Carbon taxes to cut SA exports by 10%, Reserve Bank warns
South African economic growth could be severely stunted if carbon taxes are widely imposed on its exports, according to a new report by the country’s central bank.
Regardless, it said the risks should galvanise efforts to transition to a greener economy, noting that while South Africa contributes only 1% to global greenhouse gas emissions, the carbon-intensity of its economy is the highest of any Group of 20 nation. South Africa generates about 80% of its power from coal.
At the moment, the bloc’s mechanism will mainly affect South Africa’s natural resource sectors including mining and the central bank found that if it stays that way, exports to the EU will only fall 4% in 2030, lowering gross domestic product by just 0.02%.
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