{"id":76720,"date":"2024-11-15T18:05:00","date_gmt":"2024-11-15T18:05:00","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-revised-carbon-tax-to-be-harsher-but-with-more-offsets-says-treasury"},"modified":"2024-11-15T18:05:00","modified_gmt":"2024-11-15T18:05:00","slug":"south-africas-revised-carbon-tax-to-be-harsher-but-with-more-offsets-says-treasury","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-revised-carbon-tax-to-be-harsher-but-with-more-offsets-says-treasury","title":{"rendered":"South Africa’s revised carbon tax to be harsher but with more offsets, says Treasury"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa’s revised carbon tax aims to balance the rival demands of climate activists and polluters by lowering tax-free allowances while letting companies make greater use of offsets, National Treasury acting head of tax and financial sector policy Chris Axelson said on Friday.<\/p>\n

The changes, to come into effect in 2026, will help South Africa meet climate commitments but give \u201chard-to-abate\u201d sectors more flexibility.<\/p>\n

South Africa is one of the world’s top 15 greenhouse gas emitters and the only country in Africa with a carbon tax.<\/p>\n

\u201cIt is a change to the previous structure [in which] the offsets were a small percentage,\u201d Axelson said in a videocall interview.<\/p>\n

At COP29 talks in Azerbaijan, developing countries pressured their richer counterparts for up to $1-trillion (R18.17-trillion) in climate finance to help nations historically least responsible for the crisis to shift to greener energy and adapt.<\/p>\n

A Treasury policy paper released on Wednesday shows the offset allowance for combustion emissions going up to 25%, from 10%, after 2026. This is counterbalanced by slashing tax-free allowances from 60% to half in 2026 and by a further 2.5 percentage points annually until 2030.<\/p>\n

South Africa enacted its carbon tax in May 2019 after nearly a decade of shelving it over objections from mining companies, steelmakers and state-owned power utility Eskom. Since then, industry has complained the tax is too onerous while climate activists decry it as too generous.<\/p>\n

\u201cWe’re in a place where they’re all shouting at us,\u201d Axelson said. \u201cWe’re trying to find that balance. We don’t want one side to say, ‘well, you’re hurting us too much’ and the other side to say, ‘well, you aren’t doing enough’.\u201d<\/p>\n

The proposal also replaces a 3.5c\/kW levy on non-renewable power with the carbon tax, which Axelson said would encourage Eskom \u2014 whose overreliance on coal has made South Africa a bigger emitter than Britain or France \u2014 to use renewables \u201cbut without the potential of passing on costs to the consumers\u201d.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa’s revised carbon tax aims to balance the rival demands of climate activists and polluters by lowering tax-free allowances while letting companies make greater use of offsets, National Treasury acting head of tax and financial sector policy Chris Axelson said on Friday. The changes, to come into effect in 2026, will […]<\/p>\n","protected":false},"author":84,"featured_media":76719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[274,315,275],"class_list":["post-76720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSouth Africa's revised carbon tax to be harsher but with more offsets, says Treasury - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-revised-carbon-tax-to-be-harsher-but-with-more-offsets-says-treasury\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Africa's revised carbon tax to be harsher but with more offsets, says Treasury\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. South Africa’s revised carbon tax aims to balance the rival demands of climate activists and polluters by lowering tax-free allowances while letting companies make greater use of offsets, National Treasury acting head of tax and financial sector policy Chris Axelson said on Friday. 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