From the FT: Inside the battle to decarbonise South Africa’s Secunda plant – the world’s dirtiest refinery

South Africa's Secunda plant, the world's largest carbon emitter, owned by chemical giant Sasol, is under fire from investors demanding swift action to curb emissions. The 40-year-old coal-to-liquid refinery, emitting more carbon dioxide than Portugal, faces a showdown as institutional investors, Old Mutual and Ninety One, openly rebel against Sasol's emissions-reduction timeline. The clash mirrors the broader ESG investing trend but underscores the challenges faced by South Africa's emissions-heavy economy. With Sasol's pivotal role in the country's economy at stake, the dispute highlights the tension between sustainable practices and economic viability. The outcome could shape the future of Sasol and its contribution to global decarbonisation efforts.

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Inside the battle to decarbonise the world's dirtiest refinery

By David Pilling and Joseph Cotterill in Secunda, South Africa

South Africa's Secunda plant has higher emissions than Portugal but investors are piling on pressure for change

There is an acrid smell even before the world's largest coal-to-liquid refinery emerges out of the South African highveld.

The Secunda mines-to-refining complex is the world's largest carbon emitter by volume. The plant, owned by South Africa's biggest chemical company Sasol, emits more carbon dioxide than Portugal.

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