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PFZW scraps funding from Total and others for failure to transition into a cleaner energy mix.

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By Witness Radio team.

In a significant move towards aligning its investments with environmental goals, Pensioenfonds Zorg en Welzijn (PFZW) has announced its decision to disinvest from fossil fuel giants such as Shell and Total.

This decision comes after two years of intensive engagement with fossil fuel companies, during which PFZW sought to encourage the development of climate transition plans in line with the Paris Climate Agreement.

PFZW is the pension fund for the care and welfare sector based in the Netherlands. PFZW invests the contributions paid by employers and employees to achieve a high, stable, and responsible return over the long term at an acceptable level of risk. The fund invests globally in the investment categories of variable-yield securities and fixed-income securities. The pension fund had a total of € 217 billion of assets under management at the end of 2022.

According to PFZW, 310 oil and gas companies failed to demonstrate a clear transition to a cleaner energy mix.

Some of the big oil and gas companies that PFZW parted ways with are Total, Shell, and BP among others. These major corporations have frequently faced criticism for investing in fossil fuel projects.

For example, Total, among other projects putting the World climate at risk, is advocating for the construction of the East African Crude Oil Pipeline (EACOP) and Tilenga projects in western Uganda. Despite, environmental experts warning of potential environmental damage, Total has persisted in heavily funding these projects.

PFZW’s disinvestment strategy is part of its broader commitment to sustainability and responsible investing. The PFZW fund has sold its stakes in 310 oil and gas companies, totaling 2.8 billion euros, for failure to demonstrate a clear transition to cleaner energy sources.

During this period, dialogue with oil and gas companies was significantly intensified to encourage them to produce verifiable transition plans that support the goal of the Paris Climate Agreement.

Joanne Kellermann, chair of the board of PFZW said that “the intensive shareholder dialogue over the past two years with the oil and gas sector on climate has made it clear to us that most fossil fuel companies are not prepared to adapt their business models to ‘Paris’. While the largest companies in this sector do invest in sustainable forms of energy, the switch from fossil to low carbon is not nearly fast enough. Incidentally, this reflects the slow pace we see globally in the transition to renewable energy.”

According to PFZW, seven listed oil and gas companies with a compelling climate transition strategy will remain part of the portfolio. This contributes to the goal of investing more in companies that play a positive role in the global energy transition.

Despite parting ways with numerous fossil fuel companies, PFZW will continue to invest in seven oil and gas companies that have demonstrated a commitment to transitioning towards renewable energy sources. These companies, including Cosan S.A., Galp Energia, and Neste Oyj, are regarded as frontrunners in the energy sector due to their efforts to reduce carbon emissions and invest in low-carbon technologies.

“The seven companies we will continue to invest in are the only ones that show a switch is possible. At the same time, it is disappointing that there are only seven. We encourage the biggest players in the oil and gas sector to also accelerate the switch to a cleaner energy mix.” She revealed.

Furthermore, to significantly increase its investments in companies focused on improving the climate and energy transition, allocating two billion euros over the next two years to companies with measurable impacts on climate and the energy transition reflecting PFZW’s dedication to achieving a climate-neutral investment portfolio by 2050, with interim goals such as a 50% absolute carbon reduction by 2030 for equities, liquid credit, and real estate.

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COP16 in Riyadh: World Leaders Commit $12.15B to Combat Land Degradation and Drought

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The 16th Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification (UNCCD) has concluded in Riyadh, marking the largest and most inclusive conference in the organization’s history.

With over 20,000 participants, including global leaders, scientists, private sector representatives, and civil society groups, the conference laid out bold strategies to address land degradation, drought, and desertification.

The highlight of the conference was the announcement of the Riyadh Global Drought Resilience Partnership, which secured $12.15 billion in pledges to support drought-affected regions in 80 vulnerable countries, including Uganda.

This funding aims to strengthen food security, promote sustainable land management, and protect ecosystems from the growing impacts of climate change.

For Uganda, where over 40% of the population relies on agriculture, this commitment offers hope for combating the devastating effects of prolonged droughts in the cattle corridor and other semi-arid regions.

In a move to enhance global preparedness for droughts, COP16 launched an AI-powered Drought Observatory, a groundbreaking tool designed to provide real-time data and predictive analysis.

Uganda, with its ongoing challenges in monitoring and responding to climate impacts, stands to benefit immensely from this technology, which will enable the government to anticipate and respond effectively to severe drought conditions.

This could mitigate the recurring food insecurity and water scarcity issues faced by communities in Karamoja and other drought-prone areas.

H.E. Abdulrahman Abdulmohsen AlFadley, COP16 President, in his closing remarks, stated:

“This session marks a turning point in raising awareness and strengthening efforts to restore land and build resilience. The Riyadh Declaration sends a clear message: the time for decisive action is now.”

For Uganda, this turning point is critical as the country battles desertification in key ecosystems like the cattle corridor and Lake Kyoga basin, which threaten biodiversity, agriculture, and livelihoods.

With only 6% of land restoration funding currently coming from private sources, COP16 introduced the Business for Land initiative to increase private sector engagement in land restoration.

Over 400 companies participated in discussions on sustainable finance, environmental, social, and governance (ESG) practices, and strategies to mobilize private investment for land restoration projects.

Uganda, which has already seen successful private-sector participation in conservation projects such as carbon trading and reforestation in areas like Mabira Forest, could tap into this global momentum to attract more investments for land restoration initiatives.

To promote inclusivity, COP16 placed women and youth at the forefront of the fight against land degradation. Key outcomes included:

The launch of youth-led initiatives to drive grassroots climate action.

Adoption of gender-responsive policies to ensure equitable participation in land restoration efforts.

For Uganda, these measures are especially relevant.

The country has a youthful population and strong women-led grassroots organizations that are already leading efforts to promote climate resilience through tree planting and sustainable farming practices.

The resolutions adopted at COP16 provide a framework for scaling up these local efforts while ensuring inclusivity and equitable representation.

Scientific data presented at COP16 painted a dire picture of the planet’s land resources:

77.6% of Earth’s land is drier today than it was 30 years ago.

40.6% of the planet is now classified as drylands, threatening ecosystems, food security, and livelihoods.

For Uganda, this data underscores the urgent need for action.

With parts of the country already facing desertification and reduced rainfall patterns, the findings highlight the importance of restoring degraded lands like Nakasongola and tackling deforestation in critical areas such as Mount Elgon.

As COP16 wraps up, attention now shifts to COP17, which will take place in Mongolia.

Delegates will continue discussions on establishing a global drought regime, building on the momentum and progress achieved in Riyadh.

For Uganda, the outcomes of COP16 represent a pivotal moment.

The historic commitments, technological innovations, and inclusive policies offer the country an opportunity to address its growing environmental challenges.

If implemented effectively, these resolutions could help Uganda restore its degraded lands, safeguard livelihoods, and build resilience against future climate shocks, positioning the country as a leader in sustainable land management in Africa.

Source: nilepost.co.ug

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Church of Uganda’s call to end land grabbing is timely and re-enforces earlier calls to investigate quack investors and their agents fueling the problem.

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By Witness Radio team.

The Church of Uganda has called for the government to intervene immediately to address the escalating issue of land grabbing in Uganda.

The Archbishop of the Church of Uganda, Rt, made the urgent appeal. Rev. Steven Kazimba Mugalu, during an event in Wamala Village, Nansana Municipality, Wakiso District, on Saturday, December 7. He urged the government to take responsibility for protecting its citizens’ rights, particularly the right to own and occupy land, by strengthening laws and regulations governing land ownership and use.

The Archbishop noted that local communities are being forcibly removed from their land without receiving compensation or alternative sources of income. In many cases, Ugandan communities face eviction or compulsory land acquisition under the guise of developmental projects, leaving many marginalized.

Bwowe Ismael’s case is an example. He is a father of 20 and a person with a disability (PWD) living in Bethlehem in the Kyotera district. In an interview with Witness Radio, he revealed that his land was forcefully taken when he demanded fair compensation for it, which is affected by the East African crude oil pipeline project (EACOP). He shared that the State authorities intimidated, arrested, and charged him with false offenses, such as aggravated robbery, accusing him of sabotaging the government project.

“This is a loss for the entire nation, not just the impacted individuals and families,” the Archbishop said. He added,” We implore the government to set up an open and transparent procedure for acquiring land and to guarantee that all people and communities impacted by land grabbing receive just compensation.”

The Church of Uganda’s call for government intervention on land grabbing comes less than a month after Witness Radio released a shocking report on land evictions in Uganda. The report revealed that nearly four land evictions are reported weekly, affecting approximately 15,126 people and threatening 5,060.12 hectares of land nationwide. It further estimated that 2,160 Ugandans face evictions daily to make way for investments, with 723 hectares of land at risk of being seized daily.

The Witness Radio report “Forced Land Evictions in Uganda” covered 90 land eviction cases over six months from January to June 2024, affecting at least 363,021 Ugandans and putting over 121,000 hectares of land at risk of land grabs.

Evictions have not only disrupted people’s lives but have also contributed to increased food insecurity in Uganda, violence, and, in many cases, death and the criminalization of those who resist or face eviction. According to the report, corporate entities such as Agilis Partners Ltd, Great Seasons Ltd, East African Crude Oil Pipeline (EACOP), New Forest Company (NFC), and Formosa Ltd, along with the impunity of government officials, wealthy individuals, multinational corporations, and influential figures, including Army Generals, are the leading perpetrators.

The report further highlighted that local and foreign investors were involved in 67 cases, government agencies in 12, and tribal and family land conflicts in 11 cases.

Poor people are often the primary targets and most affected by land grabbing as those behind these evictions hold significant power. During the same period, Witness Radio documented 65 attacks on land and environmental defenders (LEDs) and climate activists who were challenging illegal land evictions and corporate environmental harm in Uganda.  Most (37) evictions were enforced by armed gangs on behalf of evictors, with 25 cases by Uganda police. In contrast, 5 cases involved the participation of some soldiers of the Uganda Army, whereas 4 cases involved private security companies.

Kazimba’s call for government intervention echoes Witness Radio’s report, which also emphasized the urgent need for government action to address the land-grabbing crisis, respect human rights, uphold the rule of law, ensure compliance with directives on land evictions issued by relevant authorities, and closely monitor their implementation.

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MEDIA FOR CHANGE NETWORK

Three-quarters of Earth’s land became permanently drier in last three decades: UN

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