South African president signs carbon tax into law
JOHANNESBURG - South Africa’s long-delayed carbon tax has been enshrined in law, the treasury said on Sunday, as one of the continent’s worst polluters transitions to lower emissions in its efforts to meet agreements on global climate change.
The tax was first mooted in 2010 but has been postponed at least three times after mining companies, steelmakers and state-owned power utility Eskom said it would erode profit and push up electricity prices. Allowable tax breaks will reduce the effective rate to between 6 rand and 48 rand per tonne of CO2, National Treasury said in a statement after the tax was signed in to law by President Cyril Ramaphosa.
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