Major Miner Moves to Divest From Coal in Mozambique

Brazilian multinational corporation, Vale, is starting to pull out of Tete, Mozambique, as part of its climate emergency commitment to end coal production. In an effort to promote clean energy use, climate change experts are calling on institutions to divest from these companies, and as a result, fossil fuel investments are now not only a risk for the planet but for investors too. Experts argue that global fossil fuel subsidies are so large, that if redirected, enough money would be available for investments in clean energy and energy efficiency needed to meet the Paris Climate Agreement targets. The IMF estimates that eliminating fossil fuel subsidies could free up U.S.$2.9 trillion in government revenue annually. That amount is more than double the annual investment of US$1.25 trillion the International Energy Agency estimates is needed by 2035 in clean energy and energy efficiency to stop the world from warming by 2°C.


(File photo).

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.