. “We hope the Governance, Economics and Management School will empower participants to act, lobby for change and even influence socio-economic policymaking,” said Prof. Dr Isabel Apawo Phiri, deputy general secretary of the World Council of Churches.

“As a professor of economics and economic ethics with a theological background, and as dean of the GEM school, I can say that pluralistic economics – getting new prominence as an international student initiative – is an attempt to challenge neo-liberal monolithic economics. It is time for new thinking about economics”, stated Prof. Martin Büscher, first chair for economics and business ethics at the Institute for Diakonia and Management at the Protestant University of Wuppertal/Bethel, Germany, at the conclusion of the Governance, Economics and Management School held in Hong Kong on 22 August-2 September.

The globalization of the world economy has not been an even process, and in many ways governance for the protection of capital has overtaken governance for the protection of human well-being. A recent Ecumenical School on Governance, Economics and Management for an Economy of Life addressed this very asymmetry.

An economic system based on over-consumption and greed has become firmly rooted in today’s world and it is high time to change this paradigm by working for a new financial and economic architecture. The WCC together with the WCRC now convenes a first ever Ecumenical School on Governance, Economics and Management for an Economy of Life, in Hong Kong SAR.

Climate-induced loss and damage is one of the key points being raised by faith groups during COP21. A discussion panel and a demonstration held at COP21 in early December brought to light many facets of this issue.

How and in which ways are money and finance shaping the world economy and society? What ought to be the roles of money and finance and what can we do together as faith communities to make the prevailing international financial architecture more just and compassionate?

A report from the WCC calls for an effective response in meeting the needs of communities faced with unprecedented financial and economic crises, the threat of climate change and widespread ecological devastation.