The state of fossil fuel divestment in South Africa
First Fossil Free SA divestment survey suggests UCT leads on fossil fuel divestment progress
Dear Fossil Free SA supporters,
Sometimes working on climate issues feels frustratingly slow, challenging and even, we freely admit, void of significant hope. At other times, you take a step back and look at the cumulative progress of your work alongside the work of others around the world, and you realise how much has and is being done. Today is one of those days.
We recently conducted our first survey of SA institutions attempting to divest from climate-busting fossil fuels, and are happy to share a short report on that today, titled: The State of Fossil Fuel Divestment in South Africa.
Highlights from FFSA’s first divestment report: UCT & Anglican Church of Southern Africa leads the way
The report gives some recent highlights from the global divestment landscape, such as new evidence that has emerged to show the efficacy of fossil fuel divestment for accelerating the global struggle to limit climate breakdown.
But the report emphasises a local perspective, showing the leadership that the University of Cape Town and the Anglican Church of Southern Africa has taken since their decision to divest. On the part of UCT, this has happened following years of pressure from Fossil Free SA and UCT students. Whilst there is still a way to go, we are happy to note significant progress since UCT made its landmark commitment as the first major African university to commit to divestment, and to make real progress in meaningful reinvestment.
Other SA divesting institutions make progress + better investment options are on the rise
The report also touches on progress made by other divesting institutions: the City of Cape of Town, Inyathelo, the Lewis Foundation, and the Archdiocese of Cape Town. Sadly, despite repeated efforts, we were unable to get any response on progress made on divestment by Durban, which committed to divestment in 2020.
For those looking for better investment options, the report highlights the two funds currently available in South Africa that significantly limit fossil fuel exposure – and are performing well.
Divestment in SA is tricky but it works
Finally, the report explores the remaining challenges to divestment in South Africa. Though divestment is no panacea, and could even be said to have fallen a little out of fashion, there is much scope to make divestment work harder, particularly in a country like South Africa where institutions still barely recognise the importance of this strategy, both for investment returns and ecological returns. As our climate-energy crisis deepens, it's no less vital that citizens are given the choice to vote with their savings for rapid decarbonisation.
Take a look at the report here and let us know any comments or questions you may have.
Until next time,
Sarah, David and the Fossil Free SA team