Big challenges to Cosatu's plan to rescue Eskom with pension money

Hanno Labuschagne

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Sep 2, 2019
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Big challenges to Cosatu's plan to rescue Eskom with pension money

A plan proposed by South Africa’s biggest labor group to get pension funds and state lenders to refinance part of the state power utility’s gargantuan debt faces hurdles that may be impossible to overcome.

Under the Congress of South African Trade Unions’ so-called social compact, Eskom Holdings SOC Ltd.’s 454 billion rand ($29 billion) of debt will be cut to 200 billion rand, with the balance transferred to a specially created entity.

That will be funded by the Public Investment Corp., which manages civil servants’ pensions, private retirement funds, the Development Bank of Southern Africa, the Industrial Development Corp. and other investors.

[Bloomberg]
 

3WA

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Sep 25, 2012
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We need to forge a few copies of Das Kapital with a chapter on why renewables are better than fossil fuels and leave them around COSATU House.

No, no-one is going to be suspicious about a chapter on solar panels in a book from 1867.
 

system32

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Dec 29, 2009
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Doesn't follow that everyone who loses a job at a coal mine would be automatically absorbed in renewables plus I'm sure renewables won't be as labour intensive.
Not about job losses in a specific industry.
It's about overall numbers - and this favors RE
The country as a whole will have more people employed.
 
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