Send a letter to the CEO's of Ninety-One and Coronation Fund Managers

Sasol’s ‘climate plan’ for 2030 relies on the sourcing of huge amounts of fossil gas (as yet unavailable). The plan is uncertain, risky and expensive, but even if it were feasible, it risks locking South Africa into a future dependent on yet another fossil fuel.

Sasol shareholders and signatories to Climate Action 100+, Ninety-One and Coronation Fund Managers, must reject it.

Send this letter to the CEOs of Ninety-One and Coronation Fund Managers to call on them to vote AGAINST Sasol’s reckless ‘climate plan’!

Dear Mr du Toit and Mr Pillay,

I am writing to ask you to use your shareholder power and vote against Sasol’s woefully insufficient climate plan, which Sasol will present to shareholders for approval at its AGM this Friday, November 19th.

Sasol’s climate plan falls far short in addressing the issues below. As such, it must be rejected by Sasol’s shareholders, particularly those like your firm, who are committed to strong climate principles:

Sasol’s climate plan includes no short-term targets and little short-term action: Sasol has no emission reduction targets before 2026 and is only then preparing for as little as a 5% emissions reduction.
Sasol plans the use of fossil gas as a “transition fuel”. Fossil gas is composed of 70 - 90% methane, a harmful greenhouse gas that has an 80 times higher warming power than CO2 in the first 20 years after it reaches the atmosphere. This means it can not be considered a “cleaner” transition fuel. It is also unclear if Sasol can procure and pay for the quantities of gas needed to replace its use of coal as this would require substantial infrastructure investment from the South African state. 
Sasol has not provided clear plans for how and when it will eventually transition away from fossil gas, which increases the risk of the company being locked into using gas in the long term. 
A Just Transition would be a move away from fossil fuels ensuring no workers or affected communities are negatively impacted. Without a clear plan to transition, Sasol could be leaving workers and communities vulnerable. 
Sasol also plans to couple its use of gas with CCS and methane emissions abatement technologies but does not specify how and when it will deploy these measures. 
The climate plan has no methane emissions reduction targets, even as it seeks to increase its use of natural gas. As noted in the 2021 IPCC  Physical Science Basis report, reductions in methane emissions in the next twenty years are crucial for the world to avoid the worst global warming impacts. Sasol mentions that it considers methane leakages associated with its planned transition to fossil gas but does not detail this. 
Sasol has unclear capital allocation plans: They do not provide detail about how its capital expenditure will support its transition plans, which brings into question the feasibility and credibility of its strategy. 
The closure of the world’s largest single point-source GHG emitter, the Secunda plant, is not considered in Sasol’s decarbonization pathways. Given the high emissions associated with the plant, Sasol should have at least evaluated the option of closing it down in a systematic fashion, rather than planning to switch from coal to gas to fuel the plant.

A “NO” vote on this inadequate climate plan will force Sasol back to the drawing board to write a new and meaningful climate plan. This is critical to ensure that Sasol phases out fossil fuels and aligns the company with the Paris Agreement.

Therefore, we call on you to use your shareholder power responsibly and vote “AGAINST” Sasol's current climate plan.

Sincerely,

You can edit this text to make it personal to you.

Hi !

We have your contact info saved from last time, just click the button below to continue.

Not ? Sign out

Name*

Email Address*

City*

Country*

Millions of people are taking quick, simple actions for climate justice – be one of them. Can we send you emails about important campaigns, stories, and actions?

Yes, count me in!

No, sorry.

By taking this action, you are agreeing to our terms of service and privacy policy. You can unsubscribe at any time.