Today Mayco recommended an important amendment to the City’s Cash Management and Investment Policy sending a strong message that the City of Cape Town is serious about the sustainability of our city in every aspect.
Mayco approved an amendment to the policy in line with the City’s decision to divest from fossil fuel assets and companies in favour of greener and cleaner investments to further our vision of a sustainable future.
The amendment states that the City is not permitted to invest in instruments which consist of assets and activities whose value is realised through the release of unmitigated high levels of carbon dioxide.
On 27 July 2017, Council resolved that the Climate Change Policy be adopted and that policies be amended to support this initiative.
In keeping with legislative and operational requirements, the investment committee has the responsibility to ensure that the City’s Cash Management and Investment Policy is compliant with latest statutes and operational developments.
This policy is a working document that needs to be constantly reviewed and updated. The last update of the policy was in October 2015.
The policy has now been amended to incorporate the recommendation from the City’s Climate Change Policy.
The policy states that steps should be taken to sustainably manage the City’s investments and to divest from direct investments in instruments which consist of assets and activities whose value is realized through the release of unmitigated high levels of carbon dioxide.
The proposed amendments to the policy served before the Policy Coordinating Committee (PCC) and were supported.
Following Mayco’s recommendation today, it will serve before Council at the end of July for adoption.