Oil companies and Norway’s sovereign wealth fund are responding to climate change by planting forests and divesting from fossil fuels
Eskom is SA’s single biggest polluter. Every year, thousands of premature deaths are caused by pollution from Eskom’s coal-fired power plants. Picture: FINANCIAL MAIL
Shareholder activists Just Share and environmental law organisation ClientEarth have written to more than 50 funds in Africa’s most-industrialised nation about their duty to savers.Legal opinion commissioned by the campaigners shows that failing to meet the requirement on climate change “would likely amount to a breach of duty by the board of a pension fund”, they said in a joint statement on Monday.
SA depends on coal for almost all of its power generation, and unemployment of about 27% complicates the debate around reducing this reliance, should it lead to closing mines and job losses.
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