South African president signs carbon tax into law

South Africa’s president has signed into law a long-delayed carbon tax, the country’s treasury said on Sunday.

As one of the continent’s worst polluters, the country is moving towards lower emissions in its efforts to meet agreements on global climate change.

The first phase of the tax is from June 1st to December 2022, with a tax rate of 120 rand (€7.43) per tonne of carbon dioxide equivalent.

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. –Reuters