The encyclical emphasizes a moral element to the climate debate that the drier analyses miss. I wrote previously that a bishop flubbed a response to a Foxquestion about whether we shouldn't do other things to help the poor instead of reducing our precious carbon emissions. He said the encyclical invited people to a dialogue to figure out what to do, so let's just sit down and talk.
The best answer is that Fox is referring to a Lomborgdeception, a study artificially minimizing the impact of climate relative to other impacts, but we might not expect the bishop to know that. The next best answer he should say, however, is that moral questions can have strict answers. If a particular action you're doing is harming someone else, you may prefer to continue harming that person while making it up to them in other ways, but the decision is not up to you. If Lomborg et al. want to persuade the most-harmed that there's a better deal for them, the inactivists can try, but I don't think Australia is where you want to go for that.
The moral case the Pope emphasizes is that GHG emissions harm the poorest, and the same logic works on divestment. The only reason to invest in fossil-fuel companies at their current price levels is because they make the poor pay a significant portion of the cost of their product, and are offering to pass on part of the resulting profit to you, the investor.
The issue of divestment and the Catholic Church hasn't escaped the notice of many other people, although what's unclear to me is whether much anything is happening within the official church hierarchy, let alone action to reduce the Church's own GHG emissions. Hopefully the encyclical teaching will move to the next steps of action on divestment and on emissions as models that the Church can point to as models for the rest.
