{"id":758,"date":"2020-12-09T19:14:57","date_gmt":"2020-12-09T19:14:57","guid":{"rendered":"https:\/\/www.africa-press.com\/south-africa\/?p=758"},"modified":"2020-12-09T19:14:57","modified_gmt":"2020-12-09T19:14:57","slug":"gas-wont-save-sas-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/gas-wont-save-sas-economy","title":{"rendered":"\u2019Gas won\u2019t save SA\u2019s economy\u2019"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>JOHANNESBURG – The \u2018potential\u2019 of recent gas finds has given rise to false claims that gas will generate economic prosperity for the country.<\/p>\n

The reality is that it will be at least a decade, possibly two, before we see any significant impact. In the meantime, the climate impacts will be huge, and we will lock ourselves in to a new fossil fuel system, which is expensive and unnecessary. \u201cIf we haven\u2019t transitioned to renewable energy in a big way by then, it will be too late to tackle the climate crisis, and we will have even worse socio-economic problems to contend with.\u201d<\/p>\n

These were the views of Tracey Davies, an expert in responsible investment, shareholder activism and corporate governance from Just Share, speaking at PSG\u2019s final Think Big webinar for 2020. Just Share works with local and international activists and responsible investors on key Environmental, Social and Governance (ESG) issues.<\/p>\n

Covid-19 has highlighted the consequences of failing to act on foreseeable risks, of which climate change is the most serious. The costs of ignoring climate change are already becoming apparent, and it is only set to get worse, unless we take speedy action. Inequality, diversity and transformation are on the essential battle list as well. \u201cYou can\u2019t possibly be an activist in this country without tackling those issues,\u201d Tracey says. \u201cBut they are all inter-connected. If we don\u2019t manage the climate crisis, it will be those who are already the most vulnerable who suffer most, so inequality, poverty, and the unemployment rate in this country shouldn\u2019t be a reason to ignore climate concerns: they should motivate us to take even more concerted, urgent action.\u201d<\/p>\n

The economic prospects, if we embrace a low-carbon just transition plan, instead of continuing with the old way of fossil fuel, present an amazing opportunity to change the story of South Africa. \u201cGovernment and private sector struggle to embrace this because of our history and vested interests.\u201d<\/p>\n

Tracey\u2019s mission at Just Share is about doing the best one can to engage with people on a very rational level. \u201cIn many instances, to point out something as basic as, this is what the law says, and you are not even doing that; how do we change this?\u201d<\/p>\n

Investors and regulators in South Africa are starting to understand that climate change is primarily an economic risk. \u201cWe are putting our trade competitiveness at risk by clinging to coal; what happens in 2-5 years when we can\u2019t export coal anymore? India, one of our biggest export markets, is already reducing its coal imports, having built more renewable energy, more cheaply, than they anticipated.\u201d<\/p>\n

\u201cRenewable energy is the solution to Africa\u2019s economic crisis, and we could start tomorrow,\u201d Tracey says.<\/p>\n

Getting into the heart of the corporate sector to embrace this is what it will take for South Africa to thrive, turning companies that pollute to profit into environmentally-sound institutions with longevity in mind.<\/p>\n

\u201cWe\u2019ve operated for so long as though the living world is separate from the economic world, ignoring that every economic activity is underpinned by natural systems,\u201d Tracey says. The whole point of including ESG practices in investment decisions is to factor in the negative impacts that are not quantified in our GDP calculations.<\/p>\n

\u201cWe don\u2019t calculate the cost to our health system from the impacts of air pollution, or those costs already being borne by society due to climate change through drought, heatwaves, and excessive rainfall.\u201d<\/p>\n

Mining impacts epitomise the flaws in this system. Mining has enormous environmental and social consequences, but it is society, not the mining companies, who pays the price. There are so many tragic stories of mining destroying the livelihoods of small communities, despite all the promises that it will bring a better life for all.<\/p>\n

What plays out will depend on how the people in our society with power, will use their power. Will they tackle climate change, embrace renewable energy, and deal meaningfully with inequality, transformation, and diversity in this country? There are choices to be made and South Africans should demand results.<\/p>\n

Diversity and transformation should extend to diversity of thought. \u201cYou need younger, and more diverse points of view, rather than people who all see the world in the same way, irrespective of race or gender,\u201d Tracey adds.<\/p>\n

Corporate power needs to shift to represent a truly diverse group of individuals \u2013 that all think differently too. This won\u2019t mean sacrificing skills or success, but it will mean starting a new chapter.<\/p>\n

For anyone with money invested in the SA economy and stock market, the power exists to question where that money is going. Share that you want to use it to do something about inequality or the environment. \u201cIt\u2019s the spiral of death otherwise, where financial advisers say that their clients don\u2019t demand change, and clients saying that financial advisers don\u2019t give them options.\u201d A simple step is to speak up; write an email or pick up the phone to ask what is being done about these issues.<\/p>\n

\u201cDon\u2019t only leave it up to the NGOs and activists,\u201d added Anet Ahern, CEO of PSG Asset Management. \u201cTake steps in your own sphere to change the status quo. Working with a qualified financial adviser can be invaluable in this process, where considered, rational investment decisions can have a much broader impact.\u201d<\/p>\n

BUSINESS REPORT ONLINE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. JOHANNESBURG – The \u2018potential\u2019 of recent gas finds has given rise to false claims that gas will generate economic prosperity for the country. The reality is that it will be at least a decade, possibly two, before we see any significant impact. In the meantime, the climate impacts will be huge, and […]<\/p>\n","protected":false},"author":84,"featured_media":757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,275],"class_list":["post-758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-south-africa-2"],"yoast_head":"\n\u2019Gas won\u2019t save SA\u2019s economy\u2019 - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/gas-wont-save-sas-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2019Gas won\u2019t save SA\u2019s economy\u2019\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. JOHANNESBURG – The \u2018potential\u2019 of recent gas finds has given rise to false claims that gas will generate economic prosperity for the country. The reality is that it will be at least a decade, possibly two, before we see any significant impact. 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