Business Maverick: Activists Push South Africa Pension Funds Over Climate Costs

Shareholder activists Just Share and environmental law organization ClientEarth have written to more than 50 funds in Africa’s most-industrialized nation about their duty to savers. The local industry oversees about 4.2 trillion rand in retirement investments, according to the two groups.

Oil companies and Norway’s sovereign wealth fund are responding to climate change through steps ranging from planting forests to divesting from fossil fuels. South Africa is dependent on coal for almost all of its power generation, and with unemployment at about 27 percent this complicates the debate about reducing this reliance, should it lead to mine closures and job losses.

South Africa’s 2030 energy plan sees coal-generated power dropping to less than 50 percent of the total, as investment increases in renewables such as wind and solar.

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