After reaching the 90-signature threshold, the nonprofit will hand over the petition and letter to the relevant asset manager.
"For years, asset managers like Allan Gray told us that their clients are not interested in fossil fuel-free funds. The rising numbers of signatories to our campaigns are proving these asset managers wrong," said Le Page. Allan Gray confirmed that it received the letter from Fossil Free South Africa, and had interacted with the organisation on previously. Allan Gray said that it supported the global transition to a"more environmentally sustainable society" and recognised its role in being part of the solution.
"As recent events have shown, the energy transition is complex and path-dependent, and the way forward involves difficult tradeoffs. We do not believe the establishment of a fossil fuel-free fund, nor divestment, is the answer. We believe that the best approach is to use our active investment strategy to tackle climate change," Allan Gray added.
Instead, Allan Gray opts to engage with management and boards of its investee companies to highlight climate risks."... [We] use our influence to push for positive change and to encourage better environmental decisions and disclosure," it said.An overview of the challenges and opportunities of the climate crisis, as it changes the world we know.
Who are these tree huggers?
100 people? Tell them to get stuffed!