Cape Town heeds fossil fuel divestment call

fossil fuelFrom DION HENRICK in Cape Town,
CAPE TOWN, (CAJ News) – CLEAN energy solutions proponents have lauded South Africa’s Cape Town for its commitment to divest from fossil fuel assets in favour of more sustainable investments.
The Mother City joins urban areas around the world in withdrawing their funds from destructive coal, oil and gas industries.
Mayor Patricia De Lille announced recently the municipal was divesting from fossil fuel assets and companies in favour of greener and cleaner investments which were in line with the vision of a sustainable future.
“We are going to instruct investors looking after our money not to put our money into fossil fuel-related companies or for it to be used to fund the development of dirty and unsustainable projects,” De Lille said.
David Le Page, coordinator of Fossil Free South Africa, said they, with international partners, first approached the City to consider divestment in December 2016.
He pointed out globally, dozens of other cities have already divested including Copenhagen, Melbourne, Oslo, Paris, San Francisco and Seattle.
“We are absolutely delighted that the City of Cape Town has moved so quickly to become the first city in a developing country to see both the ethical and financial sense of divesting from old energy companies,” Le Page said.
With a population of over 3 million, Cape Town is the second-most populous urban area in South Africa after Johannesburg.
It is the country’s legislative capital.
– CAJ News

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Posted by on Jul 21 2017. Filed under Coal, Energy, Featured, National, News, Oil & Gas, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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