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Eskom, Arcelor among South African firms without emissions targets

Highlights

  • Many companies haven’t set climate-impact plans, report says
  • Only Nedbank has disclosed its exposure to carbon assets

Eskom Holdings SOC Ltd., which accounts for two-fifths of South Africa’s greenhouse-gas emissions, leads the country’s biggest emitters in its failure to set targets to reduce its impact on the climate, a report shows.

The state power utility, which produces most of its electricity from coal, also doesn’t disclose who at the company is responsible for assessing its climate-based risks, the Centre for Environmental Rights said in a report released today.

With its economy heavily dependent on mining and manufacturing, South Africa ranks as the continent’s biggest producer of greenhouse gases and matches the level produced by the U.K., which has a gross domestic product almost eight times bigger.

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Eskom, already the subject of lawsuits for air pollution that affects respiratory health, is one of five of the country’s 10 largest polluters that hasn’t set any reduction targets. Others include the local unit of ArcelorMittal, wood pulp company Sappi Ltd. and cement producer PPC Ltd. Sasol Ltd., South Africa’s second-biggest emitter, has set a target, as have Anglo American Plc and Gold Fields Ltd.

Sasol, Anglo American and South32 Ltd. are the only companies of the 10 that have linked executive remuneration to climate targets, according to the report, which is the first of its kind in South Africa.

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The non-profit organization and legal firm also assessed the country’s five biggest banks and their attitude toward climate change and supporting fossil fuel projects. Of the five only Nedbank Group Ltd., the fourth-biggest, discloses its exposure to carbon assets — at 0.4% of its total assets.

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