Just Share and ClientEarth have written to more than 50 money managers in SA to highlight ‘legal’ requirement
Pension funds in SA have a legal obligation to account for the financial effects of climate change on their investments, according to two groups lobbying money managers that pay closer attention to the issue.
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 on Monday. The ultimate effects of climate change and the cost of transitioning to a low-carbon economy should form part of money managers’ investment strategies, Tracey Davies, executive director for Just Share, said.SA’s 2030 energy plan sees coal-generated power dropping to less than 50% of the total, as investment increases in renewables such as wind and solar.
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