Finance: SA cities join fossil fuel divestment movement

The mayors of Cape Town and Durban were among 12 from North America, Europe and Africa who pledged to shift their money out of fossil fuels and into green energy, buildings, transport and other investments to help them recover from the pandemic and tackle climate change. According to a Daily Dispatch report, the group of cities, which signed up to a declaration committing them to divest from coal, oil and gas, are home to more than 36m residents and hold more than $295bn in assets. Led by London and New York City, they agreed to take all possible steps to divest from fossil fuel companies the assets that they control directly, while also calling on pension funds managing their money to do the same. ‘It’s time for cities to ditch fossil fuel investments and accelerate green investments that drive low-carbon jobs,’ said London Mayor Sadiq Khan. The other cities joining the divestment declaration are: Berlin, Bristol in England, Cape Town, Durban, Los Angeles, Milan, New Orleans, Oslo, Pittsburgh and Vancouver. Durban Mayor Mxolisi Kaunda said the city had embedded its divestment commitment in a new climate action plan announced this month. The funds freed up by the move would be used to help small and medium businesses, social enterprises and co-operatives to participate in the green economy, he added in written comments.